IV FOREST VALUATION 



c. Actual \'alues of Se 56 



d. Appreciation of Calculation of Se 57 



e. Se of the Copice Woods • 60 



f. Se in the Selection Forest 60 



F. A'alue of Stand or Growing Stock in Even-aged Stand. 60 



a. Sale \'alue of Growing Stock 61 



b. Cost \'alue of Growing Stock 61 



c. Expectation X'alue of Growing Stock 63 



d. Which A'alue to Use 64 



e. \'alue of Land and Growing Stock together 65 



G. X'alue of Growing Stock of Regulated or Normal 



Forest 65 



a. The Regulated Forest 66 



b. Expectation X'alue of Growing Stock of Regulated 



Normal Forest 66 



c. Cost X'alue of Growing Stock in Regulated or 



Normal Forest 70 



H. Value of Growing Stock in the All-aged Forest 70 



a. In the Regulated Forest 70 



b. In the Irregular Forest 72 



IX' Rkt.ation of Capital and Incomk in ForJ'STrv T^ 



a. Nature of Income and Profit in Forestry 73 



b. Interest made by the Forest 75 



1. Interest made by a Single Stand of Even-aged 



Forest 75 



a. During a Short Period 76 



b. During an Entire Rotation 78 



2. Pate of Interest made by a Regulated Forest 79 



3. Rate of Interest made in Forestry when starting 



with Bare Land as Capital 81 



c. Comparison of Properties with Yearly and with Inter- 



mittent or Periodic Income 82 



X' RoTATroN 85 



a. Rotation for Largest Income 85 



b. Rotation for Largest Net Rental or Highest Rate of 



Interest 87 



\'I. X'ali'ic oi' Stumi'ac.e 89 



A. Cost X^alue of Stumpage 89 



J). Sale X'alue of Stumpage 90 



C. Expectation X'alue of Stumpage 96 



