Periodical Literature. 



135 



and wood capital, and also repay the annual expense — the current 

 capital — without interest. 



Only by the erroneous conception of dissolving the annual sus- 

 tained yield management into a series of r separate intermittent 

 managements, i. e. into soil management, does the wood stock 

 become interest paying production fund — current working capital, 

 — an unjustifiable proceeding. 



This intermittent management idea is an invention of the soil 

 rent theory. 



The application of these conceptions to forest taxation is made. 

 The article also contains a criticism of Speidel's Forsteinrichtung 

 und Reservebildung. 



Ueber das Wesen dcs W aldkapitals , etc. Centralblatt f. d. g. Forst- 

 wesen. November, 1910. Pp. 475-485. 



Taxation 



of 

 Timber Lamds. 



Tables have been prepared showing the dif- 

 ference in cost of holding timber according 

 to the present method of taxation and what 

 it would be if the tax were made yearly for 

 soil values but made on the timber when 

 it was cut. Under the present method of taxation the consumer 

 must help to bear the taxation in the increased cost of lumber 

 but it would prevent a great deal of cutting and aid reforestation 

 if the revised taxation were adopted. 



TIMBER TAX TABLES FOR WESTERN WASHINGTON. 



Table I. 



Per Acre on Present Basis, Interest Com- 

 pounded Annually at 5% 



On Land at loc per Total Tax on Tim- 

 Annum her and Land 



Period imount of Tax 



On Stamding Tim- 

 ber at 40c per 

 Annum 



Years 



1-5 



I-IO 



i-iS 

 1-20 



1-25 

 1-30 

 1-35 

 1-40 



1-45 

 1-50 



Average 



per 

 Annum 



$0.44 



• 50 



• 57 

 .66 

 .76 

 .88 



1.03 

 1 .21 

 1.42 

 1.67 



For 

 Period 



$2.21 

 5-03 

 8.63 

 13 23 

 19.09 

 26.58 

 36.13 

 48.32 

 63.88 

 83.74 



Average 



per 

 Annum 



$0.11 



• 13 

 .14 

 .16 

 .19 

 .22 

 .26 

 .30 

 -35 



• 42 



For 

 Period 



$0.55 

 .26 

 .16 

 •31 

 ■ 77 

 .64 

 • 03 



I . 

 2. 

 3- 

 4- 

 6. 



9- 

 12.08 



15-97 

 20.93 



Average 



per 

 Annum 



$0.55 

 .63 

 • 71 

 .82 



•95 

 10 



,29 

 51 



■ 77 

 ,09 



For 

 Period 



$2.76 

 6.29 

 10.79 

 16.54 

 23.86 



33-22 



45.16 



60.40 



79.85 



104.67 



