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 1/2 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.