and profits will be made by the owner only on the 75 per cent remaining to 

 him. That is, the figures shown in these tables represent the cost of the tax 

 but its actual amount will depend on the stumpage values at the time of 

 cutting. 



value brings about a much lessened interest charge so that costs are re- 

 duced more than yield. This results in a slightly smaller cost per M. 

 on this Quality of soil. 



On Quality III forest soil the costs per acre are again reduced 

 slightly, owing to reductions in soil value and in taxes due to a lower soil 

 value and a smaller stand of timber. The land is considered worth $2.00 

 and the taxes to be one-third of what they were on Quality I. The yield 

 will be only 16,500 feet per acre at 60 years, according to Douglas fir 

 yield tables by E. J. Hanzlik, of the United States Forest Service. The 

 costs of artificial planting would be increased on Quality III because of the 

 unfavorable soil conditions and also because trees should really be planted 

 thicker. On account of the low yield per acre natural regeneration might 

 be the most profitable. 



The costs for different owners are shown in Table V. 



TABLE III. 



Estimated average costs per acre and per M. ft. B. M. of growing Douglas 

 fir on Quality II or medium quality forest soil under a 60 year rotation, com- 

 puted for interest rates securable by various classes of owners. 



T~ ~T FT 



ITEMS 



Compound interest on es- 

 timated soil value 

 ($5.00), 60 years $24.46 $47.60 $65.14 $88.40 $159.94 $284.74 



Cost of stocking land with 



young trees 5.00 5.00 5.00 5.00 5.00 5.00 



Compound interest for 60 

 years on cost of stock- 

 ing land 24.46 47.60 65.14 88.40 159.94 284.74 



Sum of annual charges for 

 administration and pro- 

 tection for 60 years 

 (20c per acre per an- 

 num) 12.00 12.00 12.00 12.00 12.00 12.00 



Compound interest on all 

 amounts, spent on ad- 

 mininstration and pro- 

 tection from the time 

 incurred to time of cut- 

 ting 20.61 35.60 45.90 58.71 94.62 150.71 



Taxes under general prop- 

 erty tax **28.66 **28.66 **28.66 



Interest on Taxes **34.70 **51.60 **76.28 



Yield tax 25% on final 



product *28.84 *49.27 *64.39 



Total per acre $115.37 $197.07 $257.57 $315.87 $511.76 $842.13 



Total cost per M. on basis 



of 32 M. per acre yield 



in 60 years $ 3.61 $ 6.16 $ 8.05 $ 9.87 $ 16.00 $ 26. 31 



*See foot-note under Table I. 



**Since, as stated on page 20, the value of the yield on Quality II soil, though 

 three-fourths as much in quantity, will on account of the smaller sized timber 

 not be more than two-thirds as much in value as the yield on Quality I, the 

 taxes have been assumed to be only two-thirds as great. These figures for 

 both the taxes and the interest thereon have therefore been derived directly 

 from corresponding values in Table I by computing two-thirds of each value 

 there as the correct figure for this table. 



23 



