Another Building Record

San Francisco spent $1059,971 more in new construction work during the fi}st six months of 1925 than during the corresponding period of last year, according to a compilation just announced by the Information Bureau of the Chamber of Commerce. Expenditures involved in new buildings during the first half of this year amounted to $27,2I7,64l-as compared with $26,157,67O from January to June, 1924.

The Chamber's compilation also shows a gain of.Zfi-permits during the same period, there having been-issued-5,647 permits to" date this year as compared with 5,391 during the corresponding period of last year.

Constitutional Amendment

At the next general election California will vote on the proposed adoption of an amendment to the state constitution^ which would provide for tax exemption of certain trees, including "all lmmature forest trees which have been planted on lanls hot previously bearing merchantable timLer, or planted or of nltural growth, uPon lands from which the meichantable original growth timber stand to the extent of seventy per c-nt of all trees over sixteen inches in diameter has been removed." A proviso is added stating that "forest trees or timber shall be considered mature for the purpose of this act at such time, after forty years from the ilmi of planting or removal of the original timber."

MICHIGAN; Yield Tax-Michigan passed what is considered to be an improved yield tax measure. By some it is considered excellent and adequate, by others as inadequate and probabty futile. Private lands, upon application by the owner to the Department of Conservation, may be ilassified as commercial forest reserves. Such lands are not, thereafter, subject to the ad valorem general property tax, but shall be subject to an annual specific tax of 5 cents per acre on pine lands, 1O cents per acre on hardwood lands, and a 25 per cent yield tax based on the stumpage value at the time of cutting' The State aids the countGs in which classified land is located by'giving to each countv annually a warrant on the State Treasurer for an n-ouilt equal tb 5 cents per acre for all lands so classified.

Uses Editorial

Mr. T. H. Edwards, Vice President of the Northwestern Mutual Fire Association, in a recent letter to all field men of his company, used the text of Mr. Dionne's editorial, "About Being a Good Salesman But a Poor Collector."

Mr. Edwards commented on the piece, saying that the idea is keen and true. He said that collections are just as essential as sales, in any line of business, and urged men in his organization to make special effort to so train themselves.