FOREST FINANCE 141 



item of expenditure on the other. The method of entering 

 the required particulars varies with circumstances ; but the 

 following books and statements may be mentioned : (i) a 

 register of all changes in the area and boundaries of the 

 forest ; (2) a statement giving the volume and value of the 

 returns from the fellings, both in the aggregate for the whole 

 forest, and for each compartment or division; (3) a report 

 of the work of regeneration, of road-making, draining, fencing, 

 etc. ; (4) notes on matters of importance for future reference, 

 e.g. the occurrence of seed years, of windstorms, insect attack, 

 and so forth. 



A revision of the working plan should take place at least 

 once in twenty years usually at the end of a Period ; very 

 frequently, however, it is desirable to have it at a much 

 shorter interval. In Saxony, working plans are customarily 

 examined each five years. The longer the interval between 

 the revisions, the more thorough must they be ; the amount 

 of work entailed, depends on the changes that have occurred, 

 and the suitability, or otherwise, of the system at first adopted. 

 Sometimes a revision is as laborious as was the preparation of 

 the original plan ; under other conditions it may occasion 

 very little trouble indeed. When circumstances have not 

 altered, it consists of merely closing the books of one Period, 

 and opening accounts, as it were, for the next, along with the 

 preparation of a new Periodic working plan. 



CHAPTER IX 

 FOREST FINANCE 



Valuation and Rate of Interest 



FOREST valuation consists in estimating the financial value of 

 woodland property. As far as mere calculation is concerned, 

 forest valuation is fairly simple ; but a distinct difficulty is 



