36 



of keeping down his money investment. At present prices on 

 lumber, a pine plantation is a 6 or 7 per cent, investment in 

 Massachusetts, but an increase in stumpage values of what- 

 ever per cent, will make a corresponding increase in the re- 

 turns. In other words, the planter of the present day can as- 

 sume that he is investing for a 10 or 12 per cent, return rather 

 than a 6 or 7 per cent, return. 



