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prevailing in that harbour, to which we have referred at length on a 

 previous occasion; for the present the piratic depredations continue to 

 flourish unchecked. In Peru it is said that a new Customs Tariff is in 

 project, in which a general reduction of the duties is contemplated. It is 

 hoped by this means to increase the imports and consequently the Customs 

 revenue, and thereby to obtain cover for a loan which is to be floated 

 shortly in Europe. Considering the somewhat limited consuming power 

 of Peru, however, it appears at present very doubtful indeed whether this 

 object is likely to be attained. So far as imported articles are concerned 

 the Peruvian market possesses few consumers who have much capital at 

 their disposal; the great majority of the population outside the towns 

 consisting of the Indians in the interior, whose requirements of imported 

 goods are notoriously small. 



The state of affairs in Mexico has again developed in the most satis- 

 factory manner, and to all appearance the sequels of the natural cata- 

 strophes of last year have been surmounted. The Republic, which has 

 attained its present prosperity under the clear-headed guidance of its 

 octogenarian President, is celebrating this year the centenary of its de- 

 claration of independence, and the active participation of all nations, and 

 especially of Germany, in these festivities is a proof of the friendly re- 

 lations which exist with this important market, in the supplying of which 

 we have for many decades taken a notable share. Indisputable evidence 

 of the continued business development in Mexico is to be found in the 

 information which has recently been published in regard to the Customs 

 revenues of the now completed fiscal year 1909—1910. According to these 

 returns the receipts from this source amounted to 49000000 Pesos, or 

 nearly 10000000 Pesos more than in the preceding year, and almost 

 6000000 Pesos more than the Budget-estimate for the year in question. 



Our trade has been extraordinarily brisk with Brazil, a country which 

 in the course of the last few years has steadily increased in importance 

 as a consumer of essential oils and artificial perfumes. In Brazil also 

 the knowledge of differences in quality has steadily grown and here, too, 

 our brand is the most in demand. Generally speaking, also, German- 

 Brazilian commercial relations have developed in a most gratifying manner. 

 In the year 1908 the value of German exports to Brazil was 84400000 c4i\ 

 last year it rose to 91800000 o4i and the first half of the present year is 

 said to denote a considerable excess. Ocular evidence of the cordial re- 

 lations between the two countries has recently been given by the visit of 

 the new President of Brazil to Germany, and the hope is no doubt justified 

 that German trade will also profit by this journey of inquiry. 



In Japan we have continued to reap considerable results. Business 

 in that country may be described as in a very healthy condition, 

 although for the sake of its development it is greatly to be desired that 



