VALUE OF THE NORMAL GROWING STOCK. 148 



and the average value of one age gradation 

 91,360 



80 



= 1,142. 



The vaUie of the normal growing stock can also he obtained 

 by adding up either the expectation or cost values of all the 

 different age gradations running from years up to /• — 1 years. 

 If the maximum soil exj^ectation value is introduced into 

 these values, then the result is exactly the same, as if the 

 annual net rental is capitalised and the maximum soil 

 expectation value deducted. If a different value for the soil is 

 introduced, the result will not be the same. 



