The term Forest Valuation, applied to this volume, covers only a portion of the subject of Forest Finance, which is usually separated into two parts, termed, respectively, Valuation and Statics. Valuation deals with the determination of the value of standing timber, both mature and immature, and of forest soil, and the forest as a whole. Forest Statics deals with the comparison of financial results obtained in forestry with those yielded by other enterprises, and compares the relative merits of different methods of treating the forest. This subject is discussed in Chapter VIII. Since Forest Valuation includes the greater portion of the text, and this term is more familiar to American foresters, it has been adopted as the title, in place of the more comprehensive term. Forest Finance.
The literature of Forest Finance is largely of German origin, and has been developed in the latter half of the nineteenth century, by numerous German and French authorities. The standard English text is found in "Forest Management," by Sir William Schlich, Vol. III, Part II, Forest Valuation. This author follows the continental treatment of the subject. In 1909, a pamphlet on "Forest Finance" was published by C. A. Schenck, Ph.D., Forester to the Biltmore estate,! which gives a synopsis or outline of a series of lectures on the subject. Dr. Schencks treatment is thoroughly American and contains valuable suggestions for the advanced student of Forest Finance.