Periodical Literature 55 



of this method, the actually obtainable sale value will probably 

 always remain below the figured one, but this means merely that 

 relatively the actual interest rate obtained will be higher than the 

 figured one, and nearer reality. 



The difference, then, between the two theories lies in the con- 

 ception of the working capital and the methods of its evaluation ; 

 furthermore the soil-rent theory starts with a demanded interest 

 rate, the forest-rent does not recognize this necessity. 



Using the cost of production, as the soil-rent does, makes the 

 value of the stock independent of wood prices, which is illogical ,- 

 only for the younger stands no other way is possible, and their 

 relative value is small. But the main objection is making the in- 

 terest rate the most essential factor for determining capital, yield 

 and rotation. 



It is acknowledged that to apply the forest rent theory to the 

 practice is not much easier than the soilrent theory ; in both 

 cases the data are both difficult to evaluate and are liable to rapid 

 changes. Hence Schiffel would make the value increment the 

 criterion of profitableness, and Vogl's method (see Vol. Ill, p. 

 200) would here be serviceable in directing the choice, when the 

 highest value accretion is found to lie in more than one period, 

 as in the example, which leaves the choice between the 90 and 

 no year. 



UTILIZATION, MARKET, AND TECHNOLOGY. 



In 1897 a tornado threw on the extensive 

 Mountain forest property of Count Iviechtenstein, 



Logging the largest private forestowner of Austria 



in (350,000 acres), some three million cubic 



Austria. feet (17% firewood) on about 750 acres of 



steep and high mountain country (Su- 

 deten). To remove this large mass of wood a railroad system 

 was developed, which did the work in shortest and cheapest 

 manner. The operation described extended over a mountain 

 side with an average slope of 30%, the height being 900 feet 

 with a length of 3000 feet. This was divided into four sections, 

 for each of which one down track served ; at the top of each a 

 brake regulates the speed of the loaded cars descending by cables^ 



