COMMENT ON THE REPORT 115 



should be increasingly so in the future, but the production of large- 

 sized timber is too long an undertaking with too great hazards and too 

 low a rate of return to attract private capital in adequate amount. State 

 and National Governments, whose primary concern is the welfare of 

 all citizens and industries, can best afford to engage in such under- 

 takings. On the other hand, the public will get better and cheaper 

 service if the operations of transforming stumpage into merchantable 

 commodities and their distribution are left to the energ}% initiative, and 

 ingenuity of private capital. 



It is greatly to be hoped that definite measures looking toward an 

 increase and perpetuation of the timber supply will result from the 

 present varied and sometimes heated discussions, but it is also as 

 greatly to be hoped that instead of attempting to secure legislation now 

 which, if ever appropriate, will not at least be so in the present gen- 

 eration, the foresters of the country will unite upon an immediate 

 program, the soundness of which will be conceded by all interests. 



It is entirely possible to work out a program of this sort in which 

 no forester need sacrifice the principles of his profession and yet in 

 which he can join hands with the lumberman and the timberland owner 

 and secure that necessary public sentiment without which any plan is 

 doomed to failure. 



