20 ELEMENTS OF ST.LVICULTUKE. 



disposal, which they can sell, exchange or employ 

 for any purpose whatsoever. They have no concern 

 with the interests of the general public. Their object 

 is to derive from whatever forests they may possess 

 the highest returns consistent with the percentage 

 of profits they expect to obtain. Thus they are 

 driven to choose short rotations, in order to guard 

 against the accumulation of a large capital in the 

 shape of standing timber. Besides, their character 

 is essentially speculative, and is thus opposed to the 

 realization of profits at far distant dates. Hence, 

 when the kind of tree admits of it, private owners 

 exploit their forests at an age when stool-shoots are 

 still produced with vigour and in abundance ;- i.e., 

 they grow coppice. 



The first of these two kinds of exploit ability which 

 depends on the most useful produce and applies to 

 imperishable proprietors, is termed economic exploit- 

 ability ; the second, which depends on the highest 

 profits, and applies to private proprietors, is termed 

 commercial exploitability. Besides these, there is 

 still another, which concerns both classes of proprietor. 

 This we term physical exploitability. Its object is 

 to fell trees one by one as they die or enter into full 

 decay. Here we neglect altogether the quality of 

 the timber produced, as well as the money returns ; 

 we take into consideration nothing but the utility 

 to be derived from the presence of standing timber, 

 viz., either ornament or protection and shelter. 



In order to realize the object of this or that 

 exploitability, the forester has to adopt long or short 

 rotations, and to apply the system of high forest or 



