7 
WHAT RETURNS CAN BE EXPECTED UNDER MOST FAVORABLE 
CONDITIONS. 
Much greater yields and higher financial returns have been claimed 
for eucalyptus plantations-by commercial companies which are ex- 
ploiting them. Planted land has been offered in many instances as 
a desirable investment at as much as $250 per acre. It has been 
asserted that an acre of planted eucalyptus will produce 100,000 
board feet of lumber in 10 years. 
Measurements of existing groves by the Forest Service show, how- 
ever, that the best return per acre which can be expected from a 10- 
year plantation of blue gum, under present conditions, is approxi- 
mately $160. If the original investment does not exceed $60, includ- 
ing taxes and protection, until the crop is cut this return is satis- 
factory. If the investment is greater than $60 per acre, on account 
of planting higher-priced land or for other reasons, the returns are 
correspondingly reduced. If the total amount paid out exceeds $160 | 
per acre, obviously there is a loss of capital aside from the failure 
to secure any interest upon it. 
These measurements show, furthermore, that the best blue-gum 
groves in California have yielded but 64 standard cords (85 Cali- 
fornia cords) per acre in 10 years. The yield must be given in cord- 
wood rather than in board feet of lumber. The trees in these planta- 
tions have attained an average diameter of from 9 to 10 inches outside 
the bark at 4.5 feet above the ground. Since the bark is 0.75 of an 
inch thick, about 1.5 inches must be deducted from the diameter to 
obtain the net yield of wood. The taper of blue-gum logs, deter- 
mined by actual measurements, is 0.163 of an inch per foot. The top 
diameter of a log 12 feet long and 10 inches in diameter outside the 
bark at 4.5 feet above the ground (allowing 12 inches for the height 
of the stump) is 7.12 inches inside the bark. Such a log, when meas- 
ured by the Scribner Decimal C rule, scales 20 board feet. It has 
been found that young timber of this character shrinks about 14 per 
cent in seasoning to an air-dry condition, and that the wood contains 
loose knots left by the branches. From this it is apparent that only 
small timbers suitable for short-length flooring, chair legs, handles, 
etc., can be obtained from trees of this size. Such trees can hardly 
be considered as merchantable for manufacture. The chief product 
of a 10-year eucalyptus grove, therefore, is not lumber but cordwood. 
The best 32-year-old plantation in the State scales but 57,820 
board feet and 30.9 cords per acre. It is true that none of the older 
groves in California have been properly thinned or otherwise cared 
for, and that better management undoubtedly will increase the yield, 
at least of saw timber. To what extent such management will in- 
crease the total yield of plantations has not been demonstrated and 
can be worked out only by experience. It should be borne in mind, 
