28 THE FACTORS OF FOREST PRODUCTION. 



of the high forest systems wdth either natural or artificial regenera- 

 tion would be the best. Again, a proprietor may be satisfied 

 with intermittent returns, or he may aim at a sustained annual 

 yield of approximately the same amount. Accordingly, the 

 several methods differ much in intensity. The uniform system 

 of high forest or one of its modifications, aiming at a sustained 

 annual yield, is generally the most intensive, and it should give 

 the most favourable financial results. On the other hand, it 

 requires the greatest capital, more labour, and the most intelligent 

 management on the part of the forester. To what extent extra 

 outlay is justified depends chiefly on the yield capacity of the 

 locaHty. If its fertihty is fairly good, the employment of 

 increased capital and labour will, as a rule, be justified, but 

 frequently not so on localities of inferior yield capacity. Outlay 

 and results must be in due pro2)ortion ; in other words, additional 

 outlay is justified only if it results in an adequate increase of the 

 return, either in the form of quantity or quahty of produce or in 

 some other form, according to the proprietor's aims and objects. 

 The private proprietor will, in the majority of cases, adopt that 

 method and degree of intensity which gives him the highest net 

 revenue, or rather the highest interest on the invested capital ; 

 the State, on the other hand, has frequently to consider the 

 interests of the community as a whole and to aim at other results 

 which may reduce the financial net results, such as, for instance, 

 to keep a certain stock of timber in the forest to meet special 

 emergencies, or to produce certain indirect effects. Considera- 

 tions of this class frequently lead to a degree of intensity below 

 that which is indicated by the yield capacity of the locahty. The 

 difference in the results thereby produced must be accepted as the 

 loss incurred by the realisation of the special objects. 



5. Forestry and Agriculture Compared. 



Forestry, being based on the yield capacity of the land, com- 

 petes with a variety of other industries similarly situated. In 

 most cases it has to give way for financial and other reasons. The 

 case which interests the forester specially is that of " forestry 

 versus agriculture proper." Even in that case agriculture 

 demands first consideration, because it produces food for man 

 and animals, whereas forests produce chiefly cellulose and acces- 



