Forest Finance and Management 149 



the period for cutting timber came around again. 

 Besides, the roads are necessary during the inter- 

 vening silvicultural operations, such as improve- 

 ment cuttings and so forth, and they serve as 

 effective fire-breaks. In a permanent forest estate 

 the sinking of a considerable amount of capital in 

 road building cannot be avoided ; but hardly any 

 employment of capital upon the estate is calculated 

 to give a greater increase of value than this, pro- 

 vided, of course, that it is done judiciously and 

 without excessive expense. 



We have now outlined the main principles which 

 must be the guides in choosing the manner of 

 treating a forest from which we expect to derive 

 a continuous series of profit upon the investment. 

 First we mentioned the purely silvicultural factors, 

 the questions depending on the nature of the 

 climate, soil, and topography, and the manner of 

 growth of trees. Then we considered the finan- 

 cial side of the question, the calculations regarding 

 the amount of capital needed, the rate of interest, 

 the price to be expected for the crop, and the facil- 

 ities of bringing it to market. We could not do 

 more than mention the elementary principles on 

 which these considerations are based, for to treat 

 even one of them in detail would far exceed the 

 limits of this volume, besides being of little inter- 

 est to most readers. But this I hope to have 

 made clear to all, — that for the successful manage- 

 ment of a permanent forest as a profitable invest- 

 ment it is of the greatest importance that the 



