29 



NOTES TO TABLE i8. 



We all know, that a young colt has some value in spite of its 

 present unfitness for service. 



An immature tree likewise has a value, which is arrived at 

 by calculation backwards at 3 per cent, compound interest on 

 the value of the mature tree. For instance, under good con- 

 ditions of growth, (logging and milling expenses estimated to 

 be $10 per 1000 feet B. M. ) a sound poplar tree is mature at 

 190 years, being worth $2.47 at that age. The value of a tree 

 only 100 years old, under similar circumstances, will be found 



247 

 to be ., nnan = 172 cents. 



In Germany, this value of immature trees is called rather 

 awkwardly the 'Wpectation value." 



The stumpage value of a poplar 100 years old is negative, as 

 appears from table 15. The wood owner will lose money when 

 cutting and logging a tree 100 years old. Besides, he will 

 meet a "lucrum cessans," or will give up a possible profit of 

 17.2 cents, obtainable if he would allow the tree to groiw 190 

 years old. 



The stumpage value of trees before they have reached the 

 age of financial maturity is below their expectation value, 



