MANAGEMENT. 59 



The amount of this sacrifice and the compensating advantages should 

 be weighed beforehand. 



The costs of planting or sowing when either is done are a direct 

 outlay, yielding a return only in the trees removed in thinning and 

 at the final cutting. This cost should be figured at compound interest 

 for the length of the rotation and deducted from the estimated 

 value of the stand, or the latter should be discounted to the present, 

 including the value of the thinnings, and the present cost of planting 

 subtracted from it. Since the investment is a long-time one and 

 offers good security if protection from fire is assured, the rate of 

 interest chargeable should not exceed 3 or 4 per cent. 



Proper protection of the stand involves a slight annual outlay, 

 which should not exceed 2 or 3 cents per acre. This amount, together 

 with accrued taxes at the prevailing rate, both at compound interest, 

 must be deducted from the total money yield per acre at the end of 

 the rotation. 



Stands which have been well managed, with properly made thin- 

 nings and cut under suitable rotations, will yield ultimate money 

 returns considerably greater than unmanaged stands. On the other 

 hand, injudicious management tends toward reduced returns, possibly 

 less than might be secured without management. 



