FORESTS AS OBJECTS OF INDUSTRY. 21 



cropping and under manuring, but this can easily be detected 

 and rectified. In forestry, the more vahiable part of the 

 capital consists of the growing stock, that is to say, material 

 of the same class as that of which the legitimate annual 

 return consists ; hence an unscrupulous or ignorant forester 

 can easily consume the capital, or at any rate a good portion 

 of it, in the shape of annual income without l)eing detected 

 or even becoming himself aware of the fact. In this respect, 

 again, forestry requires greater skill and care than other 

 branches of agriculture. 



(7.) Forests, more than other lands, are burdened with 

 rights (or servitudes) and privileges belonging to third persons. 

 The right of property is either complete or limited. In the 

 former case, the owner can do with the property what he 

 pleases, subject to the general laws of the country ; in the 

 latter case, his power over the property is limited by rights 

 of third persons. Such rights may be that the third person 

 can take produce from the forest, or use it in certain other 

 ways, as for instance for grazing cattle, or for sjiort. A 

 forest right may be attached to a person or to a piece 

 of property, such as a house, a piece of land, etc. In 

 the former case, it generally becomes extinct with the death 

 of the person ; in the latter, it goes with the property from 

 one legal owner to another. As a general rule, forest rights 

 interfere much with the management and usefulness of 

 the property. Though in many cases unavoidable, they 

 are injurious when looked at from the point of view of 

 political economy ; hence they should be carefully determined 

 and their exercise regulated. 



(8.) Finally, money cannot be borrowed on forest property 

 to its full value. Generally, only the land ofiers absolute 

 security, while the growing stock is not only exposed to 

 special dangers, but can also be considerably reduced by an 

 ignorant or unscrupulous manager without much risk of 

 discovery for a number of years. For the same reason, 

 forests are not fit objects for letting. 



