Biltmore, If. C, January 1, 1909. 



In usum Delphini: 



The Biltmore lectures on Forest Finance appear in print since it is nec- 

 essary to place in the hands of the Biltmore students some basal findings con- 

 cerning the financial side of forestry, which findings it is not easy for them 

 to obtain elsewhere. 



In America, forest finance is and will be the most important branch of 

 forestry; the very difficulty of the financial problems involved in American 

 forestry is enticing; and I am interested, personally, more deeply in the scien- 

 tific and practical development of forest finance than in that of any other 

 branch of American forestry. 



Special students desirous to attend the Biltmore lectures on forest finance, 

 and otherwise excluded from the Biltmore School, will be welcomed at Bilt- 

 more hereafter. 



This arrangement is made for the reason that the lecturer is anxious to 

 study forest finance through and with the students — the regulars as well as 

 the specials. 



Co-operation between teacher and pupil is essential to the development 

 of American forest finance. 



The interest tables attached to this book are obtained, by extraction and 

 addition, from those published by the Mutual Life Insurance Company of 

 New York. 



C. A. SCHEHCK. 



