Periodical Literature. 637 



covered by intermediary incomes, so that forest net yield and 

 felling budget net yield exceeds mostly from i to 10% the net 

 stumpage value of the felling budget. With this assumption the 

 stumpage value of the stock capital comes in the large average to 

 .6 per unit of the ripe wood, and the interest rate varies between 

 .6 and 2.5, so that it can be higher than the volume per cent. 



Ueber die Bezichungen der Massen-und Geldverzinsung in Hochwald- 

 betriebsklassen niit besondrer Beriicksichtigung der badischen Domanen- 

 waldungen. Forstwissenschaftliches Centralblatt. July, 191 1. Pp. 357- 

 277; also October, 1911. Pp. 541-542. 



In a rather convincing, and short argument 

 Forest Oberforstrat Frey points out that exchange 



Valuation. values, i. e. present market prices de- 



termined by present offerings and demands 

 are the only tenable ones in forest valuation ; that both, stand cost 

 values dealing with the uncertain past, and expectancy values 

 dealing with the still more uncertain future, are mere theoretical 

 valuations without any practical value, unsafe and dubious, all 

 factors entering the calculation being unsubstantiated estimates, 

 and hence leading to wide differences. The question is how to 

 secure acceptable exchange values, which are the true present 

 values. 



Incidentally, the author accentuates the fact that all values are 

 estimates of buyer and seller, approximations to a true value, one 

 bidding up, the other down, until, when an agreement is reached, 

 the exchange value is determined. 



For forest valuations he proposes the construction of local 

 wood-money-yield tables, which for stands of different age near 

 the age of ripeness approximate their actual stumpage sale value. 

 It "s evident that the exchange value of a forest cannot be less 

 ^han the exchange value of the stands composing it ; hence the ex- 

 change value of each stand may be ascertained from the table and 

 the soil value added. For the older stands near ripe age, the 

 present felling results may furnish the basis for the calculation. 



For the younger stands he proposes to take the average value 

 increment at the age of ripeness and multiply it by the age and 

 acreage of the stand. Since they can only be cut at that later age 

 the increment corresponding to that age and not their present 



