23 



hovever, the area is not taken into accovint. Each tree Btarts as a joung geedlicg, 

 producing very little, and ends as a large tree prodacing a great deal by more or less 

 constant rings of growth applied to an ever inoreasing circumference. Hence there 

 is a constant increase in the average piodaetion of single trees. 



3. meaning of the term "normal increment." — By normal 

 increment is understood that which may reasonably be 

 expected by correct management, taking into coDsideration 

 the species, the quality of the locality, and the method 

 of treatment ; and the annual increment so calculated 

 may be reckoned upon as long as no unforeseen disturbing 

 influences occur to interfere with the regular growth of the 

 crop. It follows that in a normal forest in which each age- 

 gradation occupies an equal productive area and lays on a 

 normal annual increment, that as each age-gradation attains 

 the age of exploitability, the total increment produced by 

 each will have been equal, resulting in an equal annual 

 sustained yield. 



The increment may be abnormal for various reasons. 

 The area may not be fully stocked with sound, vigorously- 

 growing trees pf the required age. The crop may be injured 

 by fire, insects or other injurious external influences ; by its 

 not being properly tended ; or owing to the method of treat- 

 ment being otherwise incorrect. 



Section V. — The normal growing stock. 



1. Meaning of the term normal growing stock, — By a normal 

 growing stock is understc^od tliat which exists in a forest 

 which has a series of normal age- gradations and a normal 

 increment. The growing stock in a forest organised in this 

 manner is part of the " capital " value of the forest ; because 

 it acts, as will be seen, in the same way as a purely mone- 

 tary capital (or what money represents) in producing interest 

 in the shape of wood. In fact the forest may fairly be 

 compared to a manufactory in which each individual tree is 

 a workman engaged in producing wood. It must not, how- 

 ever, be overlooked, as has often been done to the ruin of the 

 forest, that the workmen in such a manufactory and the 

 produce of their labour are identical, and that, in removing 

 the produce, the producers may easily be removed too. The 

 producing stock thus fulfils the economists' definition of 

 "capital," the produce of former labour. The term 

 "capital" as here used does not represent the W2o«(;^ ««?«e 

 of, or the money invested in, the forest. This includes, as a 

 matter of course, the value of the land. 



