ACCUMULATED DEBT PER ACRE 237 



Hence, in the above example, the net return on the 

 average accumulated capital per acre of 100 will only be 

 i, 75. 56. ; that is if per cent. 1 ' 



From the foregoing, it will be evident that whenever 

 afforestation is advocated, and the returns from fully stocked 

 normal areas are instanced, as a proof of the profits that 

 may be anticipated, it is always necessary to remember that 

 these annual profits represent the annual income from a 

 large accumulated capital per acre, and are not the im- 

 mediate annual profits that may be looked for as arising 

 from the initial outlay, represented by the value of the land 

 and the cost of establishing a crop. 



The following table shows the average accumulated 

 capital per acre expended in forming some normally stocked 

 areas ; 2 all calculations being made at 3 J per cent. 



* Vide table in Chapter XL 



t The area of land occupied by rides and roads has not been taken as exactly 

 the same in all cases. 



1 Assuming, as already stated, that, until the area be normally 

 stocked, all monies received or spent are credited or debited with 3^ per 

 cent, compound interest. 



2 A normally stocked area presumes, here, that a succession of 

 mature crops, of equal area and value, can be felled, annually, from the 

 present date, onwards. 



