22 



COCONUTS, KERNELS, AND CACAO. 



revenue, expenditure, and profit from copra alone from 

 500 acres in Malabar. Capital outlay, 4,000 : 



Valuation has always been taken as seven years ' 

 purchase of the estimated profits, and a fair investment 

 valuation may be taken as ten years." purchase of esti- 

 mated profits, as there is not the same fluctuation in 

 the price of copra as there has been in rubber. 



In some parts of the world coconut estates are many 

 but small, and in different hands. The question of 

 co-operative milling has, therefore, arisen. In this con- 

 nection it may be said that it is estimated a minimum of 

 7,200 tons of copra per year, or 14,000 acres of coconuts 

 in bearing, would be required to justify the erection of a 

 co-operative mill. After 8 per cent, had been set aside 

 for interest to shareholders and fair depreciation allowed 

 on machinery, the profit accruing would be divided 

 amongst the contributing estates according to the 

 quantity of copra delivered. 



