FOREST ECONOMY. 205 



during which the difference in stock is to bo 

 equalized and the normal stock is to be secured 

 either by saving of increment, if there be a de- 

 ficiency, or by removing any surplus during the 

 period of equalization ; the establishment of the 

 proper series of age classes being left to the future. 

 The felling budget (d) which will secure this 

 equalization may be expressed by formula : — 



e 



The choice of the period of equalization {e) is to 

 be made with due consideration of the financial 

 aspects of the property and the owner's financial 

 capacity. 



Altogether, the principle of the " owner's inter- 

 est" must be the guiding one in the management 

 of any property ; and it would first have to be dem- 

 onstrated that a sustained yield management, either 

 annual or intermittent, and sacrifices of revenue in 

 the present for the sake of a future improved 

 revenue are in his interest. For it must always be 

 remembered that financially forestry v!\q,2C!\^ forego- 

 ing present revenue or incurring present expenditure 

 for the sake of future revenue ; it involves gauging 

 present and future advantages, and the time ele- 

 ment, as we have seen, is the prominent element 

 in its finance calculations. 



Before an annual sustained yield management 

 will appear profitable in the United States, many 



