434 Forestry Quarterly. 



thermore, better values can be obtained by making smaller dif- 

 ferences between the sizes than the usual grading according to 

 volume in cubic meters will allow. 



K. W. W. 



Die Starke- und Wertzunahme des Laubsiamniholrjes. Forstwissen- 

 schaftliches Centralblatt. February, 1913. Pp. 66-74. 



Dr. Glaser has lately in various articles 



Forest analyzed the various forest finance theories 



Finance. and calculations, and elucidated various 



mathematical formulae in magazine articles, 



especially in Centralblatt filr das gesammte Forstwesen, and in 



his book Zur forstlichen Rentahilit'dtslehre. 



The following passage occurring in a controversial article, states 

 the case so clearly that we translate it. Referring to the current 

 notions on the soil rent theory, he says : 



"From the standpoint of profit calculations, forestal or other, 



rent (r) . 



the equation — . . , . = maximum must rule- If in this equa- 

 tion the capital is figured as a yield (rent) value with a given 



r r p 



interest rate p, then the equation becomes — = — = 



t^' ^ c r 100 



const., it is fixed once for all by the chosen p. Hence in a cor- 

 rect finance calculation yield or rent values cannot be employed. 

 But the soil rent value and the normal age class forest value cal- 

 culated according to principles of the soil rent theory is a rent 

 value based on a predetermined p. Every rotation, then, 

 determined according to the prevailing theory, guarantees, there- 

 fore, the same profitableness of management at p per cent. Only 

 the capitals involved assume a different absolute — and with var- 

 iable interest rate also relative — value. Soil and forest, however, 

 possess undoubtedly everywhere a definite single value, while 

 the interest rate with which this is related to the rent can and 

 must be variable." Hence from the standpoint of statics not the 

 formula x=:f (rx,p)=:max., but pxf (rx,C=max.) must be con- 

 sidered correct. 



Die Berechnung des Waldkapitals. Allgemeine Forst- unci Jagdzeitung. 

 April, 1913. Pp. 151-2. 



