Photosynthesis and stomatal and total equivalent mesophyll resistances to CO2 transfer were measured in relation to irradiance, needle temperature, and tree water potential. Maximum rates of net photosynthesis were attained at 380 W m−2 irradiance, 20 °C needle temperature, and the highest tree water potential obtained, ca. −2.5 bars. Stomatal and total mesophyll resistances have a significant rate-limiting role when environmental conditions are less than optimum. Mesophyll resistance was larger than stomatal resistance under all environmental conditions.