FORESTS ON THE DNIEPER. 171 



First Second Market 



Valuation. Valuation. Prices. 



Desatins. Roubles. Roubles. Roubles. 



Dmitrov district 



Menshikov, - 15 340 180 220 



Olchov, .... 4 211 110 111 



Pogodin, .... 7 389 260 280 



Kursk forestry, Oboyan district 



Medvensky, ... 1 155 100 152 



Total, 112 17,233 7,582 9,412 



Grand total, 24,073 13,770 19,524 



' Looking over these ciphers we see that for the 83 

 desatins the first valuation is not only not higher than 

 the market prices, but even much lower than this ; the 

 second valuation is still lower; but with regard to the 

 112 desatins the fir.it valuation is nearly twice as high as 

 the market price, and the second valuation is lower than 

 the market price by 24 per cent. Separating each estate, 

 the difference presents great fluctuations, but in general 

 the first valuation approaches nearer to the market price 

 valuation, the difference between them is 4,500 roubles, 

 whereas the difference between the market price value 

 and the second valuation is 5,800 roubles. 



' If one were to judge by the per centage addition at the 

 sales, then the second valuation will of course give other 

 results than the first. Many think that the per centage 

 addition at the sales may be considered as a sign of the 

 great activity of the local management, but we think that 

 per centage additions may be rather considered a sign of the 

 incorrectness of the estimates, or that the estimates were 

 incorrectly applied ; the removal of the unfavourable 

 results from both the incorrectnesses, we attribute to the 

 circumstance that the rules confirmed by the Emperor for 

 ready money sales of forest materials by public sales are 

 quite practicable, and are more suitable to the present 

 state of our forest economy, 



