Mineral income from most States has been adjusted slightly, but there has not been enough change during the year in estimating future production and income to justify revisions in the premises for the previous valuations. Sincerely yours, ELMER F. BENNETT, Under Secretary of the Interior. TABLE I.-Estimated market value of public domain lands administered by U.S. Department of the Interior, June 30, 1959 TABLE II.-Cost of buildings on public domain lands (administered by the U.S. Department of the Interior) as of June 30, 1959 TABLE III.-Cost of structures and facilities on public domain lands (administered by the U.S. Department of the Interior) as of June 30, 1959 Estimate of October 1959 TABLE IV.-Mineral resource value of the public domain 2 (under the jurisidetion of all Federal departments and agencies) including the Outer Continental Shelf 1 For the purpose of establishing a "real estate" value of the public domain, mineral resource values are the capitalized value of income accruing to the Federal Treasury. This income is almost entirely derived from minerals subject to mineral leasing acts. Only negligible income is derived from minerals subject to location under the mining laws because they pass from Federal ownership upon discovery; before discovery, they have only speculative assignable value best reflected in the surface values. Building stone, sand and gravel, and similar materials subject to disposal under the materials act are also reflected in surface values. * Includes lands transferred from the public domain; excludes acquired lands. Predicated on present receipts from mineral leases, licenses and permits taking into account probable future production and demand factors; capitalized (except where noted) as an annuity for 50 years at 4 percent compound interest and discounted to present value. Estimate of October 1959. 4 Alaska oil and gas royalty estimates are capitalized as the present value, at 4 percent compound interest, of a 10-year annuity deferred 40 years. $ Minnesota copper and nickel royalty estimates are capitalized as the present value, at 4 percent compound interest, of a 25-year annuity deferred 25 years. The Outer Continental Shelf estimate is preliminary, subject to change with production experience, with litigation, and with technologic developments. |