270 Proceedings of the 



such a tract of land can possibly be secured unless it 

 be near tidewater. 



We, therefore, estimate the cost of establishing such 

 a timber reservation on the line of this road would be 

 as follows: 



15,000 acres of land at $10 $150,000 



Interest on this for 19 years up to 



cutting time at 5 per cent 142,500 



Total cost for land $292,500 



Annual expenditure for nineteen years before any 

 growth is obtained suitable for ties : 



Taxes $1,500 



Clearing, draining, &c., 700 acres 



at $15 10,500 



470 trees delivered at $10 per M . . . 4,700 



Planting 700 acres at $5 per acre. . 3,500 



Superintendence, &c., 1,800 



Total annual cost $22,000 



This annual charge of $22,000 for 



nineteen years aggregates .... $418,000 



Interest on this amount for an aver- 

 age term of gyi years at 5 per 

 cent 198,550 



Cost of land as above 150,000 



Interest on cost of land, 19 years, 



as above, at 5 per cent 142,500 



Total investment up to 20th year $909,050 



