8 FOREST VALUATION 



are prolonged to the end of the rotation. He also prepared the first 

 money yield tables. Endres says of these calculations that they 

 were satisfactory (zweckentsprechend) so that we have here a 

 perfectly up-to-date piece of valuation and statics one hundred and 

 fifty years old. 



In 1765 a writer in Stahl's Forstmagazin discusses a proper 

 interest rate to use in forest valuation and brings up the same argu- 

 ments used to this day to show that the ordinary commercial rate, 

 then four per cent, was too high. 



With the rapid development of forest regulation and literature 

 about the end of the eighteenth century came considerable discus- 

 sion of forest valuation, for it now became necessary to promulgate 

 regular instructions to guide the practicing forest officials. G. L. 

 Hartig, Cotta, Konig and Pfeil all busied themselves with this 

 subject. Konig in 1813 first expressed clearly the value of using 

 the net rental on the land which might be secured in forestry as 

 proper measure not only of the value of the land but of the success 

 of the operation in silviculture, protection and utilization. 



In 1823 Hundeshagen first uses the term forest statics and 

 defines it as the 'art of measuring the productive forces and results 

 in forestry." 



About the same time Konig in his "Forstmathematik" discusses 

 the profitableness of forestry and introduces the idea of the profit 

 of undertaking (unternehmergewinn) and that of the per cent at 

 which a given forest works. In 1849 Faustman, more or less inde- 

 pendently, worked out the expectation or income value of the soil, 

 first expressed by Konig, and gave to forest valuation this analysis 

 in a formula — Se— which has' never been changed or even modified 

 materially since, and which is recognized as the most important 

 analysis in forest statics. He showed that this analysis is applicable 

 alike to forests cut over at intervals (intemiittent) and to regulated 

 properties with yearly cut. 



In 1858 Pressler began publishing his works "Rationelle Wald- 

 wirt" and "Waldau des hochsten Ertrags" which really form the 

 beginning of a new epoch in forest valuation. 



In 1865 Gustav Heyer published the first complete treatise on 

 valuation and followed this up in 1871 by the first treatise on forest 

 statics. Lehr worked over the subject for the Handbuch in 1887, 

 and Kraft, in 1882, distinguished himself in his eflforts to determine 

 correct methods of measuring the value-growth in the forest, in his 

 "Zuwachsrechnungen." 



The practice, as usual, was reluctant to accept everything. Yield 

 tables and every kindred means of helping the forester to know the 



