that every clay ^oa^acta-ero bein^ nade that are successful. 

 2ho roply to tliat lias boon thc,t those contracts were of a 

 comparatively snail amount, and the circumstances peculiar; 

 that is, v/here the timber was particularly available and 

 attractive for local demand, 



?ron all that we could gather - we didn't Iciov;, v;e 

 \7eren T t sure in* our own ninds as to \vliotlier or not tho 

 policy of the Qovernmont and tho ^oowor of tlio Governrjent 

 was such ac to raal:3 a lonr; tine contract foani.'ble froia a 

 "business standpoint Tho resiilts up to this time have shovvn 

 that it is a feasible plan, Eowovor, tho fact that ?/e en- 

 tered into it is the earnest of this; although I don't 

 thin!: it a particularly advcuitaeous contract. I feel that 

 the gentlemen v;ho follow us in na r :i:u long tine contracts 

 with tho G-ovormaent nay do better, I foel, however, that 

 \7o have been not in a spirit of fair-riindedness , and evory 

 wo havo advanced has boon not in a spirit of 

 and full consideration of tho business aspects. 



It seoins to me in considering Ions time contracts 

 that the first consideration is not profit; the first con- 

 sideration is security - the profit will tao care of it- 

 self. Most of the Ions contracts will involve lc,rr;e initial 

 expenditures. On the small, short tirno contracts the oper- 

 ator is -^ractically without capital ~ he capitalizes his 



energy and brains and malres a vrofit on them. He hasn't a 



B35 ' 



