BY SEALED TENDER. 461 



of wood. Usually, the men who stack the firewood also guard 

 the felling-area, and they can conveniently carry on these 

 double duties. 



ii. Sale hy Sealed Tender. 



The other mode of sale to the highest bidder is that in which, 

 after public advertisement of a sale, the offers or tenders to pur- 

 chase are written and submitted to the seller in a sealed 

 cover. In the case of a sale of standing trees, the written 

 tenders to purchase may be either for the produce of a whole 

 felling-area, or for separate lots ; in either case a valuation in 

 volume and by assortments of wood is presupposed. If the wood 

 to be sold has been converted, it is generally sold in assort- 

 ments, or classes of assortments, usually by the purchaser 

 tendering so much % more or less than the upset-price (say, 

 two, five, ten % over, or under, the usual royalty). All 

 tenders which have been received are opened on a fixed date and 

 hour, in the presence of the intending purchasers. They are 

 publicly read out, and each lot awarded to the purchaser who has 

 submitted the highest tender, provided he can give good security 

 for payment. 



Just as the solvency of the persons who tender for the wood 

 must be assured, so other motives such as SAdvicultural require- 

 ments may also influence the sale. As a rule, however, the 

 sale is confirmed to the highest bidder. As in sale by public 

 auction, it is highly in the interests of the seller and an absolute 

 right on the part of the purchaser, that before tendering he should 

 have free access to the sale-lots, and, on demand, should be allowed 

 to see the report of the valuation of the wood and the felling- 

 register. 



(c) Sale by Private Contract. 



When an owner deals with a single purchaser, and the price 

 is fixed after a discussion between them, a sale by private 

 contract results. This mode of sale is characterised by the fact 

 that the price is fixed by both buyer and seller. 



In arranging the price, the owner will generally be guided by 



