RETURNS 119 
It would then be necessary to hold the land twenty- 
five years before an equal crop could be reaped. Dur- 
ing this period there would be a necessary annual ex- 
penditure for taxes and protection, for which $2,000.00 
per annum would be ample. This amount invested 
annually would amount in twenty-five years, at four per 
cent: compound interest, to $86,623.46. At the end of 
this period the land can be cut over a second time with 
the same yield of Spruce as at the first cut, and it is 
probable that on account of the rise in the value of 
Spruce much larger returns can then be secured than 
at present. 
If the Park were cut over in five years the annual 
gross receipts for these years would be: 
$9,806.39 5—$49,031.95, or $8.90 per acre. 
It is estimated that the expenses for the first year 
would be: 
PEE CHOU Ge a ee PA Poe $2,000 oo 
Manes (at 4c; Per aere).. 05s. 6 £,1OL (32 
Marking and inspection (at 3 per 
cent. of gross receipts) ......... 1,461 85 
$4,563 17 
Net receipts, $49,031.95, less $4,563.17—$44,468.78, 
or $8.07 per acre. 
During the following four years a slightly better 
showing would be made on account of the decrease in 
taxes on the cut-over land. 
There would then be twenty years in which an 
