curve does not obey any Irnovm laws, end it is very diffi- 

 cult to figure or foretell any consistent action of the 

 marlzet curve. In our own case- for instate, and wo have 

 speculated cuite a "bit about it; it may he at the end of 

 the first five year pariod v/e will run into an era of high 

 prices; we can figure an average, -issurio that the market 

 talres a drop, end remains at a low level during the succeed- 

 ing five years ~ then the operator fools he is agreeing to 

 pay for something he is not getting. He is agreeing to 

 give the Government some of the cream, and there is no 

 cream. You can readily see that a readjustment might call 

 for a high increase; and the very fact that the increase 

 was duo to peculiar circumstances might ma!:e the operator 

 pay s, ; 2 or -';3 orr'jra stumpage on a price he wasn't getting, 

 which would ID re all him. 



She G-overnmont is providing in our contract for a 

 readjustment of the stumpage prico within the 5~3^ear period, 

 "but it is indefinite - it virtually meens that if the l ;1 or- 

 ecter is sho",.n satisfactorily that the operator has nt)t 

 operated at a profit for one yeer he will readjust the stump- 

 age price. D'-.i-t in perhaps as complete and comprehensive as 

 it can "be put into sn.j contract. But the operator feels 

 that he is up against the mental processes of the Forester, 

 not necessarily the present forester, either, and ib is un- 



245 



