April 1, 1903.] THE TROPICAL 
AGRICULTURIST. 
685 
for unskilled lalror are 25 per cent in advance of 
the farm hand in tlie Visayan island?--. No provi 
sion is made for management or supervision, as the 
Owner will, it is assumed, act as manager. 
Charges to capital account are given for the 
second, third and fourth year, but no current ex- 
penses are given, for other crops are to defray 
operating expenses until the cacao trees begin to 
bear. No fst'iiiate of residence is ^iven. Ail ac- 
counts are in United States currency. 
EXPENDABLE THE FIUST YEAR. 
Capital account : — 
Clear'ng of average brush and timber land 
at $1.'5 per hecfare 
Four carabaos, plows, harrows, culti- 
vators, carts, etc. 
Breaking and preparing land, at $o per 
hectare 
Opening main drainage canals, at S6 per 
hectare 
Tool house and storeroom 
Purchase and planting 10,000 abaca 
stools, at 2 cents eacli 
Seed purchase, rearing and planting 
12,000 cacao, at 3 cents each 
Contingent and incidental 
$340.00 
550.00 
80.00 
gfi.OO 
200.00 
200.00 
360.00 
174.00 
Total 
SECOND YEAR. 
Interest on investment 
Depreciation on tools, buildings and 
animals (20 per cent of cost) 
THIRD YEAE. 
Interest on investment 
Depreciation as above 
FOURTH YEAR. 
Interest on investment 
Depreciation as above 
Building of drying house and sweat 
boxes, capacity 20,000 kilos 
... 2,000.00 
... 200.00 
... 150.00 
350.00 
... 200.00 
... 150.00 
350-00 
200,00 
150.00 
4,50.00 
800.00 
3,500.00 
Total capital investment 
FIFTH YEAR. 
Income account -. — 
From 11,680 cacao trees, 300 grams cacao 
each, equrds 3,500 kilos, at 48 cents... 1,680.00 
Expense account : — 
Fixed interest and depreciation charges 
on investment ot ?53,50'i ... 350.00 
Taxes 1^ per cent on a one-third volua- 
tion basis of !5250 per hectare ... 60.00 
Cultivating, pruning, etc., at So 50 per 
hectare ' ... 88.00 
Fertilising, at S8 per hectare ... G6 00 
Harvesting, curing, packing 3,500 kilos 
cacao, at 10 cents per kilo .. 350,00 
Contingent .. Sfi,00 
.SIXTH YEAR. 
Income account : — 
From 11,680 cacao trees, at 500 gram« 
cacao each, equals 5,840 kilos, at 48 
cents ... .. 2,803,20 
Expense account : — 
Fixed interest and depreciation charges 
as above . ... 350 00 
T-.xes as above ... 6^00 
Cultivating, etc as above .. 88.00 
Fertili.sing, at $8 per hectare ... 128.00 
Hai'vestin^?, etc., 5,840 kilns cacao, ac 
10 cent>: per kilo ... 584.01 
Contingent ... .. 93 20 
1,.303.20 
Credit balance ... 1,-500,00 
SEVENTH YEAR. 
Income account : — 
From 11,680 cacao trees, at 750 grams 
cacao each, eq^uals 8,760 kilos, at 48 
cents 
.. 4.204.80 
Expense account : — 
Fixed interest charges as above 
.950.00 
Taxes as above 
60.00 
Cultivating, etc., as above 
88.00 
Fertilising, at $10 per hectare 
... 160.00 
Harvest, etc., of 8,760 kilos of cacao. 
at 
10 cents per kilo 
... 876.00 
Contingent 
170.80 
1,704.80 
Credit balance 
... 2,500.00 
Credit balance 
1,0.30.00 
650.00 
EIGHTH YEAE. 
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 
Fertilising, at S12.,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 ... 7,003.00 
Expense account :— 
Fixed interest charges as above ... 350.00 
Taxes at 1^ percent on one-third valua- 
tion of $.500 per hectare ... 120.00 
Cultivating, etc., as above ... 88.00 
Fertilising, at §15 per lipctare ... 240.C0 
Hai vesting, etc., of 14.600 kilos of cacao 
at 10 cents per kilo ... 1,460.00 
Contingent ... 250,00 
Credit balance ... 4]500.00 
In the tenth year there should he no increase in 
taxes or fertilisers, and a s'ight increase in yie'd, 
sufficient to brino' the net prdfils of the esiate to : lie 
approximate anioiiut of $5,000. This would amount 
to a dividend of rather more than ?312 per hectare, 
or its equivalent of about S126 per acre. 
