PREFACE Vli 



these relations, and enable accountants and business men to 

 harmonize the methods used in computing cost and value for 

 forest property, with the forms and ideas with which they are 

 familiar. 



Lastly, the emphasis has been shifted from the determination 

 of expectation value of forest soil, so conspicuous a feature of 

 European Forest Finance, to the consideration of stumpage 

 values, sale values, damages, and other subjects of greater prac- 

 tical interest in this country. 



The volume is intended primarily for use as a textbook. 

 But in recognition of the frequent need for information on such 

 subjects as damages, stumpage values and costs of forest pro- 

 duction, a consistent effort has been made to treat the entire 

 subject in a manner that may be readily grasped by the average 

 reader, without previous preparation or study. 



No problems have been included in the text. These should 

 be supplied by instructors to suit the local economic conditions. 

 The table of logarithms has been included for convenience, to 

 enable the student to familiarize himself with its use in solving 

 problems of valuation. 



Acknowledgment is made to Prof. Fred R. Fairchild of Yale 

 University for review and criticism of Chapter X on Taxation, 

 to Mr. J. E. Glass, accountant for John Wiley & Sons, Inc., 

 for suggestions regarding forms for forestry accounts shown in 

 Chapter VIII, and to my colleagues on the faculty of the Yale 

 Forest School for valuable suggestions and assistance. 



HERMAN H. CHAPMAN. 



NEW HAVEN, CONN., 

 October 22, 1914. 



