32 
Table 13. — Accumulated taxes on land and timber at rate of lh per cent on full valuation, 
at compound interest, by decades to the seventieth year. 
[Distance from stand to market permits a daily haul, per team, of 1,000 and 3,000 board feet of lumber.] 
Interest 
rate. 
Age. 
Taxes 
on 
land. 
Taxes on timber.* 
Quality I. 
Quality II. 
Quality III. 
Daily haul per 
team. 
Daily haul per 
team. 
Daily haul per 
team. 
1,000 
board 
feet. 
3,000 
board 
feet. 
1,000 
board 
feet. 
3,000 
board 
feet. 
1,000 
board 
feet. 
3,000 
board 
feet. 
4 per cent . 
6 per cent . 
Years. 
f 30 
40 
\ 50 
60 
{ 70 
f 30 
40 
{ 50 
60 
I 70 
$4.21 
7.13 
11.45 
17.85 
27.32 
5.93 
11. 61 
21.78 
40.00 
72. eo 
$0.81 
11.79 
45.89 
107. 86 
213. 26 
.85 
12.92 
54.12 
140. 46 
310. 29 
$4.48 
27.82 
91.68 
209. 53 
401. 23 
4.79 
31.50 
111.48 
280. 48 
C02. 07 
$4.64 
25.91 
69. 65 
144.42 
I'. 94" 
29.56 
87.18 
201.35 
$1.41 
14.22 
56.14 
137.82 
274. 69 
1.47 
15.70 
66.35 
178. 63 
397. 43 
$0.92 
10.98 
36.50 
83.46 
$4.95 
27.00 
76.03 
163. 35 
.96 
12.13 
43.82 
110. 68 
5.44 
30.91 
94.74 
225. 27 
1 Assessments assumed to be made at 5-year intervals, on the basis of the stumpage values given in Table 
11, and the taxes for each 5-year period (accumulated as an annuity) carried at compound interest to the 
end of the rotation. The figures given in the table are thus the sum of the accumulated taxes for the last 
5-year period plus those for all preceding 5-year periods at compound interest to the specified year. 
RETURNS TO BE EXPECTED. 
The value of an investment in raising white pine may be deter- 
mined by finding either (1) the precise rate of interest at which the 
stumpage value exactly equals the cost of growing, or (2) the amount of 
surplus profit when the stumpage value exceeds the cost of growing, 
computed at any desired rate of interest. The first of these methods 
is illustrated in Table 14, and the second in Tables 15, 16, and 17, 
which show the highest surplus profit or the least loss resulting when 
the costs are computed at 4, 5, and 6 per cent compound interest. 
From Table 14 it is apparent that the rate of interest is highest in 
quality I stands, close to market, which were started by natural 
seeding; and that it is lowest in planted stands in quality III situa- 
tions, at some distance from market. This table also shows that 
investments which return a high rate of interest mature earlier 
than those yielding a lower rate. 
These figures can be used safely in estimating the returns from 
investments in which the costs are no higher and the anticipated 
yields no lower than those given in preceding tables. It should be 
remembered, however, that they are based on the yields of fully 
stocked stands, and in using them it is well to allow for understocked 
and unmerchantable portions of the stand by assuming the area to be 
smaller but fully stocked. A deduction of from 10 to 20 per cent of 
the area, depending upon intensity of management, should be 
ample. 
