FOREST MANAGEMENT. 33 I 



12. Surveys, maps, working plans. 



13. Ranger houses, workmen's houses, lumber camps. 



14. Nurseries. 



15. Silvicultural improvements. 



16. Capital set aside to defray taxes, protection, administration 



and other current expenses. 



In the case of well-stocked virgin woods, the aggregate final investment 

 is likelv to be lower than the original purchase price of the forest, when 

 the virgin forest contains a surplus of mature timber exceeding in value 

 the expense required for the establishment of the essential artificial 

 components. 



In the American forests, after the usual lumbering operations, very 

 little is left of the natural components; as a consequence, relatively heavy 

 additional investments are required (as a rule without a chance of deriving 

 immediate revenue) in order to make the aggregate, in time to come, a 

 permanent source of revenue. 



The conclusion is simple : Unless the owner, before he begins to operate 

 primeval woods, decides to embark in conservative forestry, the chances 

 are slim that he will ever embark in it. 



In German working plans the necessity of ascertaining the most 

 opportune amount of capital to be invested in forestry is invariably over- 

 looked. The explanation lies in the following: 



1. The value of the growing timber and of the soil comprises, say 

 ninety-five per cent, of the investments. 



2. The means of transportation are already at hand, developed at a 

 time at which financial considerations were not made in forestry. 



The "period of installation" should cover as many years as are 

 required to obtain the proper total and the proper composition of the 

 forestal investment. 



It is unfortunate that the period of installation in conservative for- 

 estry must comprise a number of years; whilst other investments (e. g., a 



liver}-) can be fully installed in the course of a few weeks or a few months. 

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