

CONSERVATIVE LUMBERING. 61 
man with an eye to the future may reasonably plan to leave the small 
timber and return in 20 years to relog when the young stand has 
increased from 40 to 65 per cent in volume. Trees left after logging 
with plenty of light for their crowns will increase rapidly in 
diameter. 
The private timber owner to secure best results should remove 
trees that are deteriorating in value, since these will not increase in 
volume and will decrease in quality. Reproduction must be pro- 
tected. Experience in New England has shown that forest land 
without merchantable timber, but fully stocked with reproduction, 
has a much greater sale value than land absolutely denuded. The 
steady development of the Southwest assures a strong local market 
for the conservative operator who gets his present profit out of the 
mature and overmature stands and reserves his thrifty young growth 
for the future. 
In New Mexico cut-over tracts may be assessed as grazing lands at 
25 cents per acre. The average tax rate on this class of property is 
estimated at 4 per cent, or 1 cent per acre per year. Assuming that 
2,000 board feet of timber is left per acre, this means, at a stump- 
age rate of $2.50 a thousand, an investment per acre of $5. If this 
land is held for from 10 to 20 years, what will be the cost and the 
profit? A reasonable charge for fire protection is 1 cent per acre 
per year. It will be much greater than this immediately after 
logging, but when the needles and débris have rotted, an efficient 
patrol, with occasional expenses for fire fighting, will mean but a 
small annual cost distributed over a wide area. From experience 
elsewhere stumpage is bound to increase in value. In Maine stump- 
age values have increased $1 per 1,000 board feet per decade, and in 
a newly settled country such as the Southwest, a future stumpage 
price of $4 in 10 years and $6 in 20 years seems a conservative esti- 
mate. Placing the interest at 5 per cent, compounded annually, fire 
protection at 1 cent per acre, land valuation at 25 cents, taxes at 4 
per cent per annum, present stand 2,000 feet, valued at $5, initial 
expenses at 10 cents per 1,000 board feet, stumpage at $4 in 10 years 
and $6 in 20 years, and growth at 10 per cent per decade, the total 
cost and sale value would be as follows: 


OP PESSEpOUE FVII Ea a a a re eee $5. 00 
OU PEETE, TAD DUEPD UID “SS [CSL Bac gn pes Zo Oop Re AOC EE 5. 20 
In 10 years: 
BES hrcY od CCA 9 a By Se eed ee 8. 72 
Sil ema meee nek hs Sn ee Begs. SN a 8. 80 
In 20 years: 
SRGNTS LL COS Es gt a eA ne ee age ee Pee 14. 46 
SG: SORT Se A a ee ee er ee eee eee 14. 40 
Under total cost is included all annual expenses and taxes com- 
pounded at 5 per cent, so that it will be seen that the investment has 

