324 ECONOMICS OF FORESTRY. 



By good management for " sustained yield " the 

 yearly cut has been increased, in some cases 

 doubled, since the beginning of the century, and 

 the income has increased of course in greater rate, 

 partly due to advance in prices for wood, which 

 for a long series of years has not been less than 

 1 1 per cent annually, partly to increase in the 

 quality of the output, but largely to improvements 

 in transportation, for which large sums have been 

 expended, especially during the last fifty years. 

 The future promises even greater returns, when 

 all the properties are in working order and covered 

 with road systems. 



Moreover, it is believed that the state adminis- 

 trations are now less profitable than they might be, 

 as they are managed with great conservatism and 

 without an attempt at greatest financial results, the 

 economic objects being kept foremost. 



The following tables give most briefly an insight 

 into the financial aspect of forest management of 

 the leading states. They show that the financial 

 results vary considerably for the different adminis- 

 trations, owing largely to differences in market 

 conditions ; they also show the increase of revenue 

 from 1890 to 1897. The figures for the whole 

 country are in part rounded-off estimates for all 

 the state forests. The record of the city of 

 Zurich is added to show how an intensively man- 

 aged small forest property under most favorable 

 conditions of market compares with the more ex- 



