312 FEATURES OF FRENCH NATIONAL FOREST ADMINISTRATION 



higher 47 than the 1912 price level because the demand for timber will 

 exceed the supply for years to come. For the next few years the prices 

 may go even higher because of the depreciation of the franc and because 

 of unrestrained speculation. 



Additional original data on stumpage prices during the past century 

 has been supplied (March 27, 1920) by the Directeur Ge'ne'ral des Eaux 

 et Fore"ts, from the official archives at Paris, but M. Dabat states in his 

 letter of transmittal : 



" .... I must call your attention to the fact that since the price of timber is 

 not under official control, the figures below have only a relative value . . . they 

 only indicate .... and are not exact data on the price variations during the long 

 period examined." 



47 According to data furnished by Colonel Sutherland, C.B.E., the average market 

 price of pitwood, "ex ship Cardiff" has been as follows: 



The dollar has been figured at the normal rate of $4.87 to 20 shillings. It is 

 significant that the English coal mines are withholding their orders and are now re- 

 fusing to pay the high war rates, and on January 1, 1920, report the market " glutted." 

 A ton is equal to about one cubic meter; it takes 3.6 stacked cubic meters to make 

 one cord. The relative imports (chiefly from France) from the " board of trade returns 

 of imports of pitprops and pitwood" in million carloads are as follows: 



