28 BULLETIN 63S, U. S. BEPAET3.IEXT OF AGEICULIUEE. 



charge and carrying charges, and at the same time to yield a satisfac- 

 tory return on the investment. With stumpage prices at their present 

 level, however, and rising only comparatively slowly, it is doubtful 

 whether this will continue to be true — certainly not to the extent 

 that it has been in the past. 



When forestry is practiced, however, the timber owner not only 

 profits from any rise in stumpage value that may occur, but by keep- 

 ing his forest continuously productive he avoids any depletion charge 

 and provides a young, growing stand to meet carrying charges and to 

 yield a return on the investment. To illustrate by a single example, 

 an overmature stand of Douglas fir may produce a net growth of 

 from to 50, or at most 100, board feet per acre per year, while a 

 young, well-stocked stand of the same species may yield approxi- 

 mately 800 board feet per acre per year up to 100 years of age. This 

 means that on every acre that is cut over and reproduced to young 

 growth, the annual wood production is at least eight times as great 

 as it was before. As the cutting proceeds the amount of young 

 growth increases steadily, until finally the virgin timber is replaced 

 entirely by growing trees of all ages from one year to maturity. 

 These have an annual productive capacity 700 per cent greater than 

 that of the original stand and are therefore more capable of paying 

 their own way and of yielding a permanent return on the invest- 

 ment. The establishment of the new crop will, of course, ordinarily 

 co-t something; but if this is done by means of natural reproduction 

 at the time the original stand is removed, the expense need not he 

 great. The time has now come when the practice of forestry will 

 benefit not only the community, but also the industry itself. 



STAEILITY OF POLICY. 



Stability of policy is vital to the practice of forestry. The produc- 

 tion of timber is a long-time process, and as such demands foresight 

 and continuity of management. Carefully prepared plans extending 

 many decades into the future must be worked out in order to make it 

 possible to secure the same yield year after year from any given 

 forest. Plans for different forests will naturally vary more or less, 

 according to the character of the forest, economic conditions, and the 

 wishes of the owners, but all must have the common characteristic of 

 assuming that the general polic} T on which they are based will be 

 adhered to. Natural causes, such as fire, wind, insects, and fungi, 

 will ordinarily interfere seriously enough with the carrying out of 

 any plan without subjecting it to the additional handicap of a vacil- 

 lating policy. From the standpoint of the technical forester a con- 

 stantly shifting policy is almost as fatal to the practice of forestry as 

 no policy at all. 



