ICrl SALE OK WOOD. 



the avera^fo results of past sales to the highest bidder (or in 

 certain cases may accept this figure as the price). 



Sale by private contract has the advantage of saving expense 

 in valuation and auction-charges, or in avoiding possible loss. 

 At the same time, it is clear that the seller undertakes a greater 

 responsibility than in any other mode of sale, and must have a 

 precise knowledge of the actual state of the wood-market for the 

 time being. 



3. Coifiparisoii of tlie raviolis Modes of Sdlc. 



Each of the above methods of selling forest produce is ad- 

 visable under certain special circumstances ; it is better that a 

 forest manager should not be wedded to any one of them, but 

 that he should be ready at any time to adopt whichever method 

 may prove most suitable for the case in question. 



(a) Sale by Royalty. — Sale by royalty has the least claim of all 

 to exclusive adoption or even preference, as has been already 

 shown on p. 452. Only in some places, in the case of certain 

 privileged demands for wood, is such a method exclusively followed, 

 and then the formation of a proper taritf demands great care. 

 Where, on the contrary, sale by royalty is only occasionally followed, 

 it forms a useful supplement to other modes of sale. It has then 

 the advantage, in cases of necessity (conflagration of a village, 

 scarcity of wood for agricultural purposes at seasons when the 

 principal sales are not conducted, &c.) of satisfying urgent 

 demands. Also, when traders combine to keep the price of 

 forest produce below its full local value, a recourse to sale by 

 royalty may improve matters. 



To adopt sale by royalty generally and exclusively would at 

 once exhibit the shady side of this method, and prove that it is 

 almost impossible for a forest manager to acquire an accurate 

 knowledge of the real local value of wood. If it were also 

 argued that prices may be corrected by the competition of 

 sellers, a reply may be made that forestry is less able to effect 

 such a result than any other industry, the forests in any district 

 being usually in the hands of one or only a few owners. 



(b) Sale to the highest Bidder. — Sale by public auction, pro- 

 vided that enough competitors arc present, may be considered 



