4 



ANNUAL OUTLAY. 



(8) Interest at 5% on $1,338,570.83 $66,928.54 



(9) For administration and protection 12,500.00 



(10) For planting 3,000 acres with pine and 



spruce 15,000.00 



(11) For labor improving meadows, making 



roads, fire-lanes, etc 8,000.00 



(12) For implements, repairs, etc 5,000.00 



Total annual outlay $107,428.54 



If debt is funded at 3% instead of 5% 



the total annual outlay will be $80,65712 



and the net annual income 14,842.88 



ANNUAL INCOME, AFTER TWENTY YEARS. 



(13) Increase 185 feet, board measure, on 



200,000 acres at $4 per M $148,000.00 



(14) Income from hunting and fishing privi- 

 leges, rent of house sites, agricultural 



land, etc 10,000 00 



(14) Hay and pasture, 10,000 acres at $1... 10,000.00 



Total annual income after 20 years... $168,000.00 



ANNUAL OUTLAY AFTER TWENTY YEARS. 



(16) Interest at 5 per cent on debt 



$1,338,570.83 $ 66,928.54 



(17) Administration and protection 20,500.00 



(18) For planting 5,000 acres per year at $5 



per acre 25,000.00 



Total annual outlay after twenty years.. $112,428.54 

 If debt is funded at 3 per cent instead of 

 5 per cent the total annual outlajr will be $ 85,657.12 

 and the annual net income...,. 82,342.88 



