Ill 



FOREST VALUATION. 



Forest Valuation deals with the determination of the value 

 of forest soil, the growing stock, the forest as a whole and 

 the rental derivable from the soil or the forest as a whole. 



These values must be determined in all cases of sale, or for 

 the purpose of assessing forest property, or when it is pro- 

 posed to divide a property. Soil and growing stock also form 

 the capital invested in forestry, and their value must be ascer- 

 tained for the purpose of gauging the financial success of the 

 forest industry. The latter subject is generally dealt with 

 in a separate part called, " Forest Statics." In the present 

 instance it is proposed to compress that part into one chapter 

 and to add it to "Forest Valuation." 



In order to deal with the matter here contemplated, it is 

 necessary to explain the various methods, according to which 

 the value of property may be ascertained, to determine the 

 rate of interest applicable to the forest industry, to give 

 certain formulae for calculating with compound interest, and 

 to explain the methods of estimating receipts and expenses. 

 All these matters will be dealt with in a preliminary chapter, 

 and the subjects here under consideration will be arranged as 

 follows : — 



Chapter I. — Preliminary Matters. 



II. — Valuation of Forest Soil. 

 III. — Valuation of the Growing- Stock. 

 IV. — Valuation of Whole Woods or Forests. 

 V. — Valuation of the Eental. 

 VI. — Methods of Calculating the Financial 

 Eesults of the Forest Industry and of 

 determining the Most Profitable Treat- 

 ment OF Forests. 



