lU'SINESS PRINCIPLES INVOLVED. 471 



in the locality, the question should be considered carefully ; it 

 often happens that this is in consequence of a new demand 

 for timber, and then in future the wood should be converted 

 accordingly. 



4. Wood-Markets. 



A few decades ago, before the present world- wide means of 

 communication had been established, each forest had its own 

 local purchasers, its own more or less limited local market, to 

 which practically each forest-range was confined. Only forests, 

 which were favourably situated as regards water-carriage, were 

 accessible to traders of the world -market to which most of the 

 best timber was floated. Matters have changed in this respect, 

 and at present almost every forest-range has a share in the 

 world-market, and there are few forests too remote to feel its 

 fluctuations. Although the local market has not lost its im- 

 portance in certain forest districts entirely, yet, especially as 

 regards timber, it is the world-market that regulates prices. 

 Under these circumstances, the really enterprising forester 

 must know not only his local market, but should also keep in 

 view all the movements and changes of the world-market ; 

 although he may be connected with the latter only indirectly 

 through the middleman, yet he should be acquainted 

 thoroughly with the prices prevailing in the distant principal 

 market, as well as with those of the local market. 



The generally isolated residence of forest officials would be 

 an insurmountable obstacle in the way of his obtaining this 

 knowledge, were he not to avail himself of the assistance which 

 is open to every trader. This consists in the public press and 

 in consular reports from the chief timber-markets. As regards 

 pamphlets dealing with the timber-trade, some are edited and 

 distributed by the chief forest officials in certain States; others 

 are private undertakings, for instance, Das Handdsblatt filr 

 Wcdderzeugnifse, the Berlin Centralblatt filr Holzindustrie, 

 Austrian Forstzeitung , Revue des Eaux et Forets, The London 

 Timber Trades Journal, The Timber News, the American 

 Lumberman, etc. 



Agents employed by forest-owners and State consulates 

 would do great service if they would publish, not merely 



