CONTENTS 



PAGE 



99. Silvicultural Operations 74 



100. Protection Expenses 74 



101. Administrative Expenses 75 



102. Taxes and Insurance 7" 



103. Interest Charges 



104. Classification of Costs in Forest Production ?6 



105. Calculation of Total or Final Costs 77 



106. Total Cost of Investments in Standing Timber 79 



107. Costs of Forestry Compared with Destructive Lumbering 81 



108. Cost of Many-aged Forests 8 3 



109. Cost of Producing a Normal Forest 84 



CHAPTER VII 

 THE VALUATION OF FORESTS 



no. Valuation Accounts in Forestry 85 



in. Income as the Basis of Value of Forests 85 



112. Value of Forest Property for Destructive Lumbering 86 



113. Value of Forest Property for Continuous Forest Production 88 



114. Value of a Forest of Even Age Just Previous to Cutting 89 



115. Value of an Even-aged Forest for Any Year 90 



1 16. Value of Forest Soil 9 2 



117. Value of Many-aged Forests Producing Regular Income 96 



118. Value of Many-aged Forests Producing Irregular Income 97 



119. Value of Timber Separate from Land . . , 98 



CHAPTER Vin 

 FOREST STATICS THE BALANCE SHEET PROFITS 



120. Determining the Profits of an Investment 100 



121. The Rate of Interest in its Relation to Profits 104 



122. Profits in Destructive Lumbering 105 



123. Profits on a Stand of Timber 106 



124. Anticipated Profits on Young Timber 106 



125. Profits from Continuous Forest Production 107 



126. Anticipation of Continuous Profits 107 



127. Profits Expressed as Soil Values 108 



128. Profits Expressed as a Ratio of Income to Capital no 



129. Earning Power of Capital Invested in Forest Production in 



130. The Relative Importance of Profits in Private versus Public Forestry. 115 



131. Forms for Specific Accounts in Forestry 117 



132. Forms for Economic Accounts in Forestry 119 



