. Bulletin. Agriculture -- New Hampshire. May, 1925] FARM PRODUCTION IN CHESHIRE COUNTY 23 Fig. 5.* PRICES OF TIMBER STUMPAGE AND INDEX NUMBERS OF WHOLESALE PRICES OF ALL COMMODITI ES 1850-1920 WHOLESALE PRICES OF ALL COMMODITIES 1913=100 INDEX NUMBERS PRICES PER THOUSAND FEET DOLLARS 9 8 7 6 5 A- 3 2 I 1850 I860 1870 1880 1890 1900 1910 1920 * Stumpage prices from Forestry Department, University of New Hampshire. Index of wholesale prices from U. S. Bureau of Labor reports. Table V.—Cost of producing ivhite pine with vioney at 5% interest, land at $5 per acre, cost of planting $15 per acr
. Bulletin. Agriculture -- New Hampshire. May, 1925] FARM PRODUCTION IN CHESHIRE COUNTY 23 Fig. 5.* PRICES OF TIMBER STUMPAGE AND INDEX NUMBERS OF WHOLESALE PRICES OF ALL COMMODITI ES 1850-1920 WHOLESALE PRICES OF ALL COMMODITIES 1913=100 INDEX NUMBERS PRICES PER THOUSAND FEET DOLLARS 9 8 7 6 5 A- 3 2 I 1850 I860 1870 1880 1890 1900 1910 1920 * Stumpage prices from Forestry Department, University of New Hampshire. Index of wholesale prices from U. S. Bureau of Labor reports. Table V.—Cost of producing ivhite pine with vioney at 5% interest, land at $5 per acre, cost of planting $15 per acre, and tax rate at 2\%.. Taxes and interest on timber and land accrued to end of rotation Cost of planting carried to end of rotation Total expenses Stumpage value at $12 per . Net profits of plantations Net profits of natural reproduc- tions (less accrued cost of plant- ing) Rotations. 20 years. $ 39. 80 30 years. $ 40 years. $ . 50 years. $ 60 years. $8, 1, Net profits on this basis reach a maximum of $ for plantations, and $ for natural growths, at the end of the fortieth year with the given rate of taxes and stumpage vakie of timber. Taxes and interest make up more than one-hah" of the expenses, and as the national timber situation becomes more acute we can expect this cost to be cut down a good deal through reduced taxes. The Walker Bill, recently passed by the New Hampshire Legislatiu'e, exempting a maximum of 50 acres of timber, if classified, until it contains 25,000 board feet of lumber, indi- cates the tendency in taxation. This would have increased the net profits on the above estimate approximately $58, making a total of $ for plantations and $ for natural reproduction, which is equal to a return of per cent and per cent respectively
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