rise of 3 per cent, per annum), acquisition of tlie fee simple at $3.50 

 per acre implies a net gain of about $33,600. 



In addition it must be remembered that the tract, under destruc- 

 tive lumbering, cannot be logged over in less than six years, the mill 

 capacity being 25 million feet board measure only. 



Thus the firm, when engaging in ordinary lumbering, pays in 

 fact more than $1.00 per 1000 feet board measure, namely 

 $150,000 X 0.06 X 1.06° _ 



25,000 (1.068 - I) "" ^^'''^ 



If this consideration holds good, acquisition of fee simple and 

 practice of forestry is preferable even under stagnating prices, 

 being by about $11,700 superior to destructive lumbering. 



