108 Forestry Quarterly 



A good example of this is OberfOrster Fischer's article on the most 

 important economic and legal foundations of forest valuation. 



Fischer is a firm believer in the soil-rent theory but feels that 

 there is still a gap between this theory and its practice. This gap 

 he seeks to bridge by a review of the economic and legal factors 

 which are the basis of forest valation. 



He starts with a discussion of soil expectancy value as 

 the generally accepted basis of determining soil value. The 

 differences in value which result from assuming different methods 

 of management and different rates of interest are well known. 

 This has resulted in a juggling of management methods and interest 

 rates until the formula gives acceptable results. Of course, this 

 is a makeshift and has long been recognized as such. It resulted 

 from a practice which took the sale value of the soil as the basis 

 of values and from this calculated the rate of interest earned under 

 management. And 5^et economics and law have condoned this 

 practice, indeed not until the latter half of the nineteenth century 

 did the soil expectancy value receive practical recognition due to 

 the imcertanities of the calculations. The Prussian Courts have 

 held that there is no, or, at least, shoiild not be any fundamental 

 difference between sale value and expectancy value. Each deter- 

 mines the other. A considerable difference between the two, 

 therefore, indicates that one of them is in error. Which of the two 

 to use in a given case must be decided for that case ; a compromise 

 between the two values is sometimes possible. 



A. B. R. 



" Ueher die wichtigsten volkwirtschaftlichen und rechtlichen Grundlagen der 

 Waldwertrechnung." Allgemeine Porst- und Jagd-Zeitung, October, 1914, 

 pp. 309-314. (To be continued.) 



A very interesting study by Flury fiimishes 



Composition a new insight into the amount and composi- 



of Normal tion of the normal stock, which he perti- 



Stock nently declares the best, most pregnant, 



numerical expression of sustained yield 



management. To attempt an approach to normal stock conditions 



in some way must be the aim of the manager for sustained yield. 



Theoretically the normal stock is, of course, the sum of the stands 



of a normal ageclass series, but the practical determination of it 



