RECAPITULATION. 181 
trebled, and the acrim raised to nearly 200. The forest would pass 
from the ‘‘coppice-under-standard ’’ type to that of a regular high 
forest futaze in even-aged compartments. This is an operation that has 
been going on in French forests for over a century, When completed it 
will raise the productiveness of French forests to a level with German 
forests, though it will lower the forest interest-rate earned. See an 
interesting account of two French forests now under conversion treatment 
—Chaux and Faye de la Montrond, in the Jura Mountains—by H. R. 
MacMillan, the well-known Canadian forester, in Forestry Quarterly 
for December, 1916. The forest of Chaux was divided into compartments 
as tar back as 1724, and the gradual conversion to high forest (futaze) 
began in 1766. 
Iinance.—THE BALANCE-SHEET. 
With the above data it has not been difficult to draw up a general 
balance-sheet of revenue and expenditure for a normal New Zealand 
forest, taking European figures for the cost of work increased to corre- 
spond with New Zealand rates of wages. The figures given in the balance- 
sheet (p. 95) are the basis on which stand the various proposals for 
forestry in New Zealand made in this report. 
Revenue.—In most classes of New Zealand timbers—in Kauri abso- 
lutely—prices have doubled during the last fifteen years. The balance- 
sheet assumes that in 100 years from now timber-prices will have again 
doubled. This estimate may be too much for second-class timbers such 
as White-pine and Insignis-pine, but there is little doubt of its being 
realized in the case of first-class timber such as Kauri. The general 
timber-yield figure (acrim) for the normal forest has been assumed at 
100 cub, ft. q.g. But there is no doubt that, though it may be no more 
than this at first, the final definite figure will be nearer 200 cubic feet, 
Thus three values—a maximum, a minimum, and a mean value— 
can be taken for the future revenue per acre of a normal Kauri forest. 

Forest-revenue Estimates. Net, per 
: : ; ; : Acre per 
Mean value (adopted in this report), assuming a doubling of Year, 
present timber-prices in 100 years, together with a vield ¢ 5, a 
figure (acrim) of 100 cub. ft. a be .. 1016 O 
Minimum value, assuming no rise in price anda 100 acrim... 5 16 O 
Maximum value, assuming double present prices and a 200 
acrim ah rv Aig y he an ee Mee 
In this report I have adopted the mean value (p. 98), but there is no 
doubt that future generations may look forward with confidence to a 
realization gradually approaching the maximum value. The revenue 
from the present standing timber and thinnings up to 100 years from. 
now will depend naturally on the class of timber and prevailing “age. 
I have attempted a rough generalization in the balance-sheet. 
Forest-revenue figures from Europe and other countries are olven 
for comparison. ‘Thus, in the well-known Black Forest on the Rhine 
I saw in 1913 small areas of forest with an average net revenue of over 
£5* per acre per year. Comparing these forests with their climates and 
timber-prices, the advantages are all on the side of New Zealand. 


* Whole forests have net yearly revenues averaging over £3 peracre Thus Pfalzgra- 
fenweiler (part of Black Forest), 7,000 acres, at average altitude of 2.000 ft., with 71 miles 
of roads (of which 45 are metalled)—£3 10s. 7d. Farther south (Jura Mountains). in the 
latitude of Dunedin, a French forest of Silver-fir and Spruce, with similar roads—La. 
Forét de Levier—£3 3s. 
