332 PRIVATE FORESTRY IN FRANCE 



(4) To calculate the yield, rule-of-thumb growth per cent figures 

 were multiplied by the growing stock to obtain the yield of timber; for 

 the coppice an average per acre yield figure is simply estimated as a 

 result of past averages. 



A Fir Forest (Vosges). Perhaps the most interesting private fir 

 forest in France, and certainly the best managed, is the Forest of X, 

 jointly owned by ten distinguished French foresters. Suffice it to say 

 that Gazin, manager for the Due de Penthievre forest properties, and 

 Schaeffer, conservateur des Eaux et Forts, are two of the ten owners. 



The forest comprises 155 acres and is situated at an altitude of from 

 1,540 to 2,100 feet in the lower Vosges Mountains on rather rocky sandy 

 loam (gres vosien). The principal stand is silver fir, with some Scotch 

 pine in mixture, and perhaps 1 per cent of beech. The property was 

 purchased in 1906 for $31,845, but really cost net only $19,300 because 

 the overmature timber was at once sold for $12,545. The appraised 

 book value is, however, $23,160 instead of $19,300 because the purchase 

 price was less than the full value. The stumpage values were 15 francs 

 per cubic meter (about $10.50 per thousand feet board measure) in 1906, 

 and 17 to 18 francs, or 15 to 20 per cent more, in 1913. 



The stand is cut over every 5 years and is completely calipered. The 

 marking is under the personal supervision of one of the ten owners who 

 receives an allowance of $9.65 for his work as director of marking, but 

 each owner manages his one-tenth of the forest. Thus far the dividends 

 have been 3 per cent per year. They are now limited to 4 per cent until 

 the original growing stock, as it stood after the removal of the over- 

 matured timber, has been increased 33 per cent by saving some of the 

 growth each year. Then and then only it is proposed to increase the 

 dividends to 6 per cent. The cost of the original working plan was 

 $86.85 and the annual expenses for marking, taxes, etc., have been 

 $185.63. The annual taxes were $12.74 or 8 cents per acre. The 

 average annual cut was 833 cubic meters (about 222,000 feet board 

 measure or 1.4 thousand feet per acre per year). 



The aim of management is to get the best financial returns, and the 

 group selection system is applied with cleanings, freeings, and thinnings 

 every 5 years. The yield is regulated by the Gurnaud method. With 

 stocktaking every 5 years as exact data are secured on growth as if the 

 forest were a sample plot. Thus far the forest has netted 3.25 per cent 

 on the investment (3 per cent dividend and 0.14 of 1 per cent as surplus 

 bank balance) but in addition the volume on the ground has increased 

 2,390 cubic meters, 20 worth in 1912 $8,072 (41,825 francs). Thus the 

 actual revenue has been 3| per cent plus an annual increase in capital 

 of $807, or 3.9 per cent on the book value without compound interest or 



20 The figures in proof of this are as follows: 



