224 LAND VALUATION 



Tract " given in the appendix. Those wishing to make such an 

 examination or judge the quality of a report upon a tract are 

 advised to consult it. 



The main points witn reference to mineral deposits that can 

 be secured in a preliminary examination are also given in this 

 outline. Of course, no forester should presume to make a final 

 examination of coal, iron or other mineral deposits without call- 

 ing in expert advice. But on the other hand the work of the min- 

 ing expert can be greatly facilitated if he can have a good map of 

 the tract and certain general information in regard to it before 

 starting his field work. These data the forester's examination 

 can secure at practically no additional expense. 



It is in general axiomatic that the best use to which timberland 

 can be devoted is the production of crops of lumber or cordwood. 

 While whatever is, is not always right, stiU the mere fact that a 

 tract is forested indicates that there has been no urgent demand 

 for it for agriculture, mining, etc. Furthermore, a change in 

 kind of product must involve a revolution in the habits of the 

 people who have been developing the tract and totally different 

 kinds of technical skill in its administration. In other words, the 

 presumption is always strong that a piece of woodland has been 

 found by long e^erimentation to jdeld its highest returns in wood 

 products or the by-product advantages derived from wooded 

 areas. This is the task of the forester — to make over wild 

 unregulated woods into forests giving their highest possible 

 returns in lumber, cordwood, watershed protection and aesthetic 

 values. 



But naturally forestry is more profitable under some condi- 

 tions than others so that the next step is to examine briefly what 

 factors determine the income from forests and how profitable the 

 various types of woodland in the United States and its outlying 

 possessions may be reasonably expected to become when devoted 

 to growing forests. As has already been explained in the chapter 

 on Timber Valuation the main item iu the cost of producing tim- 

 ber is not the labor or materials involved but the interest on 

 the capital invested in the land and first cost of regeneration. 

 It becomes necessary, therefore, to assume at the start an 



