﻿INTEREST 
  RETURNS 
  ON 
  CUT-OVER 
  LANDS. 
  43 
  

   Table 
  No. 
  14. 
  — 
  Area 
  necessary 
  for 
  a 
  sustain* 
  <J 
  annual 
  yield 
  of 
  40,000,000 
  feet 
  per 
  annum. 
  

  

  Cutting 
  

   limit, 
  

   diameter 
  

   breasthigh. 
  

  

  Annual 
  

   cut 
  per 
  

   acre. 
  

  

  Area 
  to 
  be 
  

   lumbered 
  

   annually. 
  

  

  Time 
  re- 
  

   quired 
  to 
  

   cut 
  over 
  

   present 
  

   tract. 
  

  

  Time 
  re- 
  

   quired 
  be- 
  

   fore 
  second 
  

   cut 
  equal 
  

   to 
  first 
  can 
  

   be 
  ob- 
  

   tained. 
  

  

  Total 
  area 
  

   necessary 
  

  

  tained 
  an- 
  

   nual 
  yield. 
  

  

  Inches. 
  

  

  Board 
  fed. 
  

  

  Acres. 
  

  

  Years. 
  

  

  Years. 
  

  

  .4crf*. 
  

  

  12 
  

  

  6.067 
  

  

  6.593 
  

  

  15 
  

  

  42 
  

  

  276,906 
  

  

  14 
  

  

  5,845 
  

  

  6,844 
  

  

  Hi 
  

  

  41 
  

  

  280,604 
  

  

  16 
  

  

  5.597 
  

  

  7.147 
  

  

  14 
  

  

  41 
  

  

  293,027 
  

  

  18 
  

  

  5,130 
  

  

  T.797 
  

  

  13 
  

  

  42 
  

  

  327,474 
  

  

  20 
  

  

  4.561 
  

  

  8.770 
  

  

  111 
  

  

  42 
  

  

  368,340 
  

  

  Cutting 
  to 
  12 
  inches, 
  therefore, 
  a 
  sustained 
  annual 
  yield 
  equal 
  to 
  

   the 
  capacity 
  of 
  the 
  mil' 
  can 
  be 
  obtained 
  by 
  the 
  addition 
  of 
  about 
  

   170.000 
  acres 
  of 
  forest 
  laud 
  similar 
  in 
  character 
  to 
  that 
  of 
  the 
  present 
  

   tract. 
  

  

  INTEREST 
  RETURNS 
  ON 
  CUT-OVER 
  LANDS. 
  

  

  It 
  is 
  obvious 
  that 
  calculations 
  of 
  future 
  financial 
  returns 
  from 
  con- 
  

   servative 
  lumbering 
  can 
  not 
  be 
  infallible, 
  because 
  changes 
  in 
  the 
  value 
  

   of 
  land 
  or 
  of 
  timber 
  may 
  entirely 
  alter 
  the 
  premises 
  upon 
  which 
  these 
  

   calculations 
  are 
  based. 
  However, 
  when 
  compiled 
  from 
  adequate 
  and 
  

   conservative 
  data, 
  estimates 
  of 
  future 
  money 
  returns 
  are 
  of 
  reasonable 
  

   safety 
  and 
  of 
  no 
  small 
  practical 
  value. 
  

  

  The 
  table 
  below 
  relates 
  simply 
  to 
  land 
  which 
  has 
  been 
  cut 
  over, 
  and 
  

   shows 
  the 
  annual 
  interest, 
  represented 
  by 
  future 
  cuts, 
  on 
  the 
  capital 
  

   invested 
  in 
  the 
  land. 
  At 
  the 
  present 
  time 
  cut-over 
  lands 
  can 
  be 
  bought 
  

   at 
  an 
  average 
  price 
  of 
  50 
  cents 
  per 
  acre, 
  but, 
  in 
  order 
  to 
  be 
  conserva- 
  

   tive, 
  calculations 
  are 
  made 
  with 
  such 
  lands 
  valued 
  at 
  £l 
  and 
  £1.50. 
  

   Taxes 
  are 
  taken 
  at 
  3 
  cents 
  per 
  acre 
  per 
  annum, 
  and 
  the 
  cost 
  of 
  pro- 
  

   tection 
  against 
  tire 
  at 
  2 
  cents 
  per 
  acre 
  per 
  annum, 
  making 
  a 
  yearly 
  

   expense 
  of 
  5 
  cents 
  per 
  acre 
  per 
  annum. 
  Pine 
  stumpage 
  is 
  now 
  worth 
  

   £1.50 
  per 
  thousand 
  board 
  feet, 
  and 
  the 
  returns 
  from 
  future 
  cuts 
  were 
  

   accordingly 
  figured 
  for 
  stumpage 
  values 
  of 
  £1.50 
  and 
  £2. 
  As 
  a 
  mat- 
  

   ter 
  of 
  fact, 
  the 
  probability 
  is 
  that 
  after 
  thirty 
  or 
  forty 
  years 
  the 
  value 
  

   of 
  pine 
  stumpage 
  will 
  be 
  considerably 
  above 
  £2 
  and 
  the 
  interest 
  

   returns 
  shown 
  by 
  future 
  cuts 
  greatly 
  increased 
  in 
  consequence. 
  

  

  