456 MISC. PUBLICATION 218, U. 8. DEPT. OF AGRICULTURE 
and timber for the 5-year period, 1926-30, averaged 235 francs per 
hectare for the entire forest. The total expenses, including cost of 
felling, transportation, restocking the forest, pruning, maintenance of 
roads and ranger cabins, insurance, and taxes, averaged for the same 
period approximately 65 francs per hectare. Thus the net income 
after taxes averaged for this period approximately 170 francs per 
hectare ($2.70 per acre). Capitalized at 4 percent, the value of the 
property would be 4,250 francs per hectare ($67.50 per acre). 
The direct taxes levied on this property, from 1926 to 1930, con- 
sisting chiefly of land taxes with additional sums for local purposes 
(imp6t foncier and centimes additionnels) were as shown in table 
130. These taxes, averaged for the 5-year period, were 8.3 percent 
of the net annual income before taxes for the period, and 0.36 percent 
of the value. The rate of personal income tax paid by the owner of 
this forest was not ascertained. 
TaBLE 130.— Land taxes on property no. 2, 1926-30! 
Frances per | Dollars per 
Year hectare acre 
1 a a AS ea a een sd en UIE a aa ee Ea SAE a aye ey yl 9. 89 0. 157 
TKO iy Ss Be NOE es Pa a Ae ES Gea ea ge 16. 31 259 
ASS SN as ED SBS ae Si a feet tn USIP UL Eee et A Sea a Ee eta Oe ars a 15. 50 246 
BRO PAS SR EQS eu ING AS ra Ae ee LL mee Sas EE Se a a SO a Ie ec 16. 65 264 
ELS Ce se I I Ceres nl a Se eS Re py a aN at ee 18. 43 292 
EA BY oN 0 an GND gS Un UG ne a lee SU ce eI NE EN Ge 76. 78 1. 218 
YeNON 5) a2 42 ye pg eR Ag LS ee rg AS a eee oe ee ee, 15. 36 244 
1 Source of data: Report furnished by owner. 
PROPERTY NO. 3 
Property no. 3 contains about 5,000 hectares (12,350 acres) and is 
practically all in maritime pine. The market value, as estimated by 
the owner, is between 4,000 and 5,000 francs per hectare ($63.40 and 
$79.30 per acre). This forest is well managed and under normal 
conditions yields a good return. In 1929 it was yielding a current 
net return after taxes of approximately 200 francs per hectare ($3.20 
per acre). Of course both value and return would doubtless be 
materially reduced at present (1933). 
In 1929 the land taxes (imp6t foncier and centimes additionnels) 
amounted to 6.66 francs per hectare. This was at a rate of 3.2 per- 
cent of the net income before taxes, and one-sixth of 1 percent of the 
property value of 4,000 francs. The tax figures for 1927 and 1928 
were not materially different. It seems probable that taxes are not 
now (1933) materially reduced and are therefore taking a greater 
portion of income and of value. 
There is also an additional tax, that on agricultural profits (bénéfices 
de l’exploitation agricole) imposed on the profits arising from the 
utilization of resinous products from pine forests of this type. This 
tax is levied on the owner at his place of residence and was not 
ascertained. 
Upon the death of the owner in 1925 the inheritance taxes on this 
forest amounted to 27 percent of its value. 
ct ts Leeman BE it EASE 
