PRIVATE CONTRACT. 461 



purchasers of wood. Usually, the men who stack the fire- 

 wood also guard the felling-area, for they can carry on these 

 double duties conveniently. 



ii. Sale lj fr><tt<><l Tfinh'r. 



The other mode of sale to the highest bidder is that in 

 which, after public advertisement of a sale, the offers or 

 tenders to purchase are written and submitted in a sealed 

 cover to the seller. In the case of a sale of standing trees, 

 the written tenders to purchase may be either for the produce 

 of a whole felling-area, or for separate lots; in both cases a 

 valuation in volume and by assortments of wood is presup- 

 posed. If the wood to be sold has been converted, it is 

 sold generally in assortments, or classes of assortments, usually 

 by the purchaser tendering so much per-cent. more or less 

 than the upset-price (say, 2, 5, 10 per cent, over, or under, the 

 usual royalty). All tenders which have been received are 

 opened on a fixed date and hour, in the presence of the 

 intending purchasers. They are read out publicly, and each 

 lot awarded to the purchaser who has submitted the highest 

 tender, provided he can give good security for payment. 



Just as the solvency of the persons who tender for the wood 

 must be assured, so other motives such as silvicultural require- 

 ments may influence the sale. As a rule, however, the sale 

 is confirmed to the highest bidder. As in sales by public 

 auction, it is highly in the interests of the seller and an abso- 

 lute right on the part of the purchaser, that before tendering 

 he should have free access to the sale-lots, and, on demand, 

 should be allowed to see the report of the valuation of the 

 wood and the felling-register. 



(c) Sale by Private Contract. 



When an owner deals with a single purchaser, and the price 

 is fixed after a discussion between them, a sale by private 

 contract results. This mode of sale is characterised by the fact 

 that the price is fixed by both buyer and seller. 



In arranging the price, the owner will be guided generally 



