52 Porestry Quarterly 



students it is desirable that a description of financial operations 

 be made and then entered on the forms for illustration. 



All that is said in Chapter IX, "The Appraisal of Damages," is 

 good, but concerns present conditions. When the time comes 

 that forests are regulated, damage to a certain area will cause 

 disorganization of management, and will bring in another ele- 

 ment. 



Should expectation value be used in assessing damages ? Theo- 

 retically, it should not be unless expenses must continue to the end 

 of rotation, and a new crop cannot be established until that time. 



Cost of replacement is defined as the cost of growing a crop 

 of timber to the time damage occurs. This should not be used in 

 assessing damages, unless the rate of interest used in the calcula- 

 tion is the true economic per cent, and one must have sufficient 

 data to determine it. 



The problem of taxation has received a great deal of discussion 

 during the past few years. Chapter X, "Forest Taxation," should 

 be preceded by a good statement of the general system of taxa- 

 tion, when the author's chapter will follow as a specific applica- 

 tion of the tax system. There is no question as to the need of 

 reform in the entire system of taxation. Scientifically, taxes 

 should be collected on property (wealth) because it produces an 

 income. The total amount of tax to be collected depends upon 

 the amount needed for revenue. The amount paid by each "prop- 

 erty" should be proportionate to its value, or producing capacity. 

 People do not agree as to what value should be used in assessing 

 taxes on property. In his discussion. Professor Chapman does 

 not propose a definite scheme of taxation, but leaves one believing 

 a forest should pay some tax, but not too much ! 



There is no apparent reason for the order of arrangement of 

 Chapters XI to XIV inclusive. A more desirable sequence 

 would be XI, XIV and XIII, while Chapter XIII might well have 

 been included in Chapter III. Except for this stricture, and it is 

 not at all serious, the book is well written and clear throughout. 

 As a book for class use it will be of great value, because each 

 point made is a part of a full outline, not an exhaustive treat- 

 ment. 



There is but one error noted — page 190, line 14: 



|||5 = $.45, instead of $.045 ^ ^ p 



