TABLE OF CONTENTS. XI 



PAGE 



Chapter II. — Valuation of Forest Soil 122 



Section I. — The Expectation Value of Forest Soil . . . 122 



Section JJ.— The Cost Value 130 



Section III.— The Sale Value 131 



Chapter III. —Valuation of the Growing Stock . . . . 133 

 Section J.— Value of the Growing Stock of a Single Wood . . 133 



1. The Expectation Value 133 



2. The Cost Value 137 



3. The Sale, or Utilisation, Value 139 



4. Eelation between the Expectation and Cost Values . 140 



5. Relation between the Expectation and Cost Values 



on the one hand, and the Utilisation Value on the 



other 141 



Section II. — Value of the Growing Stock of a Normal Series of 



Age Gradations 141 



Chapter IV. — Valuation op Whole Woods or Forests . . . 144 



1. The Expectation Value 144 



2. The Cost Value 147 



3. The Sale Value 148 



4. The Rental Value 148 



Chapter V. — Determination of the Rental of Forests . . 149 



Chapter VI. — The Financial Results of Foresty . . . . 151 



Section I. — The Methods of Calculating the Financial Results . 151 



1. Determination of the Profit of Forestry . . . 152 



2. Determination of the Rate of Interest j-ielded by 



Capital invested in Forestry 157 



Section II. — The Financial Test applied to the Methods of Treat- 

 ment 163 



PART III.— THE FOUNDATIONS OF FOREST MANAGEMENT 1G7 



Chapter I. — The Increment I74. 



Section I. — Volume Increment I74 



1. Progress of Volume Increment 174 



2. Volume Increment Per Cent 183 



Section II. — Quality Increment .... . . 186 



Section III. — Price Increment ...... 189 



Section IF.— The Forest—, or Indicating, Per Cent. . . . 190 



Chapter II.— The Rotation I94 



1. The Financial Rotation 194 



2. Rotation of the Highest Income .... 200 



3. Rotation of the Greatest Production of Volume . . 202 



4. The Technical Rotation 203 



5. The Physical Rotation 203 



6. Choice of Rotation 204 



