FORESTS ON THE DNIEPER. 141 



estates the characteristic of one economical unit, for which 

 even a separate administration would not be unprofitable 

 'Anincreased demand, and yearly increased revenue, being 

 fully guaranteed to the forests of this group, their impor- 

 tance in the wood trade will rise with every year, because 

 in addition to the demand of other districts of the Orel 

 government there is a great local demand for forest 

 materials for different industries, among which not the least 

 important are saw-mills. With such a future for the 

 Dnieper forests of this group there should be no hurry to 

 sell, that is to offer for sale, such a quantity of forest 

 materials as would exceed the demand. Such offers only 

 call forth lower prices, and consequently less income, from 

 a desatin of forest surface. And here it would be advanta- 

 geous to have a more commercial system of sales. With 

 that importance of wood in the wood trade which this 

 group has it would be advantageous to offer for sale only 

 that quantity of forest materials which had been felled in 

 the previous year, and not the full quantity which the estate 

 could produce for sale. Of course in that case when by the 

 state of the property more can be felled than is annually 

 sold, and part of which every year remains unsold, it is 

 the more necessary that there should not be offered for 

 sale the surplus left unsold from former years. The offer 

 for sale of any goods in a greater quantity than there is 

 demand for is unprofitable for any economy, and particu- 

 larly in cases when an increased demand in a short time, 

 and increased prices for the goods, is foreseen. 



' The commercial system of sales in these cases appear 

 to offer more advantages to the wood trade than the 

 present. This commercial system is not to offer for sale 

 more than the quantity sold in the preceding year ; and if 

 in any current year a good deal more be in demand than 

 in the preceding year, then in the next (that is the 

 third year) to offer for sale a quantity only so much 

 more that none should be left unsold. With such a 

 commercial system of sale the offer for sale will corres- 

 pond with the demand, and this is the principal thing in 

 every traffic ; as for the prices, they will rise every year in 



