Forest Mensuration 69 



III. Ceiling, f, f and f inch thick; 3, or 4, or 6 inches wide. 



1. "A" ceiling and "B" ceiling, with small defects only ; 



2. No. i and No. 2 common ceiling, with one and two standard de- 



fects, or their equivalent. 



IV. Drop Siding, which is either "shiplapped" or "tongued and grooved;" 



it is f " thick and 3^ or 5^ inches wide. Grades A, B and No. i 

 common. 



V. Bevel Siding, which scales ^ 5 " at the thin edge and \" at the thick 

 edge, resawn from stock dressed to \\ " x 5^". Grades as under IV. 



VI. Partition, measuring f " x 3^" or f " x 5^". Grades as under IV. 



VII. Common Boards, graded as No. i, No. 2 and No. 3 common boards, 

 8", 10" or 12" wide, dressed one or two sides, or rough. 



VIII. Fencing, graded as No. i, No. 2 and No. 3 fencing, 3", 4" or 6" wide. 

 The grade " No. 3" includes defective lumber with knot-holes, red 

 rot, very wormy patches, etc., on \ of the length of the board. 

 Fencing is either dressed or rough. 



CHAPTER V. STUMPAGE VALUES 



PARAGRAPH CII. 



STUMPAGE VALUES. 



Forestry is a business ; the forest largely represents its business invest- 

 ment; its purpose is the raising of money, of dividends. 



Thus it is with investments and the dividends therefrom that the fores- 

 ter is concerned; and it is the task of "forest finance" and "forest manage- 

 ment" to ascertain the factors and to regulate the components of such 

 investments. 



Forest mensuration, as a subsidiary to forest management, may well 

 devote a chapter to the measurement of the stumpage value of trees. 



Stumpage value is the price which a tree brings or should bring if it 

 were sold on the stump. 



The stumpage-value of a tree depends on the value of the lumber con- 

 tained therein and obtained therefrom, deducting the total expense of 

 lumber production (logging, milling, shipping, incidentals.) 



Since the value of lumber fluctuates, as well as the cost of production, 

 stumpage values are subject to continuous variation. The tendency of 

 stumpage prices, all over the world, is a tendency to rise especially so 

 in countries of rapid development, rapid increase of population and in- 

 adequate provisions for re-growth. 



