150 ON THE DIFFERENT MODES OF 



of the exposer must "be secured. For this purpose the simplest 

 method is to make the payments within a given period by fixed 

 instalments — the purchaser only ohtaining right to such a quantity 

 of the wood as the exposer shall consider to be covered by the in- 

 stalment paid. To counterbalance this, so as to give a fair chance to 

 the capitalist, a rate of discount commensurate to the time at which 

 the instalments are payable should be offered for ready money. 

 This method is common, and although at first sight it may seem a 

 little one-sided, it has been found to work well for all parties. 

 The capitalists may occasionally object if the percentage allowed for 

 ready money is considered insufficient, but there is seldom much 

 difficulty in regard to this matter. In my experience the system 

 has been found to work well, and it has neither been abused nor 

 seriously objected to. 



In the sale of small lots by tender or private bargain, ready 

 money, or what is considered equivalent, payment within the month 

 of purchase, is the most common and the most satisfactory mode of 

 settlement. 



In sales by public auction, the conditions usually declared are, that 

 the lots are at the purchaser's risk after they are disposed of by the 

 auctioneer. However, settlement should invariably take place before 

 their removal. Bills for wood sales by public roup are not recom- 

 mended ; and where it is necessary to have them, the auctioneer 

 should guarantee the sale. This he will readily do for a small per- 

 centage, and the exposer has neither risk nor trouble in the matter. 

 These are the general rules to be considered before any definite 

 mode for the disposal of timber is adopted, and they may be modi- 

 fied to suit local circumstances and the custom of the district. 



To particularise all the ways by which timber can be profitably 

 disposed of would extend this paper unnecessarily. In my opinion 

 the whole may be summarised under tender, public or private; 

 public auction ; private bargain, by weight or measurement ; and in 

 a manufactured state. Each of these systems is suitable for the 

 profitable disposal of timber under certain circumstances, but they 

 differ widely in their application. This will be best illustrated by 

 considering the merits of each system, and the circumstances under 

 which each should be adopted. 



I. Tender, Public or Private, is the most flexible and economical 

 of the modes indicated. It may be adopted for disposing of home- 

 grown timber or coppice wood under all circumstances, whether 

 standing, cut, or wind-blown, in quantities varying in value from L. 1 



