36 PRACTICAL FORESTRY IN 



tion will be deferred. As the country develops interest rates 

 will fall, making it easier to carry forest investments and 

 harder to gain more through other investments. The state 

 itself will engage more and more in forestry, with the result 

 of making its principles understood and endorsed. Stumpage 

 values will increase. Immature timber will have a sale value, 

 lessening the term of investment. Gradually the business will 

 get on a sound production basis, better for the consumer, bet- 

 ter for the state supported by a forest income, and more 

 profitable for the grower. Instead of capitalizing bad man- 

 agement and the sacrifice of the consumer, which in effect it 

 does now by forcing the prospective grower to calculate on 

 covering unnecessary cost in the price received, it will capi- 

 talize the earning power of forest land. 



While final adjustment on this basis is still in the future, 

 it is by no means entirely dependent upon popular foresight. 

 The process is going on constantly, whether we know it or 

 not. The sun is still behind the horizon, but the day is sure. 

 Many Western timber owners are still in too dim a light to 

 make their footsteps certain; others have a high vantage 

 ground where dawn already lights the "path. 



