BY PUBLIC AUCTION. 459 



quently prevents the ijurchasers from bidding freely ; ^\llell too 

 low, it causes delay, and if the competition is limited, leads to 

 inferior prices being obtained for the wood. Although local cir- 

 cumstances, the social condition of the purchasers, their 

 number, and several other matters, may influence the choice 

 of an upset-price; in most cases, it should be 10 to 20% 

 under the royalty or real value of the wood. In the case of 

 valuable merchantable timber, the upset-price may be higher, 

 and even equal to the royalty when there is a probability of 

 eager bidding. In the administration of some State forests 

 (Saxony and Baden), the practice of fixing an upset-price to 

 the lots in proportion to the royalty has been discontinued ; 

 unrestricted bidding being considered more advantageous to 

 the owner, as well as to the buyer. 



Every sale-lot should be clearly designated in the sale 

 catalogue by its number ; the assortment, volume or dimensions 

 of the wood, and any other particulars which are advisable being- 

 given. In important timber-sales, intending purchasers should 

 be allowed, before the sale, to consult the felling-register, or 

 facsimile extracts from it should be handed round. In sales of 

 standing timber, ready assistance should be given to enable pur- 

 chasers to obtain knowledge of their value. The amount of 

 the highest bid for each lot, with the purchaser's name, is then 

 entered in the auctioneer's report, or in the felling-register. 

 This is often attested by the purchaser's signature and that of a 

 trustworthy surety. In sales by detail, after the last lot has been 

 sold, the price of the diflerent assortments is totalled and the 

 average price of each assortment calculated, so that it may be 

 decided whether the confirmation of the sale may be at once 

 efi"ected, or must be postponed, in case the average prices of the 

 assortments are under the royalties* at which the forest ofiicial 

 is authorised to sell the wood. In case the prices are lower than 

 the authorised minima, they must either be confirmed by 

 superior authority, or a fresh sale held. 



* A sale may Le conliniied in Baden, when the average ]>iiee ofiei'ed is not less 

 than 10% lower than the avera<^e price of the last sale in u neighbourinjj; forest 

 range. In Prussia, the Ohcrfurster can confirm a sale, if prices are not '20% lower 

 than lixed royalties. In Bavaria, the Forslmeistcr sanctions annually the ])er('eii- 

 tage by which sale-prices ma}' fall below royalties (for timber, generally, 10%, 

 firewood 15%.) 



