FOREST MANAGEMENT. 341 



forester great freedom of action. Raess realizes the financial mistakes due 

 to a strictly sustained timber yield, and finds, on the other hand, that a 

 sustained money yield is a necessity for the proper balance of annual budgets 

 in case of wood-owning families, communities, or states. 



Like Judeich. he treats every piece of the forest according to its financial 

 merits. If the revenue thus obtained exceeds the normal revenue, when the 

 excess is placed in a bank and left over for lean years, etc, The normal 

 revenue is that which brings the normal indicating percentage on the capital 

 value of the forest. Normal growing stock and age gradation are discarded. 

 Periodic stock-taking, not of timber but of values, forms part of the working 

 plan. Over-cutting as well as under-cutting is thus prevented. The enor- 

 mous amount of bookkeeping required has prevented the introduction of 

 this method in the German practice. 



vkl)encl$ Aet^od 



Schenck foots on the belief that forestry is business; and, enlarging 

 upon this truism, that forestry is at its best when it pays best. 



Schenck's working plans do not advocate conservative forestry; they 

 advocate destructive forestry whenever the destruction of the trees promises 

 the best financial results ; they advocate conservatism — to a lesser or 

 higher degree — where conservative management seems to be the most 

 productive of dividends ; they advocate a policy of patient waiting whenever 

 it recommends itself financially. 



Schenck's working plans are, consequently, according to the exigencies 

 of the situation and of the owner: 



either merely plans of silvicultural development; 



or merely plans of forest protection ; 



or merely plans of utilization ; 



or plans combining silvicultural advice with a distinct plan of lumbering 

 and forest protection. 



Schenck's working plans are characterized by the following: 



1. After revising in detail the investments existing in the forest, 

 Schenck shows the most opportune level to which the various components 



