June, 1940] 



Budget Analysis of Orchards 



17 



scribed in the modified and standard curves in figure 7 are compared. 

 On the basis of an orchard of 1000 permanent trees, the investment 

 would be somewhat larger and the peak would come at a later period. 

 On another basis the compounded net returns on the delayed bearing 

 orchard would pass from a deficit to a surplus in the 31st year as com- 

 pared to the 24th year in the standard yield orchard. The effect of de- 

 layed bearing is obvious and yet the study of the diagram should make 

 the orchardist more conscious of the effect of delayed bearing on his or- 

 chard economy. Methods of insuring early bearing by selection of 

 strains and varieties and by management should be studied. A distinct 

 advantage of the Mcintosh as compared with the Spy is the tendency to- 

 ward early bearing. On this account the production of the Spy will 

 involve higher costs. 



5 10 15 20 25 30 35 40 45 50 55 60 



Age of Trees 



Figure 12. — Annual Net Returns Per 1000 Trees Accumulated 

 AND Compounded at 5% Interest When Cost is Above Average. 



-10 



10 



15 20 



40 45 



50 55 60 



25 30 35 



Agc or Trees 



Figure 13. — Annual Net Returns Per 1000 Trees Accumulated 

 and Compounded at 5% Interest When Bearing is Delayed. 



