YIELD TO BE EXPECTED FROM NEW ENGLAND FORESTS 415 



$4.35 per acre, expenditures totaled $2.41, or considerably more 

 than the net return of $1.94 per acre. 



In conclusion, what may be expected of forestry as an invest- 

 ment? It offers the only method of making profitable large 

 areas of land in New England, but even thus it may not neces- 

 sarily offer a highly tempting field for investment for the average 

 landowner. Briefly, the growing of timber crops in New England, 

 as a business, may be expected to pay from 3 to 6 per cent on 

 the investment, depending on a variety of factors, among 

 which the following three are especially important, the quality 

 of the soil, species grown, and the location of the tract with 

 reference to markets. Forestry is not a business paying high 

 dividends and, if judged by the dividends paid, must be classed 

 with investments affording good security to the principal in- 

 vested. Hence if it is to attract private capital it must offer 

 good security for the principal invested. 



Until recently the practice of forestry in New England has 

 not offered a secure investment at all comparable with a good 

 4 per cent bond, owing principally to the great danger from 

 forest fires,^ but public sentiment for protection of the forests 

 from fire has crystallized within the last few years and taken 

 shape in the form of action by the state authorities with the 

 cooperation of the Federal Government to insure better protec- 

 tion. Already much has been accomplished to lessen the fire 

 hazard, and it is believed that now protection for a given tract 

 can be assured at reasonable expense. 



With protection assured, and with productive soils, valuable, 

 fast-growing species of trees suited to the soils and excellent 

 markets, there is no reason why growing timber crops in New 

 England should not be considered as a secure investment. 



When once a tract is brought into proper condition, steady 

 returns are received annually, but owing to the length of time 

 and the investment involved in waiting for this condition to be 



1 The probability under present methods of taxing forest lands, of being 

 compelled to pay excessively high taxes is another drawback to the practice of 

 forestry. 



