timber industries are matters of balance and em- 
phasis—a balance of manufacturing capacity with 
sustained-yield capacity of the forest: emphasis on 
timber as a crop rather than a resource to exploit. 
In general, the timber industries have been organ- 
ized, financed, and operated solely to convert 
standing timber into other forms of wealth. Since 
the profit, often chiefly in stumpage value, was 
realized by the conversion, and the owners until 
recently had no part in the growing, those who had 
806034°—49 —6 
Forests and National Prosperity 
access to market generally liquidated as fast as they 
could. Usually this meant taking only the best 
trees of the favored species and waste of much more 
than was used. Often the result was “boom and 
bust” for dependent communities. For perman- 
ence and stability, the timber industries should be 
geared to the productivity of the forest and designed 
to make full economic use of all that grows on the 
land. They should give more attention to timber 
growing. ; 
61 
