35 



tained from a yield table made by measuring sample plots in 

 well-stocked natural stands in all parts of this State. Natural 

 stands were taken because of the limited number of plantations 

 that can be taken for this purpose. It will be seen on com- 

 parison, however, that the amounts given in the table are in 

 substantial agreement with the average shown by the planta- 

 tions described in this bulletin. The stumpage rates chosen 

 run from $6 to $10, and are the rates of the present day, no 

 allowance being made for the increase that future years will 

 bring. 



In compiling these tables certain assumptions were made, 

 based on actual experience. The cost of the land is assumed 

 to be the first expense, and is placed at $5 per acre. The 

 second premise is the cost of planting which is placed at $12 

 per acre. These two expenses must be carried at compound 

 interest from the beginning to the end of the rotation. 



We have presented two tables, one of which shows the re- 

 turns of a plantation taxed under the present general system, 

 and the other for the same plantation registered under the new 

 taxation law. We have assumed the tax rate to be $20 per 

 thousanH. The land, of course, pays taxes from the beginning, 

 but the timber not until the twenty-fifth year. In the case of 

 classified land it pays no tax until it is cut, when it pays a 

 product tax of 6 per cent. All of these expenses are carried at 

 5 per cent, compound interest to the end of the rotation, and 

 we see that in the case of unclassified land the maximum yield 

 comes at fifty years, when there is an excess profit of $60. In 

 the case of registered land the maximum yield comes at fifty 

 years, and there is an excess profit of $140, or two and a half 

 times that of the unregistered. It should be said here, however, 

 that in the case of the unclassified land we have assumed that 

 the assessors taxed it at its full value, which is unusual in 

 practice. 



We would urge that every owner of a young artificial planta- 

 tion should register his land, for it will be seen that while the 

 owner of Plantation 1 invested in actual cash $83 on his timber 

 in fifty years, the owner of the registered Plantation 2 only 

 risked $40 in cash. On account of the time element and risk 

 of a forest plantation the owner should take every opportunity 



