FACTORS OF FOREST PRODUCTION. 139 



ciation of investment, and net yield, as the table in 

 the Appendix exhibits. 



One important policy which has brought about 

 this result, and which defines in general the finan- 

 cial requirement of forestry, has been that these 

 state administrations were willing and able to forego 

 present revenue for the sake of continued future 

 revenues, to give up immediate momentary profits 

 for the sake of making larger profits distributed in 

 time. 



Forest management means that some part of 

 the forest, the wood capital, must be left, although 

 it could be turned into cash, or that money be spent 

 in establishing such a wood capital where it is defi- 

 cient, waiting for the time of returns. No business 

 realizes more than the forestry business that time 

 is money, and time is what the small capitalist does 

 not have. It is, therefore, not a business for the 

 small capitalist, who must work for large margins. 



