20 FOREST VALUATION 



tors who devote but a small portion of their time to these duties. 

 There is an almost complete separation between wages or salaries, 

 and income in the form of dividends. Even in such cases, 

 capable managers are frequently given an interest in the business 

 and their returns thus include both wages and dividends, although 

 the two items are separately accounted for. In small ventures 

 managed by the owner, this distinction is often neglected, and 

 the owner's profits are the sole source of compensation for his 

 time. In such cases a sum representing the wages of the manager 

 or overseer should be charged to expense. Should the business 

 pay less than this sum it is unprofitable. 



