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