IX 



when there will be, were necessarily put at a very low figure 

 in order to bring them to an average of $2,10 per acre, as 

 ordered by the Directors; so that the minimum prices put 

 upon this class of lands should be taken as an index of their 

 relative rather than of their absolute value, and do not indicate 

 the rates which the Company has asked for, or at which it 

 would be willing to sell them, at private sale. 



It may be thought that there is too great a difference 

 in the valuation of lands lying upon rivers where there is 

 lumbering, and those upon rivers where there is none. 



This point was fully considered by those who made the 

 valuations, and they exercised their best judgment in the 

 matter. The difference is apparent, and the purchaser must 

 exercise his own judgment in buying those which are valued 

 low, and have no present market value, on account of lying 

 outside of the range of existing lumbering operations, or 

 those which are valued comparatively higher and are so situ- 

 ated as to be immediately or very soon available. 



The valuation of the lands lying outside of the range of 

 present lumbering, is indeed, very low ; so low, it is thought, 

 that those who purchase them and hold until a demand arises 

 will, generally make a considerably larger profit than those 

 who purchase the higher valued lands, that lie upon the 

 rivers already occupied by lumbering establishments. In this 

 view, it is thought that the lands which lie upon rivers where 

 there are no sawmills, offer great inducements to lumbermen 

 who may appreciate the advantage of being the first to occupy 

 such streams. 



In fixing the valuations, different prices were assumed in 

 different localities for the value of stumpage within an aver- 

 age haul of one mile from floating water, which stumpage 

 varied from 60 cents to 25 cents per 1000 feet, according to 

 locality. 



A reduction of one-tenth in price was made for every 

 additional half mile of hauling, after the first mile. 



This is an arbitrary standard, but in making the valuations, 

 some rule in this respect became necessary, and this was 



