PUBLIC AUCTION. 459 



local circumstances, the social condition of the purchasers, 

 their number, and several other matters, may influence the 

 choice of an upset-price ; in most cases, it should be 10 to 

 20 per cent, under the royalty or real value of the wood. In 

 the case of valuable merchantable timber, the upset-price 

 may be higher, and even equal to the royalty when there 

 is a probability of eager bidding. In the administration 

 of some State forests (Saxony and Baden), the practice 

 of fixing an upset-price to the lots in proportion to the 

 royalty has been discontinued ; unrestricted bidding being 

 considered more advantageous to the owner, as well as to 

 the bivyer. 



Every sale-lot should be clearly designated in the sale 

 catalogue by its number ; the assortment, volume or 

 dimensions of the wood, and any other particulars which are 

 advisable being given. In important timber-sales, intending 

 purchasers should be allowed, before the sale, to consult the 

 felling-register, or facsimile extracts from it should be handed 

 round. In sales of standing timber, ready assistance should 

 be given to enable purchasers to obtain knowledge of their 

 value. The amount of the highest bid for each lot, with the 

 purchaser's name, is then entered in the auctioneer's report, 

 or in the felling-register. This is often attested by the pur- 

 chaser's signature and that of a trustworthy surety. In sales 

 by detail, after the last lot has been sold, the price of the 

 different assortments is totalled and the average price of each 

 assortment calculated, so that it may be decided whether the 

 confirmation of the sale may be at once effected, or must be 

 postponed, in case the average prices of the assortments are 

 under the royalties* at which the forest official is authorised 

 to sell the wood. In case the prices are lower than the autho- 

 rised minima, either they must be confirmed by superior 

 authority, or a fresh sale held. 



* A sale may be confirmed in Baden, when the average price offered is not 

 !-.> than 10% lower than the average price of the last sale in a neighbouring 

 forest range. In Prussia, the Oberf order can confirm a sale, if prices are not 

 20% lower than fixed royalties. In Bavaria, the Forstmelstcr sanctions annually 

 the percentage by which sale-prices may fall below royalties (for timber, gene- 

 rally, 10%, firewood 15%). 



