IV FOREST VALUATION 



c. Actual Values of Se 56 



d. Appreciation of Calculation of Se 57 



e. Se of the Copice Woods '. . . . 60 



f. Se in the Selection Forest. 60 



F. Value of Stand or Growing Stock in Even-aged Stand. 60 



a. Sale Value of Growing Stock 61 



b. Cost Value of Growing Stock 61 



c. Expectation Value of Growing Stock. . . . , 63 



d. Which Value to Use 64 



e. Value of Land and Growing Stock together 65 



G. Value of Growing Stock of Regulated or Normal 



Forest 65 



a. The Regulated Forest 66 



b. Expectation Value of Growing Stock of Regulated 



Normal Forest 66 



. Cost Value of Growing Stock in Regulated or 



Normal Forest 70 



H. Value of Growing Stock in the All-aged Forest 70 



a. In the Regulated Forest 70 



b. In the Irregular Forest. . . 72 



IV. RELATION OF CAPITAL AND INCOME: IN FORESTRY 73 



a; Nature of Income and Profit in Forestry. . 73 



b. Interest made by the Forest 75 



1. Interest made by a Single Stand of Even-aged 



Forest 75 



a. During a Short Period 76 



b. During an Entire Rotation 78 



2. Rate of Interest made by a Regulated Forest 79 



3. Rate of Interest made in Forestry when starting 



with Bare Land as Capital 81 



c. Comparison of Properties with Yearly and with Inter- 



mittent or Periodic Income 82 



V. ROTATION 85 



a. Rotation for Largest Income 85 



b. Rotation for Largest Net Rental or Highest Rate of 



Interest 87 



VI. VALUE OF STUMPAGE 89 



A. Cost Value of Stumpage 89 



B. Sale Value of Stumpage 90 



C. Expectation Value of Stumpage 96 



