22O 



ECONOMICS OF FORESTRY. 



when, as is often the case in the virgin uncut woods, 

 most of the trees are of exploitable size, this as- 

 sumption and with it the method of regulating the 

 budget fails entirely. 



An improvement of the method and a closer 

 approach to true finance calculation could be made 

 by basing the exploitable size on the highest net 

 value per unit of volume in connection with the 

 time it takes to replace it. In this connection it 

 must be understood that, although one and the 

 same stumpage price 1 per thousand feet board 

 measure is paid for all sizes, the price per unit of 

 volume as it grows in the tree is by no means the 

 same, for the board foot measure as applied to 

 round logs is not a unit of volume in the same 

 sense as the cubic foot, a deduction variable ac- 

 cording to log size being made from the true vol- 

 ume to allow for loss in sawing. 



The following table based on one of the accepted 

 rules of measurement(Doyle's) will elucidate this : 



1 Stumpage is the amount of exploitable material ; stumpage price is 

 the price paid for the wood leave, or the wood as it stands in the forest. 



