FOREST PLAXTIX(i. 25 



THE PROFIT IN PLANTED FORESTS. 



No planted forest can be a bonanza. Tree growth rarely 

 averages more than six per cent, a year (wood volume), con- 

 sequently the profit is determined by what the land will pro- 

 duce plus the increase in land and lumber values, minus the cost 

 of care, taxes and compound interest on the investment. As 

 land values and lumber values are steadily increasing, while 

 planting costs are as low as they ever will be, almost any plan- 

 tation made now on land of low value is practically sure to yield 

 a fair profit. As forestry has no place on land that is valuable 

 for something else, moderate returns are many times better than 

 nothing at all. The following will show what may reasonably 

 be expected, though it is emphasized that no one really knows 

 what lumber will be worth forty or fifty years hence or what 

 expense in the way of taxes, etc., may be involved. We can 

 only make estimates, using the best knowledge that we have 

 of rates of growth and the tendencies of lumber and land values, 

 and of tax levies. The latter in particular are so uncertain 

 that each owner must make his own estimate of the probable 

 burden. For the sake of simplicity only initial costs and final 

 yield are considered. In fact, there will be some intermediate 

 costs and some income from thinnings. The latter, however, 

 should more than balance the former. Immunity from fire and 

 other dangers is assumed. Forestry is utterly impracticable 

 where there are forest fires ! 



