358 JOURNAIv OF FORESTRY 



The subject of forest taxation is brought for- 



Forest ward to show how mathematically wrong the 



Taxation ])resent law taxes the yield of forests with inter- 



m mittent returns, namely, simply dividing the in- 



France termittent return by the number of years (n) in 



the period during which is has accumulated 



r ^ — instead of '- — and levying an annual tax on this r. 



n I .opn — I 



By three examples, with different rotations, it is shown that in this 

 way an excess of 34, 59, and 507 per cent of the revenue is taxed for 

 the 20, 30, and 100 year rotation. 



In a very simple way it is shown that if the intermittent yield is 

 changed to an annual yield, the revenue as well as the capital producing 

 it is mixed, namely, the soil and the stock is involved as capital produc- 

 ing the soil rent and interest on the growing stock, and according to 

 the different character of the capitals should be differently taxed. 



It is claimed that the unfair taxation has driven out private owners 

 from a sustained-yield management. 



It is argued that after the war encouragement must be given to forest 

 owners to recuperate the damages of the war by juster taxation. 



Rcvuc dcs J'.aitx ct Porcts, October, 191 7, pp. 296-301. 



