it with other investments having less disadvantages. For example,
since conditions which discourage the growing of new competing
forests tend for this very reason to enhance the value of existing
forests, he might invest further in the latter instead, with equal
ultimate profit and with easier access to his money at any time.

8. Consequently the growing of timber is promising to the private
owner only when the investment can be borne easily. Since it has
three forms--land value, fire protection, and taxation--all must
be moderate or, if one or more is high, the rest must be low.

9. With the fire hazard great at present, and taxation so uncertain
as to require allowing for its being excessive, the initial investment
must be insignificant.

10. This confines it to land of low sale value and precludes much
expense to insure the second crop.

11. To secure the perpetuation of forests on the scale essential
to public welfare, the public must provide the private owner better
fire protection and an equitable taxation system. _Or else it must
purchase sufficient cut-over land and engage in forestry itself,
bearing the cost and taking the risk._

12. Nevertheless there are several practical exceptions to the somewhat
unfavorable situation theoretically outlined above:

(a) Many owners are warranted in holding cut-over land for some
time, if not indefinitely, because of the upward trend of land
values generally. Unless clearly most useful for agriculture, such