GROWING PLANTATIONS. 203 



certain evidences on wliicli to found calculations of 

 their ultimate produce and value. Therefore, at the 

 time when young trees show evidence of their future 

 health, and until they have attained to a full-timber 

 size, the valuation of all plantations of such trees 

 ought to proceed on the principle of prospective 

 value, and the rule for doing so is this : — first. 

 Determine the number of years the trees will re- 

 quire to arrive at maturity ; second, calculate the 

 value of all thinnings that are likely to be taken from 

 the plantation before it arrives at maturity, and that 

 in periodical thinnings of five years from the time 

 that the valuation is taken ; and third, estimate the 

 value of all the trees which will arrive at perfection 

 of growth ; and from the total amount of these 

 sums, deduct compound interest for the period the 

 trees require to attain maturity, and the result will 

 be the present transferable value of the plantation. 



With regard to the third class of plantations as 

 above stated — namely, those which have arrived at 

 full-timber size : — 



As this is a class of plantations which every for- 

 ester ought to be able to value at sight, I shall be 

 more particular in pointing out the method of going 

 to work in the valuation of such. Few foresters 

 are ever called upon to value the two first-named 

 classes of plantations, but the case is altogether dif- 

 ferent with regard to full-grown trees : these are the 

 harvest of their labours, and they are almost every 



