REFORESTATION OF WASTE LANDS. 423 



per acre per year, if planting is done on a large scale, will add up, 

 again with compound interest of 2 per cent, to the figure $9.70. Ad- 

 ding $9.70 to the figure of $55.20 just given as representing the final 

 cost of the planting per acre, we reach the figure $64.90. 



If the yield per acre after the lapse of eighty years is as much as 

 $64.90, the planting will have paid 2 per cent of compound interest. 



EXPECTED YIELD PER ACRE. 



The white pine tables published by Messrs. Pinchot and Graves, in 

 1896, show that a plantation of white pine eighty years old is likely 

 to yield the following amounts of lumber, if the trees are used up to 

 a diameter of the logs not less than 8 inches: 



On first quality of soil 24,200 feet B. M. per acre. 



On average quality of soil 12,000 feet B. M. per acre. 



On third quality of soil 3,700 feet B, M. per acre. 



Assuming that the two million acres to be planted up have a soil 

 corresponding with Pinchot's and Graves' average quality, which I 

 think is a safe supposition, and further assuming that the stumpage 

 of white pine land thus raised is worth $5.50 per thousand feet B, M., 

 the expected yield is worth $60 per acre. 



I am confident that this price of stumpage and the amount of lum- 

 ber per acre given are perfectly obtainable, to say the least. In 

 other words, the expected yield per acre will be such as to certainly 

 pay 2 per cent of compound interest on the original cost of planting, 

 taxes, pro lection and administration, which should notbe more than 

 $64.90 per acre, as shown above. 



VALUE OF THE ENTIRE INVESTMENT AFTER EIGHTY YEARS. 



If a plantation eighty years old is worth $6600 per acre, then a 

 plantation — 



70 years old is worth, discounting it at 2 per cent $54.12 



60 years old is worth, discounting it at 2 per cent '. 44.22 



50 years old is worth, discounting it at 2 per cent 36.30 



40 years old is worth, discounting it at 2 per cent 29.70 



30 years old is worth, discounting it at 2 per cent 24.42 



20 years old is worth, discounting it at 2 per cent 20.13 



10 years old is worth, discounting it at 2 per cent 16.50 



If we plant for eighty years in every decade of years 250,000 acres, 

 we shall have at the end of that period an area of two million acres 

 covered with forest growth of different age classes— in fact, an ideal 

 arrangement of age classes, allowing the forest to cut 25,000 acres of 

 mature timber annually thereafter. 



The forest will consist of the following areas: 



250,000 acres worth about $63.00 per acre, making a total of 16.5 mil' 

 lion dollars. 



250,000 acres worth about $54.00 per acre, making a total of 13.5 mil- 

 lion dollars. 



250,000 acres worth about $44.00 per acre, making a total of 11.0 mil- 

 lion dollars. 



