31 



NOTES TO TABLE 19. 



The table gives the difference between the present value of 

 the expected yield of immature trees and their actual stump- 

 age value. (Expectation value minus market value.) 



The breeder of horses will never, think of selling a colt for 

 the value of its hide and flesh. No doubt he will 'ask a price 

 proportionaite to the expected value of the full grown torse. 



"Why does the tree grower act differently? 



Example : The "wood owner, who allows a treie growing un- 

 der "average conditions of growth" to be cut at the age of 160 

 yeiars, loses 28.6 cents, in case the logging and milling ex- 

 penses amount to $9 per 10.00 feet B. M. 



From its 160th to its 180th year the tree would yield 6 pei 

 cent., and from its 180th to its 200th year, 4^ per cent, com- 

 pound interest. (Table 17). The age of economic maturity 

 for this tree is in the neighborhood of 210 years, when its in- 

 crement will be about 3 per cent. 



