Periodical Literature. 99 



only 50 years old, with a loss which is expressed by the difference 

 of the sale value and the expectancy value of the 50-year old 

 stand. 



Berechmmg von JValdbrandscluiden. Forstwissenschaftliches Central- 

 blatt. December, 191 1. Pp. 632-634. 



The acceptance of the rent theories of forest 

 Use management by German foresters has ac- 



of cording to Stoetzer quite generally resulted 



Reserves. in a lowering of rotation and a reduction of 



the stock of wood in hand. The removal of 

 this excessive wood has given rise to a period of abnormally high 

 incomes from the forest — higher incomes than can be permanently 

 maintained. A strong argument against accepting these theories 

 has been put forward by conservative practitioners who point out 

 that the present generation by merely adopting a new theory of 

 management has acquired no moral right to use this capital ac- 

 cumulated in the past. The point is well taken but the solution 

 lies not in adhering to past practices but in removing the excess 

 capital tied up in the forest and using it not as current income, but 

 as capital to be reinvested. Proper ways of using it are in the 

 purchase of forest lands, permanent improvements in the existhig 

 forest such as roads, tramways, canals, houses for the personnel, 

 etc. 



This procedure is not new but is shown to have been practiced 

 at least as early as the forties of the last century. How far it ob- 

 tains in Germany to-day is not really known but notices of its 

 use in the most widely scattered localities have appeared from 

 time to time. The setting aside of a part of the income from 

 prosperous years to eke out the deficit of poor years is not exactly 

 the same thing. 



Reservefonds in des VValdzmrtschaft. Silva June, 191 1, IV. Pp. 187-190. 



The Louisiana Board of Equalization has 

 Timherland given the following classifications and 



Values. values for assessment of timber lands: 



