No. 4.] FORESTRY AND ROADS. 233 



corps of workers, we can feel satisfied that good is being 

 done on our lines, even if under other acts than are entrusted 

 to us. 



Dr. C. A. Schenck, forester to the Biltmore estate, Bilt- 

 more, N. C, and principal of the Biltmore School of For- 

 estry, mentions the following drawbacks to forestry as an 

 investment in the United States, and they seem to be well 

 worth including in this report : — 



1. It is more difficult to dispose of forest realties, if the owner 

 is compelled or desirous to sell, than of any other property. 

 Conservative forestry is a clumsy investment, and does not allow 

 of gains by quick-minded speculation. 



2. It is not easy for the owner to watch the faithfulness of 

 those in charge of his forestry interests, which necessarily extend 

 over a large area. 



3. There are no foresters available in America to have charge 

 of the work in the forests. 



4. An annual revenue cannot be derived, unless forestry has 

 been practised on a large scale for a long time. 



5 It is difficult to separate " net revenue " from " capital with- 

 drawn from the forest," unless stock is taken frequently and care- 

 fully. Stock taking iu the forest is very expensive. 



6. Forestry requires steady management, and yields returns 

 on the same spot only in long intervals, — intervals often longer 

 than human life ; in other words, foresti'y requires a long-lived 

 owner. In the old country this drawback does not weigh heavily, 

 as towns, villages and families holding the property entailed are 

 the chief owners of well-managed forests (aside from State for- 

 ests), and as the population is not so shifting as in the United 

 States. 



FRANCIS H. APPLETON, 



Chairman. 



