— 15 — 



cularly good. Assuming that there should be no plague of locusts this 

 season, last year's loss may be expected to be made good. 



There has not been much change since our last Report in the con- 

 dition of trade in Cuba. It is to be hoped that the coming sugar-crop 

 will be as abundant as were the last two, for in that case the planters, 

 given the present high prices of beet-sugar, will do splendidly and should 

 gather fresh courage to invest their capital in their own country. 



Mexico has passed through exciting times during the last half-year. 

 Commencing in the Northernmost districts, the Revolution gradually spread 

 over the entire country and it soon became evident that the Government 

 lacked the necessary strength to hold the movement permanently in check. 

 Streams of new adherents from all quarters ranged themselves under the 

 banner of General Madero, and before long he was at the gates of the 

 capital. President Porfirio Diaz, recognising ere long that his position 

 was untenable, abdicated and retired to Europe. But now all sorts of 

 troubles have made their appearance, and for the present peace is hardly 

 to be thought of. The Presidential elections are to be held in October 

 and it is to be wished that the reins of government will then fall to an 

 energetic and firm personality, and that an end will then be put to the 

 conditions now prevailing, for in the alternative commerce will soon suffer 

 a decided set-back, which it has so far almost escaped. 



The condition of business in Brazil during the past half-year, both 

 generally and so far as concerns the demand for the articles in which 

 we are specially interested, may be said to have been quite satisfactory. 

 The rate of exchange shows a further improvement, and the industries of 

 the country, protected by a clear-sighted fiscal policy, are making gratifying 

 progress. Increased interest has recently been shown in railway-extension 

 schemes, as a result of which immeasurably rich regions will shortly be 

 opened up, when it will be possible for the native industry gradually to 

 extend its field further into the interior. It is obvious that the opening 

 of new districts to civilisation will cause a fresh stream of immigration 

 into the country, and the Brazilian Government is doing its utmost to 

 attract settlers from Europe. The cultivation of corn and of rice is being 

 steadily and successfully extended, and by degrees the Brazilians are be- 

 coming independent of the River Plate for their supplies of flour. According 

 to the Brazilian Review the value of the total exports from Brazil in the 

 first half of 1911 amounted to €25147565, as compared with £ 25013030 

 in the corresponding period of 1910. In the same period the coffee-ship- 

 ments increased from £2895538 in 1910 to £11169083 in 1911, while 

 simultaneously there was some falling-off in the values of the exports of 

 other staple products, such as rubber, tobacco, and hides. 



In Chili also the economic conditions appear to be slowly shaping 

 towards an amelioration, and the recent noteworthy steadiness of the rate 

 of exchange seems to indicate that the industrial and commercial recovery 



