valign="top">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 1½ 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 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 reasonable 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.

Mr. Rousselot places the yield on the French Congo at the same figure. In the Caroline Islands it reaches 5 pounds and in Surinam, according to M. Nichols, the average at maturity is 6½ pounds. In Mindanao, I have been told, but do not vouch for the report, of more than ten “catties” taken in one year from a single tree; and, as there are well-authenticated instances of record, of single trees having yielded as much as 30 pounds, I am not prepared to altogether discredit the Mindanao story.

The difference, however, between good returns and enormous profits arising from cacao growing in the Philippines will be determined by the amount of knowledge, experience, and energy that the planter is capable of bringing to bear upon the culture in question.