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FORESTRY 
(1) Studies of Trees. 
AND TREES. 
By J. J. Levison. Pp. x 
+253. (New York: John Wiley and Sons, 
Inc. ; London: Chapman and Hall, Ltd., 1914.) 
Price 7s. net. s 
(2) Forest Valuation. By Prof. H. H. Chapman. 
Pp. xvi+310. (New York: John Wiley and 
Sons, Inc. ; London: Chapman and Hall, Ltd., 
1915.) Price 8s. 6d. net. 
(3) Chinese Forest Trees and Timber Supply. By 
N: Shaw. Pp. 351. ((Zondon:; T. Fisher 
Unwin, 1914.) Price ros. 6d. net. 
(1) HIS is an interesting book on the study 
of trees, specially suitable for use in 
the schools of Canada and the United States. 
Three chapters deal with the identification of the 
common North American trees, and of a few in- 
troduced European species, as the Austrian and 
Scots pines, Norway spruce, Alpine larch, horse- 
chestnut, Lombardy poplar, ete. Other chapters 
are devoted to the structure and habit of these 
trees, and their protection against animal and 
fungoid attacks. One chapter is taken up with 
elementary forestry, and another with the recog- 
nition and properties of the timbers in common 
use. The concluding chapter is an outdoor lesson 
on trees. The book is copiously illustrated; but, 
as is usual in publications of this class, the illus- 
trations are of unequal value. The price, 7s., 
will make it unavailable for use in schools in this 
country ; but it deserves a place in town libraries. 
It is said to be obtainable in separate pamphlets, 
each dealing with one of the subjects treated. 
The author describes in a concluding paragraph 
the Tree Clubs which have been founded in 
Brooklyn, Newark, and other eastern cities, with 
the object of interesting children in the care of 
trees. “The members of these clubs are each 
given the tree warden’s badge of authority, and 
assigned to some special duty in the preservation 
of local trees. A plan of study and of outdoor 
trips is laid out for them by their director, and 
- at stated periods they are given illustrated lec- 
tures on trees and taken to the neighbouring 
parks or woodlands.” In happier times, we may 
also have tree wardens and tree clubs, which will 
render impossible such destruction as occurred 
two or three years ago in the felling of the beau- 
tiful relic of an ancient wood, the King’s Hedges, 
near Cambridge, as soon as it had become the 
property of the county council. 
(2) Forest valuation is concerned with the de- 
termination of the value of standing timber, of 
NO. 2386, VOL. 95] 
| the land on which it grows, and of the forest as 
a whole, as well as with the rental produced. It 
compares also the financial results obtained in 
forestry with those yielded by other enterprises, 
and solves the merits of different methods of 
treatment of the forest. The importance of forest 
valuation cannot be gainsaid, as woods and 
plantations must be valued in all cases of sales, 
and whenever the property is assessed for taxa- 
tion. Moreover, when schemes of afforestation 
are being considered by the State, by corpora- 
tions, by companies, or by private owners, the 
only possible inducement for such undertakings 
must be based on the financial results that are 
reasonably to be expected. The correct appre- 
ciation of such results is by no means an easy 
matter. Forestry valuation deals with periods 
of time which are much longer than those that 
are ever considered in other financial considera- 
tions. Life insurance has an average risk of 
fourteen years, and earns about 4 per cent., ob- 
viously attracting much capital. Forests, in 
some cases, as coppice, bring in returns in ten 
to twenty years; but as a rule 4o to 120 years 
is the age of an ordinary plantation when felled. 
It is not yet agreed what rate of interest should 
be earned on the capital invested in forestry ; and, 
in addition, correct and full data on which to 
base the calculations of the financial returns are 
not available in this country. 
An extensive literature on the subject has been 
developed during the past seventy years by 
numerous German and French but in 
England we have only had two serious writers— 
the late Dr. Nisbet and Sir W. Schlich. The 
latter, in his “Manual of Forestry,” vol. ii, 
pp. 111 to 164, presents the gist of the matter 
in a condensed form, somewhat difficult to 
students who have not been previously trained, 
both in economics and in actuarial methods. 
Prof. Chapman’s book is fairly complete and 
has great merits. The subject proper is prefaced 
writers; 

by four excellent chapters entitled “Values,” 
“Outlay and Income,” “ Interest,” and “Valuation 
of Assets,” which will enable the student to 
understand the principles underlying the business 
of forest production. |The succeeding chapters 
are highly technical, yet at the same time very 
practical, as befits a professor in an American 
university. He introduces, for example, a 
number of forms for use in forest book-keeping. 
In the chapter on profits, Prof. Chapman dis- 
cusses the question of private versus State 
ownership of forests; and considers it impossible 
for private forestry to be practised now on a 
large scale. He adduces conclusive reasons why 
the Government of the United States must con- 
y 
