1 62 APPENDIX 



in her timber trade. The Englishman's definition 

 to the effect that timber was "an excrescence growing 

 upon the earth, chiefly useful for paying off the debts 

 of one's ancestors, " will be particularly applicable 

 to the Russian forests. The demand for timber in 

 Europe following the war must necessarily be greatly 

 in excess of normal. It is stated that after the earth- 

 quake in Messina, in 1913, Italy's timber import 

 increased 22 per cent, over the average for the previous 

 five years. If this is any indication, Russia will have 

 a wonderful opportunity to realize the latent wealth 

 of its forests. This will mean an enormous outlay 

 of capital for the building of railroads, port facilities, 

 steamships, sawmills, pulp mills, and all of those things 

 incidental to the manufacture and transportation of 

 timber products. 



Russia has already taken steps to attract foreign 

 capital to the mining industry, by reforming its taxa- 

 tion laws and granting more liberal concessions, and 

 by facilitating, as well as granting government aid to, 

 the importation of improved mining machinery. She 

 will necessarily continue to stimulate in every way 

 the production of gold and the other precious metals. 

 Her known copper deposits make her practically 

 independent of international production, and the best 

 authorities agree that her mineral fields have not 

 begun to be exploited. 



The Need for More Railways 



One of the chief essentials underlying the whole 

 problem of economic progress and realization of na- 



