228 JOURNAI, OF FORESTRY 



funds for which are raised by Government purchased stock and Gov- 

 ernment bonds. A certain percentage of the stock might be sold on 

 the general market. 



This policy may be stated briefly as follows : Laws should be passed 

 prohibiting the rendering of forest soil waste or non-productive, and 

 providing that forest soil which is not kept productive by private owners 

 shall be expropriated by the Government ; that funds for this purpose 

 shall be raised by Government bonds to be retired by the sale, when 

 mature, of the timber grown thereon ; and that all Government-owned, 

 income-producing forests shall be managed by Government corpora- 

 tions which shall not be held responsible for any non-income producing 

 lines of work. 



And finally the writer believes that the situation of capital assets 

 which have not capital liabilities charged against them is so funda- 

 mentally unsound that no great progress can be made until it is cor- 

 rected. 



