INTRODUCTION 21 



timber and handle the forest with a view to repeated 

 crops. 



It cannot be said that forestry will be a profitable in- 

 vestment for all private owners. There are a great many 

 cases where the returns will not be satisfactory, compared 

 to other investments. The reason why forestry fre- 

 quently is not an attractive investment is on account 

 of the danger from forest fires and burdensome taxation. 

 Where a forest can be successfully protected from fire at 

 reasonable cost, and where the annual taxes are not 

 excessive, forestry will certainly pay, and in many cases 

 yield a return fully equal to that which could be ob- 

 tained in other lines of business. 



Profits of Planting. — The question of the possible 

 profit from forestry is usually based on the cost of pro- 

 ducing timber from the seed. The value of the land, the 

 cost of establishing the stand of trees, the annual expenses 

 of taxes, protection, and administration are considered, 

 the interest on all is compounded, and the aggregate 

 costs are compared with the possible returns from the 

 sale of the timber. When the land is cheap, the 

 taxes are reasonable, the risk of damage by fire is not 

 great, and the market is certain, a sure profit can be 

 shown. Thus, in New Kngland forest planting has 

 yielded over 6 per cent., and in the Prairie States, where 

 small trees are valuable, an even higher return has been 

 secured. 



Under the present conditions confronting many 

 timberland owners, forest planting is not an attractive 



