FOREST MANAGEMENT. 319 



removal of this number of cubic feet does not decrease the original amount 

 of stumpage. The normal sustained yield equals the annual surplusage 

 of production. 



The cutting of a sustained yield — no more, no less — is indicated 

 wherever the capacity of the market is limited, a condition which we meet 

 almost invariably on the fuel market. In German}-, two-thirds of the annual 

 increment of all forests consists of fuel wood. In America, the requirements 

 of expensive, non-movable plants (tanneries, pulp mills, mines) are in the 

 direction of a sustained yield. 



When all merchantable trees have been removed from a forest, a 

 sustained yield cannot be obtained any more. Before touching the primeval 

 forest, the owner must decide whether or not conservative forestry, whether 

 or not a sustained yield is indicated. 



Primeval woods containing a large number of idling and decaying trees 

 should not be worked for a sustained yield. 



It should never be forgotten that there is a vast difference between the 

 term " merchantable trees," and the term "mature trees." Merchantable 

 trees are very often far from being mature; and mature trees have often 

 ceased to be, or are not, merchantable. 



An equal annual yield offers to the lumberjack the advantage of equal 

 and steady employment in one and the same forest or at one and the same 

 mill. 



An equal annual yield offers to the owner approximatelv equal annual 

 dividends. 



Where no yield is obtainable for a long series of years, there the outlav 

 for taxes, protection and administration will accumulate at a rate deterring 

 the owner from any attempt at conservatism. 



The disadvantages of a sustained yield where it binds the forester in 

 iron chains, are: 



1. It is impossible to take advantage of boom prices. 



2. It is necessary to cut in years of panic. 



3. Trees without increment are left uncut; trees of good increment 



are cut where the yield is strictly sustained. Similarly, needful thinnings 



are often postponed; or in other cases, conducted with excessive severity. 

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