Forests and Forestry 127 



nence as a lumber producer, the owner may still 

 have different objects in view. He may wish to 

 derive a regular, annual revenue from his forest ; 

 or he may be satisfied to obtain pecuniary returns 

 only at more or less distant intervals of time. 

 Again, he may insist on having a net profit upon 

 the value of the invested capital, calculating the 

 same by including the value of the land at each 

 given period ; or he may be satisfied with a like 

 profit on the actual cash outlay, without consider- 

 ing for the purpose the increased value of the land, 

 or unearned increment, as the political economists 

 call it. All these different objects, together with 

 numerous other considerations, must modify the 

 manner in which a skilful forester would treat any 

 given piece of woodland. In every such case, 

 however, the management proceeds in such a way 

 as to obtain the largest possible cash revenue with- 

 out impairing the ability of the land in the course 

 of time to produce another installment of income. 

 In other words, instead of considering the timber 

 a crop to be reaped but once, the land is expected 

 to furnish crop after crop, at due intervals, just as 

 a skilful farmer expects to repeat the operation of 

 planting and harvesting indefinitely on the identical 

 piece of land. 



There are still other purposes for which forest 

 lands may be held by private parties. H ere and there 

 one finds a man who has planted a tract of land 

 with trees of a particularly valuable kind, such as 

 black walnut, to be cut and harvested by his children. 



