;50 JOURNAL VF FORESTRY 



compensate for additional cost of logging. As a general rule, there 

 isn't much profit in logging the small trees anyway. So this hardly a 

 fair charge against forestry. The ten million feet left is most of it 

 presumably left because it is young and growing faster than current 

 interest rate ; that is, pays better in form of timber than if converted 

 into cash. So it is not a charge against forestry. 



4. His idea of charging the costs (cruising, etc.) against present 

 cut — that is, dividing per acre costs by present stand per acre, isn't 

 right — with forestry should get much heavier average per acre stands 

 and therefore lower per thousand costs. 



5. The theory of charging up annual costs with compound interest 

 until same area cut over again is based on policy of timber mining, 

 not of a permanent investment. Such costs should be charged off 

 currently. 



6. I heartily agree with the last three sentences of the paper. 



