PREFACE 



THE term Forest Valuation, applied to this volume, covers 

 only a portion of the subject of Forest Finance, which is usually 

 separated into two parts, termed, respectively, Valuation and 

 Statics. Valuation deals with the determination of the value of 

 standing timber, both mature and immature, and of forest soil, 

 and the forest as a whole. Forest Statics deals with the 

 comparison of financial results obtained in forestry with those 

 yielded by other enterprises, and compares the relative merits 

 of different methods of treating the forest. This subject is dis- 

 cussed in Chapter VIII. Since Forest Valuation includes the 

 greater portion of the text, and this term is more familiar to 

 American foresters, it has been adopted as the title, in place of 

 the more comprehensive term, Forest Finance. 



The literature of Forest Finance is largely of German origin, 

 and has been developed in the latter half of the nineteenth 

 century, by numerous German and French authorities. The 

 standard English text is found in "Forest Management," by 

 Sir William Schlich, Vol. Ill, Part II, Forest Valuation.* This 

 author follows the continental treatment of the subject. In 

 1909, a pamphlet on " Forest Finance " was published by C. A. 

 Schenck, Ph.D., Forester to the Biltmore estate,f which gives a 

 synopsis or outline of a series of lectures on the subject. Dr. 

 Schenck's treatment is thoroughly American and contains valu- 

 able suggestions for the advanced student of Forest Finance. 



Unfortunately, neither of these publications treats the subject 

 in a sufficiently elementary manner to serve as a textbook for 

 students of forestry or for persons desiring information who are 

 not already thoroughly familiar with the economic and mathe- 



* Fourth Edition, Revised. Bradbury, Agnew & Co., Ld., 10 Bouverie St., 

 London, 1911. 



t Inland Press, Asheville, N. C., 1909. 

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