— 75 — 



year's crop does not amount to more than one half of an average 

 result. Such a small yield has not been recorded for 20 years. The 

 bulk of the 1904 distillation has already been sold, and that at prices 

 which are about 20 °/ higher than those of 1903. 



The quality of this year's Mitcham oil is good. 



Under these circumstances the prices were bound to advance, and 

 they will have to be raised further, as soon as our cheaper stock 

 remaining over from 1903 has been sold out. 



Peppermint Oil, Japanese. The high prices obtained last 

 year have led to an important increase in the cultivation of pepper- 

 mint in Jthe principal Japanese districts, to such an extent that the total 

 production of the first crop in the Bingo-Bitchin district alone is said 

 to have reached the phenomenal amount of 300000 catties, or about 

 200000 kilos. The first crop in the Yonezawa districts, which comes 

 a little later, is estimated at 120000 catties, or about 72000 kilos, 

 and the total production of Japan during this season, in view of a second 

 and third crop, may possibly be estimated too low at half a million 

 catties, or 300000 kilos. 



In face of such figures all efforts made by the Japanese to keep 

 up the prices proved to be unsuccessful, and towards the middle of 

 August the early signs became apparent of the collapse which occurred 

 early in September. The price of crystals, which in the autumn of 

 1903 was about 18/-, fell in the course of a few weeks to 9/-, and 

 that of dementholised liquid oil from 5/9 to 4/-. 



We must wait and see whether a further decline will take place. 

 In view of the upward tendency in American oil this can hardly be 

 expected, for there will undoubtedly again be a strong demand for 

 Japanese oil from America. 



The total shipments of peppermint oil, liquid and in crystals, 

 during the first 6 months of this year, were: — 



om Yokohama: 



crystals 



liquid oil 



to London 



279 cases 



228 cases 



„ New York 



102 



13 



„ Paris 

 „ Hamburg 

 „ Bombay 

 „ Calcutta 



16 % » 

 263V2 » 



156V2 » 

 17 



224V2 

 39-72 



> 

 > 



y 

 9 



„ Hongkong 

 „ San Francisco 



16 



3 

 10 



j 



„ Samarang 



V 



15 



f 



Total from Yokohama 8 5 o 1 ^ rases 542 1 / 2 cases 



