THE FOREST AS A RESOURCE. 49 



showing that the cut remained below the produc- 

 tion. In Saxony, the cut in the most intensively 

 managed state forests has been doubled in the last 

 fifty years, and yet the stock of wood capital 

 standing has increased over 16 per cent; while, in 

 1845, of the cut per acre of 56 cubic feet, n per 

 cent was saw timber, in 1893, of the 90 cubic feet 

 cut, 54 per cent was timber fit for the mill. The 

 gross revenue increased in that time 234 per cent, 

 and the net revenue over 80 per cent. A financial 

 calculation shows that the state's property has not 

 only paid 3 per cent continuously in revenue, but 

 has appreciated in value 24 per cent by mere 

 accumulation of material. 



Since, then, these yields have been kept up 

 for a considerable period without decreasing the 

 amount of wood capital on hand, it is fair to 

 assume that these figures approach nearly to the 

 true producing capacity of these forest lands under 

 the methods employed. 



Altogether, the 10,000,000 acres of German j, 

 state forests, managed in a conservative manner 

 for continuous production, average about 46 cubic 

 feet of wood (exclusive of brush and rootwood) 

 per year per acre, in which about 50 per cent, or 

 22 cubic feet, are millable product, log or bolt size. 



It is significant to note that the private forests ]> 

 of the empire fall much below these amounts, 

 producing not more than 30 and 12 cubic feet per 

 acre respectively. 



