THE VALUATION OF FORESTS 99 



and Formula FI reads 



provided in this case that the value of the soil can be determined 

 or agreed upon apart from that of the poles, saplings and seed- 

 lings which increase the value of F, over that of S v . 



For a normal forest ( 109) producing annual income, the ex- 

 pectation value of the standing timber, separate from the land, 

 may be found by subtracting n X S v from Formula F% which then 

 reads 



.op 



