330 REPORT OF THE FOREST, FISH AND GAME COMMISSIONER. 



ness is never overtaxed, and all of its investments allow of being insured. 

 There is, probably, many a livery in the United States whose owner is 

 " falling behind," — usually because his investments are wrongly balanced 

 or because the site of his business is wrongly selected. Still, it would be 

 wrong to conclude that a livery business is generally a poor business. 



Properly arranged within, properly arranged without; properly insured 

 against accidents a business must be remunerative. 



Applying this logic to conservative lumbering as a business it is safe 

 to state that it must be remunerative. 



A. Where its components are properly balanced. 



B. Where an economic site is obtainable for its conduct. 



ad. A: The components of a business investment in conservative forestry 

 are partly derived from nature (natural gifts, natural powers) 

 and partly made by man. The natural components are usually 

 at hand in primeval forests, — which does not mean to say that 

 they are at hand in proper amounts. The components made 

 by man are added to those made by nature and consist, above 

 all, in investments permanently employed for forest utilization. 

 Thus the aggregate investments in conservative forestry may consist 



of all of the following components — whilst only No. i, No. 2, No. 8, No. 11 



and No. 12 are considered essential: 



(a) Natural components : 



1. Soil. 



2. Trees. 



3. Fish and game. 



4. Minerals. 



5. Water power. 



(b) Semi-natural components: 



6. Pastures. 



7. Farms and orchards. 



(c) Artificial components: 



8. Permanent means of transportation. 



9. Logging appliances. 



10. Industrial establishments. 



11. Means to prevent and to subdue forest fires. 



