Black spruce breeding program devised using information from New Brunswick Tree Improvement Council co-operators. The results showed that variation in discount rates did not greatly influence the break-even level of gross discounted revenue, which was fairly stable at around $100 000 for the base orchard of 5.2 ha. Projected gross discounted revenue ranged from about $100 000 at 4.5% discount rate to $36 at 16%. With the internal rate of return at 4.4%, it was concluded that black spruce breeding is probably an economic means of securing extra wood supplies.-from Author