POTENTIAL FINANCIAL RETURNS FROM ALTERNATIVE SILVICULTURAL PRESCRIPTIONS IN 2ND-GROWTH STANDS OF COASTAL BRITISH-COLUMBIA

This paper reports the findings from a study made of the potential fin ancial returns from nine alternative silvicultural prescriptions appli ed to four case-study stands of second growth in coastal British Colum bia. The objectives were to compare prescriptions based on partial cut ting with conventional clear-cutting and to explore the effects of har vesting costs and harvesting systems on potential returns. Inventory d ata were obtained for four case-study second-growth stands representin g a wide range of both stocking and species composition. Prescriptions based on shelterwood, uneven-age management, and intermediate commerc ial thinnings followed by clear-cutting were specified. The PROGNOSIS growth and yield simulation program was used to model stand responses. Logging costs and timber gross and net values were estimated using a timber harvesting simulation model. Discounted cash flow analysis was used to compare the prescriptions. The findings showed that prescripti ons based on partial cutting were more profitable than conventional cl ear-cutting in only a few cases, but competitive in most. Integrated d esign of individual treatments and whole prescriptions involving both silvicultural objectives and the economics of timber harvesting was re commended.