CHAPTER III. 



A Sustained Yield in Conveesion Oeganisations. 



The question of a Sustained Yield in conversion organisations 

 can be considered from two widely different points of view. The 

 first is offered by the comparison of the outturn of the original crops 

 and that of the forest organised for conversion. The second is to be 

 found in the comparison of the outturns of produce to realize during 

 the various Periods of the High Forest Rotation. 



To take the case of any forest whatsoever, before its conversion 

 was undertaken, that is to say, during the last Coppice Rotation that 

 preceded the conversion, the revenue yielded by the forest was obvi- 

 ously derived partly from the sale of the large trees exploited. If 

 the revenue furnished by the forest under the Coppice Regime was 

 exaggerated by the exploitation of a large number of such trees, the 

 effect thereof on the forest would have been its impoverishment. 

 If, on the contrary, the selection of the standards was made in a 

 liberal spirit, the former rate of outturn could only have been on a 

 restricted scale. Here then we see an element altogether extrane- 

 ous to the comparison to be made, and yet one which may have had 

 the effect of causing the rate of outturn of the last years of the cop- 

 pice exploitation to differ very materially from the figure of the 

 mean annual production. 



However it be, the copse in question does, of course, contain 

 some material. And further more, we expect the seed-grown forest 

 which is to take its place, to contain a known quantity and quality 

 of stock, which must not only be more abundant but also more valu- 

 able than the existing material of the Copse, Hence, as we have 

 before said, the only way to obtain this surplus over and above the 

 actual capital represented by the standing copse, is to lay by, in the 

 form of savings, a part of the annual production. As in all other 

 financial undertakings, so in forest management, capital can be in- 



