21 



PARAGRAPH VIII. 



ADVANTAGE OF INVESTMENTS IN 

 CONSERVATIVE FORESTRY. 



It is true that storms, drought, insects, and man endanger the 

 forest more than they do agriculture, in as much as agriculture 

 exposes the crop of one year only, whilst forestry must exposfe 

 the crop of many a year to such dangers. Statistics show, 

 however, that only a very slight percentage of the forests con- 

 servatively handled are visited by disasters ; on the annual average 

 .005 per cent. If a mature forest is destroyed by some calamity, 

 as a rule very little is lost provided that the dead timber can be 

 made into money at once. If a young forest is killed by fire, 

 fungi, or insects, little is lost, since young growth has little value. 



Agriculture must sell its product, even if prices are low; in 

 the forest, harvests may be restricted during years of a depressed 

 market. 



The following points are noteworthy especially: 



1. Safety of capital provided fires are kept in check: Forest 

 property has maintained the standing and the wealth of many 

 families for many centuries better than any other property. Its 

 value can never decline. 



"The forest is safer than a safe." Much larger fortunes have 

 been made, in America, by forest owners than by sawmill owners. 



2. Safety of revenue: The forest once established must grow, 

 as sure as the sunshines, the wind blows, and the rain falls; 

 for sunshine, air, and water are the main components of wood 

 fibre. Growth is, in conservative forestry, the making of revenue. 

 Revenue may be left added to the principal, if the owner so 

 desires, for an indefinite number of years. 



3. To the capitalist loving nature, no investment can offer 

 greater attractions than does forestry. As a gentleman's out-of- 

 door business, forestry is unique. In all countries, democratic 

 or otherwise, owners of forestal estates occupy an enviable social 

 and political position. 



