aratively slight increase in annual tax or fire charges
may make the difference between profit and loss. Roughly, stumpage
must bring $1 per M more to compensate for each 10 cents an acre
for taxes at 5 per cent or for 7 cents at 6 per cent.

5. If the land is salable for $5 an acre or more it cannot be made to
pay 6 per cent compound interest under the most favorable conditions,
unless the stumpage received exceeds $6. At $5 stumpage and with
reasonable taxation it will pay 5 per cent if it escapes fire.

6. Thirty cents an acre is apparently about the maximum annual
carrying charge which will permit a 6 per cent profit, even with
very high stumpage prices. Consequently, while present taxes on
cut-over land are seldom prohibitive, there must be reasonable
certainty that excessive increase will not occur.

The carrying charges shown in the second table cover both fire
protection and taxes, as by reading the 15-cent line to include a
10-cent tax and a 5-cent fire patrol. The investment charge may be
used to represent sale value only, or sale value plus any expense
incurred at time of logging in order to secure reproduction, such as
leaving salable material in seed trees, or planting. If desired, any
owner may make a similar calculation on any other valuation better
fitting his own situation. The table is not intended for universal
use but merely as an illustration of how forest calculations may
be made.

WHITE PINE

Too much space would be required to give a similar table for all
western species, even were as good yield figures available. Roughly
speaking, however, western white pine, under conditions thoroughly
favorable to it, may be expected to make as good a yield as Douglas
fir, and the above fir table will not be far off for it. A probably
higher stumpage value should offset any lesser production.

HEMLOCK

Western hemlock is of somewhat, but not much, slower growth when
coming in on open land as an even-aged stand. No yield table based
on the same merchantable standards as the fir table quoted has
been prepared, but the following is fairly safe to include all
trees 14 inches in diameter used to 12 inches in the top: At 50
years, 2 M per acre; at 60 years, 22 M; at 70 years, 33 M; at 80
years, 40 M. The absence of a 40-year figure, and the sudden jump
between 50 and 60 years, is because very few hemlock trees reach 14
inches at 50 years, but a large number of 12 and 13-inch trees pass
into that class duri