COST VALUE AND SALE VALUE. 133 



The cost value of the land may be accepted as the true 

 value : 



(1) If the owner agrees to let the land go at the price which 



represents his own outla}^ on it : 



(2) If the expectation value of the soil cannot be ascertained 



with any degree of accuracy : 



The cost value of the soil may be equal to, smaller, or larger 

 than the expectation value. 



SECTION III. THE SALE VALUE OF FOREST SOIL. 



By the sale value of forest soil is understood the value 

 which it realizes in the open market. It represents the true 

 economic value only, if it agrees with the expectation value. 



In most localities a sale price has established itself, but this 

 represents in the majority of cases the value which the land 

 has for other purposes, such as agriculture. It may differ con- 

 siderably from the value which the land has if used for the 

 production of forest crops, the sale value being generally 

 higher in the case of good lands, and lower in the case of in- 

 ferior lands, because the former yield a higher rental under 

 field crops, and the latter under forest crops. 



The sale value of forest soil may be taken as expressing the 

 true value : 



(1) If forest soil is to be disposed of voluntarily for other 



uses. 



(2) In the case of forced sales, when the local value has to 



be ascertained, rather than the forest value. 



