24 Eleventh Annual Repoet 



per cent, by death, by suppression and by being undersized would 

 be a liberal allowance. This leaves 600 trees valued at 8 cents 

 each, or a total of $48 to be credited to this part, which alone 

 is a fair rental for the quality of ground planted, and an impor- 

 tant item if it would be found necessary to terminate the invest- 

 ment at an early period. The assets on this part, at 6 per cent, 

 compound interest, carried to the end of fifty years, would amount 

 to $458, and at the end of seventy-five years to $1,964. 



Part 2 also ends the year with an asset which would be in- 

 creased by next year's undercrop equal to that of part 1. Now the 

 thinnings on this part under twenty-five years could be utilized 

 practically only for fuel, pulp and excelsior. Fuel of this species 

 and size in this State would have little or no stumpage value. 

 Since there is no pulp mill in the State, long transportation would 

 cancel the stumpage value. There is, at present, but one excelsior 

 factory in the State, and timber of this size would have little or 

 no value. In this part the final cut is about the only source of 

 revenue that could be expected. The asset at the end of the first 

 year on this part of 26 cents, at 6 per cent, compound interest, 

 in fifty years would amount to $5, and in seventy-five years to 

 $19. 



Part 3 ends the year with a debt of $31.38, which may be 

 Jiquidated when the locust are large enough to cut. Planted as 

 near as the trees are in this part, it would take the locust at least 

 fifteen years to equal in size those in part 1 in twelve years. Now 

 it is problematical how many of each species in this part would 

 be suppressed by this time. It is fair to presume that at least 

 half of each species will have been suppressed. This would leave 

 1,181 locust to be cut, with a stumpage value of 8 cents each, or 

 ;^94.48 for the part. The original cost of $31.38 at 6 per cent, 

 compound interest for fourteen years amounts to $70.72, which, 

 subtracted from $94.48, leaves an asset of $23.76, which, carried 

 at 6 per cent compound interest to the end of fifty years, amounts 

 to $183, and at the end of seventy-five years to $784. This part 

 also has the advantage of being a safer investment, and, when 

 compared with the other parts, a smaller loss would be sustained 

 in proportion if it was found necessary to discontinue the invest- 

 ment at an early period. 



Part 4 ends the year with a debt of $50.45. The value of the 

 thinnings on tliis part would be similar to that of part 2, and 

 the only source of revenue that could be expected would be the 



