11 



est from the year the plantation was established. Thus the costs given 

 are a trifle higher than the actual, since some of the expenses, such 

 as those for cultivating, except for the first year, and pruning, were 

 not incurred at that time. However, it has not been possible to obtain 

 data to show just when these expenses were incurred, so it is assumed 

 that all were paid out the first year. The returns in each case are 

 reduced to a net annual income with 5 per cent compound interest. In 

 reckoning the returns for catalpa, Osage orange, black walnut, honey 

 locust, and green ash, it is assumed that the stakes, or third-class 

 posts, and fuel wood which can be obtained products which are dis- 

 regarded in the calculations will pay the cost of harvesting the whole 

 crop. Experience proves that they will do this. 



TABLE 3. Amount of heartivood in trees of various diameters. 



[Cir. 45] 



