﻿4 
  percent 
  on 
  the 
  $50 
  invested, 
  the 
  planted 
  

   stand 
  must 
  be 
  sold 
  for 
  $1,152 
  per 
  acre; 
  to 
  

   earn 
  4 
  percent, 
  the 
  natural 
  stand 
  need 
  be 
  sold 
  

   for 
  only 
  $845 
  per 
  acre 
  (fig. 
  2). 
  

  

  However, 
  natural 
  regeneration 
  loses 
  some 
  of 
  

   its 
  economic 
  advantage 
  (1) 
  if 
  the 
  chance 
  for 
  

   successful 
  establishment 
  of 
  the 
  desired 
  species 
  

  

  is 
  uncertain, 
  (2) 
  if 
  to 
  attain 
  it 
  requires 
  cut- 
  

   ting 
  in 
  small 
  blocks 
  or 
  leaving 
  seed 
  trees 
  and 
  

   waiting 
  a 
  considerable 
  time 
  for 
  stand 
  estab- 
  

   lishment, 
  or 
  (3) 
  if 
  species 
  growth 
  differentials 
  

   are 
  significant. 
  If 
  natural 
  reproduction 
  is 
  not 
  

   established 
  in 
  5 
  years, 
  necessity 
  for 
  another 
  

   site 
  preparation 
  job 
  is 
  almost 
  a 
  certainty. 
  

  

  1200 
  

  

  1000 
  

  

  800 
  

  

  J2 
  

   "5 
  

   G 
  

  

  ~ 
  600 
  

  

  LU 
  

  

  D 
  

   -J 
  

  

  < 
  

   > 
  

  

  400 
  

  

  200 
  

  

  0 
  

  

  

  

  

  

  

  

  

  ) 
  

  

  I 
  

  

  , 
  $1152 
  Value 
  

   at 
  80 
  years 
  

  

  

  Legend: 
  

  

  Planted 
  Stand 
  

  

  Naturally 
  Regenerated 
  Stand 
  

  

  

  — 
  f 
  

  

  ff 
  

  

  i 
  

   i 
  

   i 
  

   i 
  

  

  

  

  

  

  i 
  

  

  l 
  

  

  / 
  

  

  / 
  

   i 
  

   i 
  

  

  

  

  

  

  

  

  

  

  

  i 
  

  

  i 
  

  

  i 
  

  

  i 
  j 
  

   / 
  I 
  

   i 
  I 
  

  

  > 
  $845 
  

   at 
  80 
  > 
  

  

  Value 
  

   ^ears 
  

  

  

  

  

  

  

  

  1 
  

   1 
  

   1 
  

  

  i 
  j 
  

  

  

  

  

  

  

  

  

  

  f- 
  

  

  1 
  

   1 
  

  

  1 
  

  

  1 
  

  

  

  

  

  

  

  

  

  

  1 
  

  

  — 
  t 
  1 
  

  

  / 
  

  

  / 
  i 
  

   / 
  / 
  

   / 
  / 
  

  

  

  

  

  

  

  

  

  

  / 
  

   / 
  

   / 
  

   / 
  

   / 
  

   / 
  

  

  — 
  * 
  

  

  

  

  

  

  

  

  

  

  / 
  

  

  / 
  

  

  / 
  

  

  / 
  

  

  t 
  / 
  

  

  

  

  

  

  

  

  

  s 
  

  

  * 
  

  

  / 
  

  

  / 
  

  

  t 
  X 
  

  

  

  

  

  

  

  Pla 
  

  

  Cos 
  

   $5( 
  

  

  nting 
  

   ;t 
  

  

  

  

  

  

  - 
  Thinn 
  

  

  ing 
  Cosi 
  

  

  :s 
  $30 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  - 
  Establ 
  

  

  ishmen! 
  

  

  Costs 
  of 
  $20 
  

  

  10 
  20 
  30 
  40 
  50 
  60 
  70 
  80 
  90 
  100 
  

  

  YEARS 
  

  

  Figure 
  2. 
  — 
  The 
  effect 
  of 
  time 
  on 
  the 
  future 
  value 
  of 
  investments. 
  

  

  8 
  

  

  