34 2 Forestry Quarterly. 



for planting in timber forest (in some parts less), $i to $4 

 (or $8) in coppice and composite forest, by cost of logging ac- 

 cording to six year average, by the value of any servitudes on the 

 forest, and by the needs of the farm or estate itself according to 

 judgment of the assessor. 



In some banks these figures vary, and sometimes an additional 

 allowance of 10% is made against market fluctuations. 



The net yield so determined, multiplied by 20 (5 per cent.), 

 represents the yield value upon which loans may be issued. In 

 some provinces a longer rotation than 70 years reduces the rate to 

 4 and 3 per cent. 



It is, of course, understood that the forest is to be managed for 

 sustained yield, and a strict control is exercised, annual budgets 

 and planting plans must be submitted, and every 3 years an in- 

 spection and possibly revision takes place. 



Lately, in Silesia, it has been found that such improvement in 

 the values of forest properties has taken place that an increase in 

 their loan value, determined on these data, of 15 to 20%, has shown 

 itself admissible. Especially the premium against calamities, ex- 

 perience has shown, may be diminished by one-third. Again, the 

 value of thinnings has increased so that they may be taken into 

 account to the extent of 20 cubic feet per acre and year of tim- 

 berwood, and up to 15% of the total yield for brushwood. 



It is interesting to note how far advantage is taken of this loan- 

 ing method. 



In one of the counties of Silesia 91 private forests, totaling 

 252,000 acres had their value assessed at around $6,000,000, or $24 

 per acre. The four largest, however, representing 120,000 acres, 

 figure out only $18.75 P er acre - ^ ie smaller ones from $30 to $62 

 per acre and the three best from $83 to $108 per acre. Here, no 

 differentiation of soil and stand value is made. This is done in 

 some of the other provinces. In East Prussia the tax value of the 

 stand was calculated (since 1901) at 45% of the total yield value 

 calculated at $50 per acre. In Pomerania (since 1903) with a 

 yield value of $28 per acre the stand value was calculated to repre- 

 sent 44% ; in Posen (since 1907) with a total yield value of $16 

 per acre, 68% was allotted to soil value. 



In the average then, on a total assessed area of around 42,000 

 acres the yield value being $42, the tax value of the soil was cal- 

 culated at $18, that of the stand at $24. 



