148 VALUATION OF THE GROWING STOCK. 



the general formula for the cost value becomes : 



(S+E + c)(l'op r -l)-[T a (l'op r - a -l) + . . . 

 Norm. Gr. 1 + T q (1-opT*-!)] 



Stock G c J -op 



- r(S+E). 



For the unit of area : 



(S+E + c) (l-op r -l)-[T a (l'op r - a -l) + . . . 



Norm. Gr. \_ _ + r <r (l'qp r - g --l)] 

 Stock G c j rx'op 



-(S+E). 



If again the calculation is made with the soil expectation 

 value, as before 



Norm. Gr. Stock of } _ Y r + T a +. . . + T q - (c + r x e) 

 Work. Section G c ] ~ ~~^~ ' " 



Norm. Gr. Stock ) _Y r +T a +. . . + T q -(c + rxe) _ 

 of Unit of Area j rX'op 



or the same as was obtained for the expectation value. 



4. Capitalized Rental of Normal Growing Stock. 



The value of the normal growing stock may also be obtained 

 by capitalizing the annual net rental and deducting therefrom 

 the value of the soil. 



The annual net income is represented by the expression : 



Y r +T a + . . . + T q -(c + rxe)', 

 hence the value of the growing stock is equal to : 



- _ 



'op 



or for the unit of area 



Y r +T a +. .. + T q -(c+rxe) . 



- ~~ *Je t 



rx 'op 



that is to say, the same as the expectation and cost values 

 calculated with the soil expectation value. 



