PRIVATE FOREST LANDS UNDER FOREST MANAGEMENT 491 



control, and the fact that sentiment in a great many quarters is against 

 Government ownership. 



The second method which has been suggested is for the pubHc to 

 compel private forest owners to practice forestry. Such a plan would 

 retain the advantages of private ownership and would not cost the 

 public as much at the start. There are, however, many arguments 

 against it : 



1. A large element of public sentiment would probably be against 

 such a proposition, so that it would be very difficult to put it into effect. 



2. Even if the practice of forestry were made compulsory, there 

 would tend to be constant friction between the owners on the one hand 

 and the regulatory authority on the other concerning such matters as 

 time and method of cutting, reforestation, etc. 



3. Unless some scheme were devised whereby the public should 

 assume the risks and bear part of the costs, the owner would have to 

 carry all of the liabilities, together wnth added costs involved in safe- 

 guarding forest values other than the timber, and the public would get 

 the benefit. 



The risks and extra costs, which are really the only reasons why 

 private owners have not long ago voluntarily adopted the practice of 

 forestry, are not imaginary, although they are very frequently over- 

 -estimated. A private investment, particularly a long-term investment, 

 such as that involved in the practice of forestry, in order to be attrac- 

 tive must combine at least these three elements : Safety of principal, 

 ■certainty of a regular and reasonable rate of interest, and negotiability. 



Under the present conditions the average forest investment has 

 •only the antitheses of these qualities. The principal may be lost or 

 seriously depreciated by fire, by storm (such as the hurricanes and 

 tornadoes of the Gulf States), by disease (such as the white-pine 

 blister rust and chestnut-bark disease), by insects (such as the gypsy 

 and browntail moths or larch sawfly), by weather (frost, drought in 

 young plantations) , or by other causes. Except with comparatively large 

 holdings, returns cannot be expected every year, but will be periodic, 

 and in the case of young forests no returns at all will be received for 

 many years. The rate of return is also most uncertain, since it is 

 affected not only by the risks mentioned above, but also by the correct- 

 ness of the methods of management which may be adopted, by the costs 

 of management in the future, by changes in the rate of taxation, and 

 finally by the price which may be received for lumber, and hence for 

 •stumpage, at some future date. Moreover, our knowledge of rates of 

 growth and yield of dift'erent kinds of timber on different sites and of 



