320 



PRIVATE FORESTRY IN FRANCE 



Much of this increase may be due to the decrease in the purchasing power 

 of money in addition to an increasing shortage of supply. In the State 

 'and communal forests under the inspector at Lorient (Morbihan) the 

 average price per cubic meter for commercial sales 10 was as follows: 



a This is only approximate since these prices were averages including cordwood. To 

 reduce to dollars per thousand, the average price figure has been increased 33| per cent 

 and four cubic meters counted to the thousand board feet. 



These original data show how the private owner could have taken ad- 

 vantage of the prevailing high prices in 1917 and 1918 and could have 

 profitably reduced his growing stock. They also show a steady increase in 

 price since 1890, with the probability of much higher prices even after 

 the abnormal war conditions are passed. Under such conditions the new 

 owner, who has bought at the higher price level, may be influenced to cut 

 and sell at the new price level. 



The forest investment, even after stumpage values increase, is much 

 the same because the capital values of the land and growing stocks have 

 increased in the same proportion; but it is during such times that the 

 incentive to liquidate the investment is greatest. 



Money Yield from Public Fir Forests (Jura-Doubs). It is interesting 

 to compare the returns from the private forests just reviewed with those 

 from public forests which are perhaps more conservatively managed. 

 Table 25 which follows n shows the basic data : 



Much can be learned from a study of the following table, for the past 

 history of four important State and communal fir and spruce forests in 

 the Jura Mountains can be accurately analyzed, (a) The average ro- 

 tation is 150 years; in other words it takes 150 years to grow (Jura) fir and 

 spruce 22.8 inches in diameter breast-high. (6) The average stand (mean 



10 The low price in 1912 was due to windfall; the low price in 1914 was due to the un- 

 settled conditions prevalent during the initial period of the war. 



11 From original data prepared by Inspecteur DeVarennes. Such detailed data on 

 managed French forests have never before been made public in the United States. 



