ACCUMULATED DEBT PER ACRE 235 



Hence, calculating compound interest as 3 J per cent. : 

 Debtor account to the end of the 8oth year : 

 i acre planted every year, for 80 years, involving 

 an outlay of 18 per acre (land, 10 ; plant- Dr. 



ing, 8) = ,18x434 ..... 7812 o o 

 Value of i acre of land, taken at 8oth year * . 10 o o 

 Outgoings at 2s. per acre per annum on all land 

 planted up = 2s. x 10,114 . . . ion 8 o 



8833 8 o 



* This is to allow of having I acre fallow, as, finally, when a crop is felled, the 

 land is not planted till the year after. The cost of planting this i acre is accounted 

 for in the average outgoings of the 8ist year. 



Creditor account to the end of the 8oth year : 

 Thinnings valued at zos. received from off i acre, Cr. 



every year from the 3oth year= los. x 135-5 . 67 15 o 

 Thinnings, 2, los. from i acre, every year from 



the 4oth year = 2, los. x875 2l % I 5 

 Thinnings, 4 from i acre, every year from the 



5oth year =4x5 3-4 ..... 213 12 o 

 Thinnings, $ from i acre, every year from the 



6oth year=^5 x 29-25 . . . . 146 5 o 



Thinnings, 6, 55. from i acre, every year from 



the 7oth year = ( 6, 55. x 12 . .." . . . 75 o o 

 Final crop, taken from the acre first planted, 



lOO, I2S.* . . ... . . IOO 12 O 



821 19 o 



* It is presumed that the cost of felling is defrayed by the sale of the branch 

 wood and tops under 6 inches quarter girth. 



Now, the actual debt equals the difference between the 

 debtor and creditor accounts : 



8833 8 o Dr. 

 821 19 o Cr. 



1 1 9 o actual debt on the whole area. 



Therefore the average debt per acre in the example under 



consideration : 



= 8011,93. 



81 

 = (say) 100.* 



* It is really somewhat more, if strict account be taken of the non-productive 

 land occupied by rides and roads. 



