314 FEATURES OF FRENCH NATIONAL FOREST ADMINISTRATION 



(d) G6rardmer Region (Vosges), hardwood cordwood stumpage 

 prices: 



(e) Port of Clamecy (Yonne), coppice cordwood ready to load on canal 

 boats: 



A study of these figures shows : 



(1) There have always been higher saw-timber stumpage prices during 

 and after great wars; and that investors who placed their money in forests 

 in 1914 would have been spared the losses due to the depreciation of 

 French currency. 



(2) Stumpage values for saw timber during the past century have about 

 doubled and since the war have been almost three times the pre-war 

 value. 



(3) Stumpage values for cordwood have remained a^out the same for 

 the past 100 years, but during the war they almost tripled owing to the 

 shortage of coal throughout France. 



(4) The prices charged the American E. F. by the French Government 

 (see p. 310) were much less than the current commercial average rates. 

 Some of the difference in price is due to the fact that the timber cut by the 

 American E. F. took fewer cubic meters to the thousand board feet than 

 that sold the average customer. 



