84 FOREST VALUATION 



the piling up of over $50,000 expenses in only one-fourth of the ro- 

 tation is not very much encouraged to go into the forest business. 

 It also illustrates why in common sense and fairness the owner of 

 such a property is not able to pay taxes like the owner of a regu- 

 lated forest who has a net income every year. It also illustrates the 

 fairness, in fact the necessity, of deferring the taxes to the time 

 when the timber is cut and an income secured, such taxes to stand 

 as a lien against the property.* 



* Read : "The Need of Working Plans on National Forests and the 

 Policies Which Should be Embodied in Them," by Professor Burt P. Kirk- 

 land, in Proceedings of the Society of American Foresters, Oct. 1915. This 

 article shows clearly the necessity of working for a sustained yearly cut in 

 the forests, and the principles laid down in this article apply in all real forestry 

 work the world over. 



