24 FARMERS' BULLETIN. 



Eighth year. 

 Income account: 



From 11,680 cacao trees, at 1 kilo cacao each, equals 



11, 680 kilos, at 48 cents $5, 606. 40 



Expense account: 



Fixed interest charges as above $350.00 



Taxes as above 60. 00 



Cultivating, etc., as above 88.00 



Fertilizing, at $12.50 per hectare 200. 00 



Harvest, etc., 11,680 kilos of cacao, at 10 cents per kilo__ 1, 168. 00 

 Contingent _ _ _ 240. 40 



2, 106. 40 



Credit balance 3, 500. 00 



Ninth year. 

 Income account: 



From 11,680 trees, at 2 "catties" or 1.25 kilos cacao 



% each, equals 14, 600 kilos, at 48 cents 7, 008. 00 



Expense account': 



Fixed interest charges as above $350. 00 



Taxes at 1^ per cent on a one- third valuation of $500 



per hectare 120.00 



Cultivation and pruning as above 88. 00 



Fertilizing, at $15 per hectare 240. 00 



Harvesting, etc., of 14,600 kilos of cacao, at 10 cents per 



kilo 1,460.00 



Contingent i 250.00 



2,508.00 



Credit balance ._ 4,500.00 



In the tenth year there should be no increase in taxes or fertilizers, and 

 .-a slight increase in yield, sufficient to bring the net profits of the estate to 

 the approximate amount of $5,000. This would amount to a dividend of 

 rather more than $312 per hectare, or its equivalent of about $126 per 

 acre. 



These tables further show original capitalization cost of nearly $90 per 

 acre, and from the ninth year annual operating expenses of rather more 

 than $60 per acre. 



It should be stated, however, that the operating expenses are based upon 

 .a systematic and scientific management of the estate ; while the returns or 

 income are based upon revenue from trees that are at the disadvantage of 

 being without culture of any kind, and, while I am of the opinion that the 

 original cost per acre of the plantation, nor its current operating expenses 

 may be much reduced below the figures given, I feel that there is a reason- 

 able certainty that the crop product may be materially increased beyond 

 the limit of two "catties." 



In Camerouns, Dr. Preuss, a close and well- trained observer, gives the\, 

 mean annual yield of trees of full-bearing age at 4.4 pounds. 



