26 



states that the plantation has furnished a considerable part of the 

 posts required in keeping his 450-acre farm fenced for twenty years. 

 He has also cut more or less material, such as wagon reaches, tongues, 

 whiffletrees, and windmill posts. This material, together with the 

 additional fuel wood, it is estimated would meet the cost of cutting 

 the posts. 



The heavy pasturing of the plantation for many years has prevented 

 the development of forest conditions. There is only a trace of humus, 

 and a very small amount of litter. Ground cover and underbrush are 

 almost completely shut out by the live stock and shade. Reproduc- 

 tion is prevented for the same reasons. 



With but few exceptions the trees are sound. A few have been 

 scarred by the rubbing of stock, and there is some decay where limbs 

 have been broken off. The trees tend to be branchy and rather 

 crooked. 



Since the plantation sprang up voluntarily and has never received 

 cultivation or other care, there was no expense in establishing and 

 maintaining it. However, the estimated cost of establishing such a 

 plantation at the present time is taken into account in calculating the 

 net income, in order that the computation of returns may be of greater 

 practical benefit to prospective planters. 



COST (ESTIMATED). 



Preparation of the ground $2. 50 



Plants, 2,722, at $2 per thousand. . 5. 44 



Planting 6. 00 



Cultivation, three years 5. 00 



Total 18.94 



Interest on $18.94 for thirty -two 



years at 5 per cent compounded. 71. 31 



Total cost at end. of thirty- 

 two years . . . 90. 25 



First-class posts, 760, at 15 cents. $114. 00 

 Second-class posts, 522, at 10 



cents 52. 20 



Poles cut in the past, 100, at 60 



cents 60.00 



First-class posts cut in the past, 



700, at 15 cents 105. 00 



Second-class posts cut in the past, 



500, at 10 cents 50. 00 



Net income at the end of 



thirty-two years 381 . 20 



Deducting the cost, $90.25, from the present value, $381.20, leaves 

 $290.95 as the net value, which is equivalent to an annual net 

 income with 5 per cent compound interest of $5.06 per acre. This 

 may be regarded as net profit, since the plantation has always been 

 used to its full capacity as a part of the farm stock yards. It has 

 afforded also ideal shade and shelter for stock for many years, tho the 

 abuse from this cause has reduced materially the returns from the 

 project. Had this plantation always been under good management 

 it would have made a still better showing in the value of the returns. 



[Cir. 45] 



