FOREWORD. 



At the seventh annual meeting of the National Lumber Manufacturers* 

 Association in Seattle, Washington, July 12-14, 1909, we presented a paper 

 entitled "How Much Does It Cost to Grow Timber?" The discussion 

 occasioned by this paper and subsequent further study of the subject have 

 led us to revise the original manuscript and publish it in the present form 

 in the belief that the principles set forth are sound and will help toward 

 a clearer conception of the conditions which must be established in the 

 United States if forest conservation is to be a reality. This statement is 

 made with a full realization of the difficulty in forecasting yields and 

 stumpage prices and with the certain knowledge that many, perhaps all, 

 of the assumptions necessary to the exposition will be keenly criticized by 

 someone forester or lumberman. Nevertheless, it is only through such 

 discussions as these that clear thinking upon a highly important question 

 can be attained, and it is in this spirit that the following pages are offered 

 to the reader by THE AUTHOES, 



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