BALE OP AN ENTIRE COUPE STANDINfl. 125 



whether their sale price should he recovered as a lump sum covering 

 the entire lot or at so much a tree, according to species and size, or 

 at so much per unit or number or volume of converted material. 



When purchasers, eager to buy, readily offer themselves, the 

 system of sealed tenders is the best, as public bidding at an auction 

 and open tendering enable the dealers to combine. In the State 

 forests of France the following mode of public auction, termed 

 vente au rabais, is, however, said to prevent such combinations. A 

 short candle, capable of burning about 5 minutes, is lighted and the 

 auction is declared open. The crier begins by calling out a sum 

 considerably in excess of that at which the Forest Officer has esti- 

 mated the value of the coupe, and at regular intervals he goes on 

 diminishing this sum by a small fixed amount. The auction lasts 

 . only as long as the candle is burning, and the sale is adjudged, 

 at the figure last called, to the first person who cries out " I take." 

 Each bidder, knowing that the time is limited to only a few min- 

 utes, is usually only too eager, as soon as a figure is reached which 

 he thinks will yield him a profit, to cry out " I take," being afraid 

 of being forestalled by another. This method of sale is practic- 

 able only when the bidders are quick-witted men of business, and 

 is unfortunately not adapted to the haggling spirit engendered by 

 the Indian mode of buying and selling. 



In the case of sale by sealed tenders a certain date is fixed by 

 which all such tenders must be sent in. On a day and at an hour 

 notified beforehand, the tenders are opened in the presence of any 

 of the tenderers who wish to attend, and the terms of the tenders are 

 read aloud, so that the proceedings may be entirely of a public 

 character and above suspicion. To prevent people from making 

 tenders which they are unable to carry out, every tender, before 

 it can be received, should be accompanied with a deposit of money, 

 which is forfeited in case of non-fulfilment of the tender. The 

 adoption of the system of sealed tenders is impossible without the 

 existence of a sufficiently large class of enlightened and enterprising 

 dealers, as the excitement that naturally accompanies the public 

 bidding at an auction and incites to keen competition is entirely 

 wanting in it. It is totally unsuited to men who have not risen 

 above the haggling spirit of the Indian buyer and seller. But 

 when the proper class of dealers is not wanting, it is the best 

 system to adopt, as it saves time and worry, and effectually prevents 

 combination, since every tenderer, being anxious to secure the sale 

 for himself, and not knowing what the terms tendered by other 

 people are, offers as high a figure as he, according" to his lights, 

 thinks will yield him a sufficient and legitimate profit. 



