34 



FOREST VALUATION 



a rate appreciably higher than 4 per cent for periods of over 

 50 years. 



If these arguments are admitted, it is possible to show that 

 the income which may actually be earned by forest investments 

 covering long periods will be equivalent to the rates demanded 

 by the character of the investment, even though the earnings 

 may fall as low as 3 per cent for periods of over 50 years, and 

 i\ per cent to 2 per cent for periods exceeding 100 years. 



