Periodical Literature. 635 



are — a change from compartment clearing to a form resembling 

 the selection forest. 



If q, i. e. the volume increment, is not any more capable of 

 being increased, then the growing stock (capital) must be reduced 

 to secure a higher p. 



The objection usually made to this, that\his means a reduction 

 of rotation and, therefore, of older valuable age classes, is refuted 

 by the author by means of two diagrams, triangles as usually 

 used to represent growing stock, and showing that the reduction 

 can be done in two ways, namely by cutting off the end of the 

 triangle, i. e. reducing the last age classes, shortening the rota- 

 tion, or else curtailing the area of the older age classes from the 

 40th year on, but preserving all the age classes of the original 

 rotation (shaving off a part of the triangle so as to make an un- 

 equal quadrangle). 



The diminution of the stock in this way can be accomplished 

 even with a lengthening of rotation. In this way p may be in- 

 creased not only due to the reduction of capital, but by the very 

 probable increase of increment of felling budget. 



The only other way to raise p is to secure better prices or better 

 financial results by more careful utilization, reduction of ex- 

 penses, generally economic administration. 



Soil values exercise a compensating influence on q. High soil 

 values depreciate, (low values favor), p. until it may reach zero; 

 the soil is too expensive to practice forestry on. 



The author then develops the relation between volume and 

 money interest in the crown forests of Baden for the year 1907. 



The budget was 577,950 fm, the stock capital 25,820,990 fm, 

 hence the increment per cent, (budget per cent.) 2.24. Having 

 established an average net value per fm of 8 Mk (5.4 cents per 

 cubic foot, of which 41.4% is workwood) for the net yield of the 

 felling budget (21.2 million cubic feet), against which all ex- 

 penses of management have been charged and 10.4 Mk (7 cents 

 per cubic foot) for the standing stock of wood (stumpage value 

 without cost of administration) over 40 years old (89% of the 

 total stock), and figuring the soil value at 58% per acre, for the 

 round 220,000 acres, the value per cent, which has been attained 

 is only 1.44, or 36% less than the volume per cent. — a poor show- 

 ing! 



