150 VALUATION OF FORESTS. 



By introducing the value of r S e 



ro = Y r +T a xl'op r - a +. . .+ T q xl'op r - q 

 l'op r -l 



the above formula becomes 



^ ^ 



l'op r -l 



-E. 



If m is smaller than a, that is to say, if the age of the wood 

 is less than the year when the first thinning occurs, then the 

 above two formulae become respectively : 



l'op r ~ m 

 and 

 m l'op m (Y r +T a xl'op r - a + . . . 



l'op r -l 

 If ?7i = 0, and cultivation has not yet taken place 



Y r +T a xl-op r - a +. . . + T q xI'op r -'*-cxl-op r 

 op . _ -E (l'op r - m -l)+ r S e _ 



l'op r 



tion value. 



(2) The forest expectation value can also be calculated 

 direct out of the expected receipts and expenses, in which 

 case 



V V 7 1 r P 



mTf> _ * r i * r _j_ _i_ * n i -* n 



" l'op r ~ m l'op zr ~ m l'op n ~ m l'op r+n ~ m 



T T 



-f _ * 4. _|_ ^a _1_ 



'tr+n-m 1 ^ .r-tm-a) . 



c c + V--EJ- 



'op* r - m * ') 



l'op r - m 



