Against this may be set the gross return from the same expected yield at any given stumpage rate. The yield at the end of a 50-year investment will not be that of a 50-year forest, however, for although the carrying cost begins at once, the new forest requires a few years to become established. No exact figure can be set for this, for some seed will sprout the first year and some blank spaces may persist several years, but in the tables to follow five years has been allowed for an average. Consequently, instead of calculating on a 28 M yield as the return at the end of 50 years, as indicated in the yield table on the preceding page, the 45-year yield of 20-1/2 M is used, and similarly for the other periods of 60, 70 and 80 years. These four rotations only will be considered here, for in less than 50 years second growth will probably be too small to be cut at the highest profit, while after 80 years the investment compounds so heavily as to make it improbable that increasing stumpage values will compensate. Three interest rates have been used in the first table to follow: 4, 5 and 6 per cent, compound. Forest calculations at lower rates are often seen, but it is not believed that less than 5 per cent will be satisfactory to private owners and many will insist on 6 per cent. The fair standard is what the owner can make in other business today, and since he can reinvest his income in the same business, it is reasonable to figure at a compound rate. A few examples are given to show how similar calculations may be made with any set of investment and stumpage factors which appeal to individual judgment. The second table, prepared from the first, shows at a glance the price that must be received for Douglas fir to make it pay either 5 or 6 per cent compound interest under a range of sixty different conditions of original investment and annual cost. It should be borne in mind that, although present land value is made a charge, the value of the land at the time of harvest is not considered. This value is certain to increase greatly in the long periods involved. Taxation charges will be against it as well as against the timber. Indeed much land is now held without any regard to possible second growth. It should be assumed therefore that any profit in forest investment shown will be _increased_ by the sum obtainable for the land at the end of the same period.