FOREST ECONOMICS. 255 



Suppose the logs cost us, per acre, 30 cents extra 

 under forestry during the first campaign. What does that 

 mean? It means that we have invested, per acre, 30 cents 

 in second growth forest. Our extra expense of 30 cents 

 has resulted in its production. Towering over the second 

 growth, consisting of seedlings and saplings, we find 

 those trees of merchantable qualities which we saved 

 out of the 6,000 feet per acre at the first campaign, because 

 they were then growing at a high rate of interest. The 

 free position of their crowns has of late given their growth 

 an additional impetus. Now, in the course of the next 

 campaign they will be cut, partly on account of their 

 gradually slackened growth, partly on account of the 

 demands for light from the side of the undergrowth at 

 their feet. 



THE NEW FOREST AND ITS VALUE. 



These mother trees have yielded us, by their annual 

 growth, about 5 per cent, interest on their value. They 

 have further completed the seeding of the ground and 

 have created an embryo forest, free of charge aside from 

 the expense of 30 cents mentioned above. 



If this embryo forest and the saplings, poles, and young 

 trees mixed with it are worth over 30 cents per acre, 

 then forestry was, in the given example, a more remu- 

 nerative business than lumbering. 



Virginity of the forest " has gone for good. The new 

 forest will last forever; the largest trees will be periodi- 

 cally cut in every section, and a period of a few years 

 will be enough to replace them by those next in size. 



Now, what is such a forest worth, containing all sizes 

 of trees, all healthy and vigorous, none over-aged and 

 decrepit? The problem is easy to solve. A farm which 



