FOREST ECONOMICS. 257 



Even less than that; 5 per cent, interest on a some- 

 what risky investment does not seem sufficient. We 

 shall have to capitalize our annual net yield with about 

 8 per cent., to bear due regard to the dangers threatening 

 the imdertaking. At 8 per cent., the value of our second 



forest mil be — -— — = 118 cents per acre. 



U.Oo 



There are, to be sure, many tracts in the South where 

 practical forestry is an absurdity, because fire cannot be 

 controlled, owing to local and climatic reasons, or owing 

 to the habits of the native population, unrestricted by 

 education or law. 



CONCLUSION. 



On non-agricultural lands, forestry will pay better 

 than lumbering. 



(1) If the excess of logging expenses is outweighed 

 by the value of the "new forest"; 



(2) If the taxes on the forest land are reasonable; 



(3) If fires can be controlled. 



Every wood owner, before beginning to cut the trees, 

 should ask for an expert's advice whether lumbering or 

 forestry will pay him best. Dollars and cents express 

 the superiority of one method over the other, and a thor- 

 ough knowledge of both methods combined with a little 

 insight in banking and finances must be the umpire be- 

 tween forestry and lumbering. 



FOREST-FIRE LAWS. 



It seems to be the general experience of all countries 

 that special laws enacted must be enforced by special 

 authority to prevent forest fires. All the more pro- 



