50 Forestry Quarterly 



Chapter VII is the specific application of the principles in 

 Chapter IV. Formulae are developed to show the value of forest 

 property for destructive lumbering; the value of an even-aged 

 forest just previous to cutting and in any year of the rotation as 

 well; the value of forest soil; the value of many-aged forests pro- 

 ducing regular and irregular incomes; and finally the value of 

 timber separate from the soil. 



"Profits and their Determination" are discussed in Chapter 

 VIII. Formulae are developed to show profits of destructive lum- 

 bering, profits on a crop of timber, profits from continuous forest 

 production ; the anticipated profits on young timber, anticipation 

 of continuous profits, profits as a soil value and the rate of inter- 

 est the investment earns. These are followed by six reasons why 

 private forestry cannot now be practised on a large scale. In 

 order to arrive at true results, Professor Chapman has intro- 

 duced a number of forms to be used in "Forest Bookkeeping," 

 including a "Balance Sheet," "Trading, and Profit and Loss Ac- 

 count," "General Outlay and Income Account," and an "Eco- 

 nomic Balance Sheet." 



Chapter IX is called "Appraisal of Damages." The legal prin- 

 ciples of damage assessment are summarized and suggestions 

 made for determining the value of damages as the cost of replace- 

 ment ; sale value, and capital value. Formulae are given for de- 

 termining damages to mature timber and immature timber, both 

 wholly and partially destroyed. It is also shown how damages 

 may be estimated when injury occurs to single trees, many-aged 

 stands, forest soil, watersheds and aesthetic values. 



Chapter X deals with "Forest Taxation." The application of 

 the general property tax is discussed and results compared with 

 those of scientific basis : namely, forest property tax, forest land 

 tax, products or income tax, and combined capital and income tax. 

 The new tax laws in Connecticut and Massachusetts are men- 

 tioned. 



Chapter XI describes briefly the main points necessary in de- 

 termining stumpage values : costs of logging, of milling, deprecia- 

 tion on equipment, profit on each logging and milling, and the 

 f. o. b. price of lumber at mill. The article determining stumpage 

 values for different species in mixture is interesting, but is open 

 for considerable argument. 



