32 Forest Management 



but of values, forms part of the working plan. Over-cutting as well 

 as under-cutting is thus prevented. The enormous amount of book- 

 keeping required has prevented the introduction of this method in the 

 German practice. 



PARAGRAPH XXVIII. 



SCHENCK METHOD. 



Schenck foots on the belief that forestry is business; and, enlarg- 

 ing upon this truism, that forestry is at its best when it pays best. 



Schenck's working plans do not advocate conservative forestry; 

 they advocate destructive forestry whenever the destruction of the 

 trees promises the best financial results; they advocate conservatism 

 to a lesser or higher degree where conservative management seems 

 to be the most productive of dividends; they advocate a policy of pa- 

 tient waiting whenever it recommends itself financially. 



Schenck's working plans are, consequently, according to the exi- 

 gencies of the situation and of the owner: 



either merely plans of silvicultural development; 

 or merely plans of forest protection; 

 or merely plans of utilization; 



or plans combining silvicultural advice with a distinct plan of 

 lumbering and forest protection. 



Schenck's working plans are characterized by the following: 



1. After revising in detail the investments existing in the forest, 

 Schenck shows the most opportune level to which the various compo- 

 nents of the investment shall be either raised or lowered. Bad invest- 

 ments must be eliminated. Good investments must be added. 



2. Schenck considers, as sources of forestal revenue, not merely the 

 trees but as well the farms, the meadows, the pastures, the minerals 

 and the water powers available on the forest property. 



3. Schenck forecasts the cash revenue obtainable from the adjusted 

 investments, not merely the yield in lumber and wood; he confronts 

 the forecasted revenue with the revenue obtainable from unadjusted 

 investments. 



4. In plans of conservative forestry Schenck insists on the neces- 

 sity of permanent protection from fires and of permanent investments 

 to provide facilities of transportation. 



5. Schenck insists that in forestry as in railroading, banking, in- 

 surance, etc., calculation at compound interest must be applied to the 

 comparison of receipts and expenses. 



6. Periodic stock taking is demanded, so as to control, from time to 

 time, the actual status of the entire investment. 



7. Trees are either good or bad investments, and should be treated 



