APPENDIX. 145 



s. d. s. d. s. d. s. d. 

 At 25 years, interest on 



13. I ;s. at 4 per cent. 19 3 6 



Third thinning, 500 trees at 



4d. each 868 



Deduct cost of thinning, say 3 2 65 42 ... 13 19 4 



At 30 years of age, interest 



on ^"13. 195. 4d. for 5 



years at 4 per cent. ... ... 17 o 7 



Fourth thinning, 403 tn-es 



at 6d. each ... ... 10 o o 



Deduct cost of thinning, say 3 6 86 I] 4 IO 7 3 



At 40 years of age, interest - 



on 10. 75. 3d. for 10 



years at 4 per cent 1565 ... 15 6 5 



Balance against plantation 



at 40 years of age. 

 At 50 years of age, 500 trees 



at 35. a tree ... ... 75 o o 



Deduct cost of thinning, say ... ... ... 6 5 c 68 15 o 



At 60 years of age, 500 trees 



at 45. a tree ... ... ... ... ... 100 o o 



Deduct cost of thinning, say ... ... ... 10 o 090 o o 



At 70 years of age, 300 trees 



at 6s. 6d. a tree ... ... ... ... 97 10 o 



Deduct cost of thinning, say II 5 o 86 5 o 



At maturity (or 80 years), 



allowing for deaths, say, 



100 trees, 200 trees at 



2os. a tree ... ... 200 o o 



Value of produce of plantation, including the standing 



crop at 80 years of age ... 445 o o 



Deduct loss at 40 years ... 15 6' 5 



429 *3 7 



The analysis of the foregoing table amounts simply to 

 this : if the landowner were to invest the initial cost of plant- 

 ing at 4 per cent, and allow it to accumulate, he would at 



K 



