APPRECIATION OF SE ^7 



the amount by which the practice now fails to keep the forest in 

 fully stocked good growing condition. This for the state forests of 

 Wiirttemberg would be less than thirty per cent, and for most state 

 forests would vary from thirty to forty per cent. 



An examination of values for Se at three and two per cent re- 

 veals the interesting fact that the maximum for Se conies too early 

 at three per cent, and of course still earlier at higher rates, for a 

 safe technical rotation which works for the sizes most demanded 

 by the present market. On a basis of two per cent the maximum 

 Se and the best technical rotation fairly coincide for all species ex- 

 cept oak where even two per cent brings maximum Se too early by 

 at least forty years. This seems to indicate clearly that the true 

 value growth of the forest is about two per cent for pine and spruce 

 and below two per cent or about one and one-half for white oak in 

 the German forest and present conditions of market. 



On the other hand a two per cent rate makes forest lands gen- 

 erally more valuable than farm lands of far better quality for all 

 species except oak. In oak even a two per cent rate gives to the land 

 no higher value than the same land would have for farming. 



d. Appreciation of the calculation of the income value of 

 the land. 



According to Endres, von Zanthier's articles in Stahl's Forst- 

 magazin, 1764, may be considered the earliest satisfactory efforts to 

 develop money yield tables and a calculation by which different 

 methods may be compared. 



The first calculation of the income value of .the soil was pub- 

 lished by Konig in his Anleitnng ziir Holztaxation, 1813. His for- 

 mula agrees with the present except that he used c in place of 



c (i.op r ) 



The formula as now used was first developed by Faustman in 

 1849 m the Allgemeine I'orst und Jagdzeitung, under the title Wald- 

 bodenrentenformel, formula of soil rent in forest. 



The formula has been and is still being attacked in spite of the 

 fact that the basis for the calculation, final cut and thinnings, cost 

 of planting and current expenses are well known, the values, yield 

 tables, etc., constantly used, and universally accepted as the best 

 there is, and as being as reliable as any similar compilations in other 



