290 Forestry Quarterly 



to be wished. It is, indeed, dangerous to make any statement re- 

 garding matter in the book that might not in another part be modi- 

 fied. One would, for instance, in a chapter headed Values, expect 

 to find the various values determined from different points of 

 view at least cited, but we find in this chapter only sale value in 

 juxtaposition to appraised value (as if sale value were not also 

 an appraised value!). 



Nor is Roth's volume quite free from faults in logical coordina- 

 tion. The chapter Application of Valuation, e. g., starts with 

 three subjects of general import which are not application but 

 basic, namely, nature and value of the timber crop, risks in 

 forestry, and a discussion on the interest rate, which with other 

 basic matter should have been placed into a separate chapter. 

 There is no good reason why discussion on stumpage values on 

 pages 43 and 44 should be separated from the chapter on Value of 

 Stumpage on page 89. 



In Chapman's book, we feel constrained to point out some 

 peculiar conceptions. In the discussion of the soil expectancy 

 value, it is stated (pp. 94, 95) that this value "represents the 

 value of all future income dating from a point just subsequent 

 to the complete removal of a crop of timber. It is the value of 

 all future crops exclusive of the one occupying the ground." And 

 farther on, it is intimated that this value is good only for one year. 



This is an entirely novel way of looking at the soil expectancy 

 value as a variable quantity deduced from an accidentally present 

 crop ; instead of being based on best possible crops — the ability of 

 the soil to produce. The condition of a crop may be due to fire, 

 insects, or any other extraneous cause, but that has no bearing on 

 the soil value. The soil value is, however, properly variable ac- 

 cording to the kind of crop, as for instance, the species used will 

 give one soil value which another species could not produce. 



Again, the unwillingness to accept the soil rent as a cost in 

 bringing the timber crop to maturity "unless a different person 

 owns the soil and rents it to the one who grows the trees" (p. 

 124), is a strange misconception of the whole basic fabric of 

 finance calculation, which requires that every capital be charged 

 with its appropriate interest. The soil may be considered worth 

 nothing by the owner and, therefore, in his proprietary account 

 he may leave out the charge, but this is not strict financial account- 



