90 STATE POMOLOQICAL SOCIETT. 



productive eighty or a hundred years, in the absence of any ex- 

 traordinary casualty. 



Let ns then, to avoid extremes, suppose it will continue one-half 

 the minimum named, forty years. The aggregate amount of ten 

 dollars taken from this income every year for forty years and 

 placed at interest at five per cent, with the increment would be 

 $1,207.00. Thus at the end of forty years, the proprietor has 

 $1,207.00, cash in hand, arising from a portion of the net earnings 

 annually invested, as permanent capital, to take the place of the 

 orchard now assumed to have expired. The balance of the net 

 earnings annually received from his orchard, $190.00, then may 

 either represent a capital of $1,000.00, yielding a net income of 

 nineteen per cent., or of $2,000.00, yielding a net income of nine 

 and one-half per cent, per annum for forty years, when, the 

 orchard product ceasing, the sinking fund of $1,207.00 takes its 

 place as permanent capital. 



Again, let us 'put twenty instead of ten dollars a year into the 

 sinking fund, as before, and we shall have in hand at the end of 

 forty years, a fund thus created, to take the place of the now 

 expiring orchard, and become permanent capital of $2,414.00, or, 

 say to make ample allowance for laches, delays and adverse con- 

 tingencies, $2,000.00. The proprietor then has remaining, out of 

 the orchard's annual net income, $180.00, for every year. This 

 will represent the capital of $2,000.00 at nine per cent, per 

 annum for the forty years while the orchard continues, when the 

 sinking fund of $2,000.00 takes its place. 



Now, who can deny that one-half this result, reached by so 

 Tnany cautious and ample allowances for all exigencies and con- 

 tingencies, may be assumed with abundant safety as a realization ? 

 And assuming it, it is proved that the good apple orchard is worth 

 a thousand dollars an acre, which was the proposition to be 

 demonstrated. 



Conclusion. 



And if any farmer is ambitious to bequeath an estate of a hun- 

 dred thousand dollars, he has only to leave his heirs well planted 

 and well kept apple orchards of a hundred acres. If he is less 

 ambitious let him plant and sustain fifty acres, or twenty, or ten, 

 or five, or at least one acre, if that is the measure of his capacity, 

 and the full fruition of his desires. If he can do no more, let no 

 one fail to plant one tree and nourish and protect it. The petted 



