10 



A PKIMER OF FORESTRY. 



Adiroiidacks, often render their best service, in addi- 

 tion to their usefulness as protection forests, by pro- 

 ducing the greatest net money return. 



%*^/ ,*»«, -i-%' 



Fig. 3.— An exceedingly productive spruce forest in Bavaria. 



Regarded as an investment of capital, a forest is 

 most useful when it yields the hio-hest rate of interest. 

 A forest whose owner could sell it if he chose, but pre- 

 fers to hold it as productive capital, is useful in pro- 



