68 THE PUHIPUHI KAURI FOREST. 
Tun Lost Four Mirnions—WHAT HAS BEEN GOT FOR IT? 
As a set-off against the loss of over four millions in the destruction 
of the Kauri forest there are two items :— ain 
(1.) The grassing, dairying, and grazing over some 5,667 acres of 
Kauri forest on poor or very poor soil. As mentioned, at 
my visit to Puhipuhi I was informed that the average earnings 
of a family occupying 200 acres and dairying (including pigs 
and calves) averaged about £200 per year gross, or £100 per 
year net, allowing 50 per cent. as the cost of labour. When 
the labour is deducted we get at the value of the raw product, 
the grass, directly comparable to timber royalty. Supposing 
that three-quarters of the area can be successfully grassed, one 
arrives at an area of 4,250 acres earning at the rate of 10s. 
net per year, or £2,125. This figure at 4 per cent. capitalizes 
to £53,125. 
(2.) Kauri.timber sold after the forest had been burnt: 60 million 
sup. ft. at 1s. per 100 sup. ft., with interest at 4 per cent. for 
twenty years—£60,000. 
Thus in the destruction of the Puhipuhi Forest the profit and loss 
account stands to-day thus : — De Or 
Virgin forest Kauri timber at £ £ 
present-day rates ... . 2,055,150 
Capitalized value of future forest 
timber crops ~~... 
Capitalized value of grass (dairy- 
ing) on 5,667 acres a ein 53,125 
60 milhon* sup. ft. of Kauri 
timber sold, with interest to 
date (twenty vears at 4 per 
cent.)  ... me af, 3 60,000 
1,530,090 
£4,085 ,240 £113,125 
Thus the net loss in the destruction of the Puhipuhi Forest has been 
£3,972,115. 
The bulk of the timber was sold by 1900 (see litho plan in office of 
Land Commissioner, Auckland). The average royalty was ls. per 100 
sup. ft. of sawn output. 
So that for the zgnis fatwus of settlement £4,085,240 worth of timber 
and forest was lost to the nation, against £113,125 worth of grass value 
and timber saved; all these being final or capitalized values, brought 
up to date at 4 per cent. compound interest. . 
Payee a acreage (5,667) :—Loss per acre (gross), £720; loss per 
EMPLOYMENT at PUunIPUHTI: DAIRYING AND ForESTRY. 
It might be thought that though the loss of over four millions in the 
destruction of one little Kauri forest of under 6,000 acres was shockingly 
a ia ai I te ke eps 
*This figure is excessive. It represents not onl i 
- It repre y the timber sold of the fully 
stocked area which I am here considering, but the timber on the remaining two-thirds 
of the area of the forest which was partially stocked with Kauri. The excess, however, 
compared to the total figures is small—about £15,000 in a total of £4,085,240; and it is 
a sound pr inciple that if one has to err in j a i t i 
