If it is desired to calculate such material, the yields given in the tables 

 should be increased about 20 per cent. 



Lumbermen may object that the yields are too high, since the finest 

 stands of virgin forest do not yield so much. The comparison of a natural 

 untended forest with a planted or tended one is parallel with that of a 

 "volunteer" crop of wheat wholly untended with one carefully drilled in 

 on well-plowed ground. The cultivated crop can always be expected to 

 give the larger yield. 



PKESENT STUMPAGE PEICES. 



The present stumpage prices quoted are only approximations, since a 

 number of factors, such as ease of logging, stand' per acre, distance from 

 market, etc., cause wide variations. Stumpage prices actually obtained vary 

 according to age only in a rough way as the timber appears to the buyer 

 large, medium or small. Most of the timber on the majket now is either 

 very old virgin stuff or young so-called "sap timber/' For consistent calcu- 

 lations, however, it is necessary to assume stumpage values in the tables and 

 grade them according to age. For this purpose they are deemed fair. 



WHITE PINE. 



Assuming the factors mentioned, the outlook for white pine under the 

 conditions specified in Table 1 is very good. Case 1 shows a stumpage cost 

 of $2.96 per thousand feet at 40 years and a stumpage price of $5. The 

 stumpage cost is below the present stumpage price to between 70 and 80 

 years. At 80 years the cost is $9.61 per thousand, with an estimated 

 stumpage price of $9 per thousand. At 90 years the cost is $3.95 per 

 thousand more than the estimated selling price. From 90 years on the 

 cost and selling price would rapidly diverge as the effect of compound 

 interest became greater. 



Case 2,. in which there is a tax on the yield only, shows a much more 

 favorable condition for investors in the older age classes. Up to nearly 

 50 years this method makes the cost slightly greater than under Case 1, 

 but still much under the selling price. For older timber the tax on yield 

 alone gives a reduced cost as compared with the ordinary method. At 90 

 years the difference is $4.74 per thousand in favor of the tax on yield. 



Placing the original cost of land and stocking at $15 per acre instead 

 of $10 gives reproduction costs under Case 1 of $4.15, $4.68 and $6.18 per 

 thousand feet at 40, 50 and 60 years, respectively all well below the 

 stumpage prices. 



Table 1. White Pine in JVeie England. 



CASE 1. 

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



Land and stocking, $10 per acre ; administration t\ 

 taxes, 10 cents per acre, up to 40 years ; thereafter, 1 

 assessment every 10 years ; interest, 4 per cent. 



per cent actual value, with re- 



Land Adminstra- 



AGE and 



YRS. stocking. 



40 $ 45.01 



50 68.07 



60 102.20 



70 152.72 



80 227.50 



90.. . 338.19 



tion and 



protection. 



$ 4.75 



7.63 



11.90 



18.21 



27.56 



41.40 



Taxes. 



$ 9.50 



26.43 



61.09 



122.71 



225.19 



387.67 



Total 



cost. 



$ 59.26 



102.13 



175.19 



293.64 



480.25 



767.26 



