XIV CONTENTS. 



CHAPTER III. 



PAGE 



VALUATION OF THE GROWING STOCK . . . 134 



SECTION I. VALUE OF THE GROWING STOCK OF A WHOLE WOOD . 134 



1. Expectation Value of a Whole Wood . . . . . . . 134 



2. Cost Value of a Whole Wood 138 



3. Sale or Utilization Value of a Whole Wood 140 



4. Relation between Expectation and Cost Values of a Normal Wood . 141 



5. Relation between Expectation and Cost Values on the one hand 



and Utilization Value on the other 142 



SECTION IT. VALUE OF PAET OF A WOOD 143 



SECTION III. VALUE OF THE GROWING STOCK OF A NORMAL SERIES 



OF AGE GRADATIONS * . .144 



CHAPTER IV. 



VALUATION OF WHOLE FORESTS . . . . 149 



1. Expectation Value of a Forest 141) 



2. Cost Value of a Forest 152 



8. Sale Value of a Forest . .153 



4. Rental Value of a Forest 153 



* 



CHAPTER V. 



DETERMINATION OF THE RENTAL OF FORESTS . 154 



CHAPTER VI. 



THE FINANCIAL RESULTS OF FORESTRY . . . ir><> 



SECTION I. THE METHODS OF CALCULATING THE FINANCIAL RESULTS 



OF FORESTRY 156 



1. Determination of the Profit of Forestry 157 



2. Determination of the Rate of Interest yielded by Capital invested 



in Forestry lf>2 



SECTION II. THE FINANCIAL TEST APPLIED TO THE METHOD OF 



TREATMENT 167 



1. Choice between Forestry and Agriculture . . . . . . 167 



2. Choice of species and Sylvicultural System 168 



8. Choice of Method of Formation 168 



4. Choice of Method of Tending 168 



5. Determination of the Financial Rotation 168 



fi. Determination of the Financial Ripeness of a Wood . . .169 



