COCONUTS AS AN INVESTMENT 183 



the industry was placed upon a permanent and 

 profitable basis, such as it never could have attained 

 under the old regime, the first to derive substantial 

 benefit from the change being the native himself. 

 Colossal profits were returned to those who, to use 

 an expressive Stock Exchange simile, " got in on 

 the ground floor," and then came the boom. 

 Thousands who had neglected their real oppor- 

 tunities rushed headlong into the market hoping 

 they were not too late to secure a share of the 

 spoils ; anything and everything in the shape of a 

 rubber share was bought regardless of individual 

 worth, and prices rocketted upwards in a fashion 

 that still further dazzled the procrastinators. 

 When the boom was at its height anything that 

 bore the name of rubber was good enough for the 

 public, and all sorts of propositions that in normal 

 circumstances would never have seen the light of 

 day were brought forward for the edification of the 

 investor, who eventually found that he had burned 

 his fingers rather badly. Then followed the inevit- 

 able reaction and heavy losses were incurred all 

 round before the market receded to its normal level. 

 That, of course, is what happens in every boom, 

 and it is by no means improbable that history will 

 repeat itself in the case of coconuts. As we have 

 said, the position to-day is very similar to that 

 which preceded the development of the rubber 

 industry, and huge profits will undoubtedly be the 



