VALUE OF THE NORMAL GRO'WINrT STOCK. 141 



in other words, if the expectation value of the soil is introduced 

 for S. Even then, the above holds good only in the case of 

 normally stocked woods. If a wood has been too thinly stocked 

 from early j^outh, so that both thinnings and final yield are 

 below the normal amounts, the cost value will be found to be 

 greater than the expectation value. 



5. Relation existing between the Expectation and Cost Values of 

 the Gron-in(i Stock of a Normal Wood on the one hand, 

 and the Utilisation Vcdne on the other. 



The utilisation value of the growing stock is equal to the 

 expectation or cost value at the end of the rotation, provided 

 the maximum expectation value of the soil is introduced into 

 the account, and the rotation is that, for which the expectation 

 value of the soil culminates. An equality can also occur at 

 a previous stage, according to the values introduced into the 

 account. 



Generally speaking, the utilisation value of young woods is 

 smaller than the expectation or cost value. On approaching 

 the end of the rotation the difierence is small, and it is then 

 the safest plan to value the woods according to their utilisation 

 value, as the calculation of the expectation and cost values is 

 based upon more or less uncertain data. 



Section II. — Value of the Growing Stock of a Normal 

 Series of Age Gradations. (Normal Growing Stock.) 



If a forest is so managed, that it yields annually an equal 

 return, it must contain a regular series of woods of equal 

 yield capacity ranging in age from 1 year up to r years, with 

 one year's difference between every two successive gradations. 

 Whether these age gradations are found on separate areas, or 

 are mixed with each other, makes no difference. In either 

 case, every year the oldest age' gradation will be cut over, 

 giving a yield = 1\, and every year there will be thinnings in 

 the gradations, which have reached the ages of a, b . . . q 



