A working plan for forest lands near Pine Bluff, Arkansas . sented bythe future crop on cut-over lands is, for a period of forty years, nearly9 per cent. In other words, after the Sawyer & Austin Lumber Com-pany have lumbered their present tract at the rate of 14,500,000 feetper year, the lands which have been cut over will be producing timberwhich, at a conservative estimate, represents an income of percent on the capital invested in them. It has been shown that, in order to assure a sustained annual yieldequal to the capacity of the mill, the addition of 170,000 acres to thepresent tract
A working plan for forest lands near Pine Bluff, Arkansas . sented bythe future crop on cut-over lands is, for a period of forty years, nearly9 per cent. In other words, after the Sawyer & Austin Lumber Com-pany have lumbered their present tract at the rate of 14,500,000 feetper year, the lands which have been cut over will be producing timberwhich, at a conservative estimate, represents an income of percent on the capital invested in them. It has been shown that, in order to assure a sustained annual yieldequal to the capacity of the mill, the addition of 170,000 acres to thepresent tract is necessary. With this addition, or its equivalent instumpage, the Sawyer & Austin Lumber Company can cut continuously40,000,000 board feet per year. If this addition is not made, it isclearly unadvisable for the company to lumber its tract upon theprinciple of a .sustained annual yield, since this would fall short byabout 25,500,000 board feet of the annual capacity of its mill. Bui. 32, Bureau of Forestry. U. S. Dept. of Agriculture. Plate Fig. 2.—The Steam Skidder. RI LES OF MANAGEMENT. 45 The quantity of timber taken annually from the tract has no hearingupon the main question before the company: Whether the applica-tion of conservative lumbering is justified by the value reasonably tobe expected for a future crop of timber from the lumbered the very small added expense incident to the application of therules for forest management which follow, the productive capacity ofthe cut-over lands will be preserved and they will supply a secondcrop of merchantable timber, which represents an exceedingly goodrate of interest upon the capital invested in them. Whether the secondcrop is grown in order to be cut by the Sawyer & Austin Lumber Com-pany, or whether the cut-over lands be sold after the merchantablestand is removed, has no bearing upon the advisability of conservativelumbering in the present case. The increased value of the cut-overlands in either event
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