Case 2. At 50 years, the yield is 23,000 feet of 12-inch timber, which 

 means a range of from 8 inches to 18 inches. The data at hand do not 

 furnish sufficient basis for detailed estimates beyond 50 years. For larger 

 material, say 70 years old, the cost would rise to about $8 per thousand. 



Table 2. LoWolly Pine in the Carolinas and Virginia. 

 CASE 1. 



Land and stocking, $10 per acre ; administration and protection, 5 cents per acre ; 

 taxes 10 cents per acre, up to 25 years ; thereafter, 1 percent actual value, with re- 

 assessment every 5 years ; interest, 4 per cent. 



Present 

 Land Administra- stumpage 



* Excluding taxes. 



t Three-fourths of total yield, one-fourth deducted in lieu of taxes. 



Since much of the loblolly pine grows upon soil that has considerable 

 agricultural value, the effect of higher priced land must be taken into 

 account. Allowing $15 per acre for land and stocking, under Case 1, the 

 cost at 40 years is $4.67 per thousand, and at $20 per acre it is $5.92 per 

 thousand, which is very reasonable. 



With either method of taxation, the cost of producing loblolly pine is 

 low, and in most cases less than the present stumpage prices. It will 

 evidently pay to grow loblolly pine timber under such conditions as above 

 specified. 



LONGLEAF PINE. 



Longleaf pine is a slow-growing species, and it requires almost 90 years 

 to reach a size attained by loblolly pine in 50 years, or by white pine in 80 

 years. Moreover, the trees will not grow in as dense stands as white pine. 

 This lessens the yield. It is assumed in Table 3 that the first cutting stage 

 will be reached in 70 years, when the timber should average about 10 inches 

 in diameter and give a yield of 17,000 feet per acre, the same yield as for 

 loblolly pine at 35 years. In longleaf pine the first cutting diameter is set 

 higher than in loblolly or white pine, because longleaf is not so suitable 

 for box boards and other small-sized material. It will be noted how tre- 

 mendously the cost of growing increases with age, due to the effect of 

 compound interest and comparatively small yields. At 70 years under the 

 common method of taxation, the estimated cost is $12.20 per thousand. At 



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