THE ECONOMIC DISPOSAL OF CONIFEROUS TIMBER. 



24. The Economic Disposal of Coniferous Timber. 



{With Plate.) 



By D. K. M-Beath. 



Considering the long period of time wliich elapses between the 

 formation and harvesting of timber crops, there has always been 

 an element of uncertainty as to the future profits from plantings. 

 One of the reasons for this state of affairs is that mature woods 

 are often left until they are " blown " or attacked by root rot, as 

 a result of which the timber only fetches a fraction of its real 

 value. Again, crops sometimes remain standing longer than the 

 financial rotation would justify, i.e. they reach a stage when the 

 current mean annual increment is less in value than the interest 

 on the invested capital. 



Timber merchants also are considerably handicapped by the 

 restrictions imposed in connection with the working and removal 

 of timber. On estates where game is reared the w-oods are 

 closed to timber merchants during the shooting and nesting 

 periods, which times are best suited for the felling and extraction 

 of timber. Further, proprietors invariably specify that the 

 timber shall be cleared within a comparatively short period of 

 time. This necessitates the timber merchant converting before 

 he has a market, transporting the material further than would 

 otherwise be necessary, and storing it in a highly rented timber 

 yard. Purchasers also may require to transport timber in the 

 round, thereby paying carriage on much waste material in 

 addition to entailing extra handling and storage. 



Perhaps the most important reason, however, is that in this 

 country timber crops are not put on to the market in the most 

 economic manner. The usual method employed is for the 

 forester to make an ocular estimate of the volume and value of 

 the wood. The timber merchant thereafter, usually in company 

 with the forester, makes a similar ocular estimate, and the 

 valuation is arrived at by the two parties coming to a com- 

 promise. It is now generally admitted that the error limit of 

 such ocular estimates may be as much as 50 per cent. The 

 following is an instance of how far such a valuation may be out. 

 Recently a leading firm of home timber merchants offered for an 

 excellent lot of standing timber a little more than half what was 

 actually realised for it. In this particular case a loss of nearly 



