54 THE FINANCIAL REST^LTS OF FORESTRY. 



The receipts consist of — 



(a.) All items of income realised l)etween tlie formation of 



the wood and the year in, with accumulated interest to 



the year m : — 



T„ X I'Ojf"-" + T,, X I'Op''-' + . . . r,„. 



(/>.) All items of income to he realised hetween the year 7?? 

 and the end of the present rotation r, discounted to the 

 year m : — 



T„ X 1-Op'-" + . . . + r, X iw + Y,. 



(c.) All items of income to l;e realised dnring suhseqnent 

 rotations, amounting to — 



T„ X 1-07/"" + • ■ • + ^^. X 1-Ojf-^^ + Y, 

 {I'Of - 1) X l-0]f~"' 



TJic costs are — 



(a.) Past costs with compound interest to the year???: — 



.S; X VOp'" + ^ (I'O/" - 1) + ^- X l-O;?"'. 

 (/?.) Costs to be incurred from the year ??? to the end of the 

 first rotation : — 



E (l-O//-- '" - 1) 



(c.) Costs to ])e incurred during future rotations : — 

 K , c X l'0]f 



1-0/)' '" iVOp' — 1) X 1-Op'-'" 



By deducting all costs from the receipts, the profit is obtained 

 and represented l)y the following formula : — 



Profit P = 



1; + T„ X 1-Oy/-" + . . . 4- r, X VOf - F. (1-0;/-'" - 1) ^y ^ 

 1-0/-'" 



I 1 ( Y,.± T,, xro;?'- " + .+7; xro/ "- c x i-O// _ ^ a .. 



^i-Op'-'A i-0/?'-i V • 



- [(sv + ii;) d'O/" - 1) + ^- X vop'"- T„ X i-oy/" "- ... - 7;,] 



-,S: (III.) 



