118 THE ADIRONDACK SPRUCE 
of the timber will necessarily vary considerably; so 
that a statement of the financial results cannot safely 
be made. A return of at least 3.5 per cent. can, how- 
ever, be obtained; for the decrease of the cut-over land 
in value as property will be followed by a decrease in 
the amount of taxes. This diminution in the cost of 
maintenance, and the probable increase in the price of 
timber, will both be to the advantage of the owner, and 
the rate of interest on the capital invested will in con- 
sequence be increased. 
If the entire area were cut in one year, which for 
many reasons would be impossible, the gross receipts 
would be: | 
$9,806.39X25—$245,159.75, or $8.94 per acre. 
The expenses of administration during the year in 
which the land is cut over are estimated to be: 
IPROtCCtOn e ¢ spmemesre 5 o200) eee $2,000 00 
Waxes (at Ae “per Acre)... 5 sale. 1; 1OL 32 
Marking and inspection (at 2 per 
cent. of gross receipts)... .< 5a 4,872 84 
$7,974 16 
Net receipts, $243,642.00, less $7,974.16 $235,667.84 
or $8.56 per acre. 
In this case the value of the land is not equal to the 
actual sale value of the timber, but this discrepancy is 
equalized by the cost of administration and the danger 
to the property through fire and windfall and other 
contingent risks which the owner must assume. 
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