— 19 — 



places, some of which remain unrevenged until this day. Is it surprising, 

 in these circumstances, that capital, nearly all of which is owned by for- 

 eigners, is very chary of investing in new undertakings in Mexico? It is 

 earnestly to be hoped that there will be an improvement in the situation 

 at an early date, so that the achievements of the Revolution, which has 

 cost so much in blood and treasure, may at length be turned to the true 

 advantage of the country. 



If an inference were drawn from the good harvests of the past few 

 seasons and from the extremely favourable sugar-prices, it would be fair 

 to prognosticate a thoroughly satisfactory state of business in Cuba. 

 Unfortunately this would be a false conclusion, for all hopes are dis- 

 appointed by the fatal political troubles, which appear to have no end. 

 Recent minor revolutionary risings have all been suppressed in good time, 

 but a much more serious political conflict has now arisen. The veterans 

 of the revolution of 1897 have made of the Government a demand which 

 it cannot possibly grant; that is to say, the filling of all official posts by 

 their partisans. How serious is the state of affairs may be gathered from 

 the fact that the United States have already held out an emphatic threat 

 of interfering for the third time — which would probably be the last. 

 For the moment everything appears to be quiet again, but the fire con- 

 tinues to smoulder beneath the ashes, and is likely to break out with 

 renewed intensity before long. Added to this there is universal dis- 

 satisfaction with the government of General Gomez. 



A good idea of the economic position of Brazil (a country which takes 

 the first rank among the South American markets for our manufactures, 

 especially as regards artificial odoriferous substances), may be gathered from 

 the annual report of the Deutsche Ueberseeische Bank. It is there stated 

 that the Northern parts of the Republic, which are largely dependent upon 

 the export of rubber, have suffered so severely from the fall in rubber- 

 prices that the Government has been compelled to have recourse to ex- 

 ceptional measures (such as the abolition of customs duties on all tools 

 and materials used in the collection and cultivation of rubber), for re- 

 lieving the at times critical situation of those who are connected with the 

 rubber-trade and -industry. On the other hand those parts of the country 

 which are interested in coffee-growing, especially the State of Sao Paulo, 

 have been brilliantly prosperous. Hence the falling- off in the rubber- 

 exports has been counterbalanced by the increased value of the coffee- 

 shipments and it is therefore probable that the commercial balance of 

 Brazil will show a considerable excess of exports over imports for the 

 year 1911. The statistical returns for the first 9 months of the year 1911, 

 compared with the same period of 1910, show the following result: — 



Exports Imports 



1 st January to 30^ September 1911 . . £ 43 531 157 £ 38 662 620 

 1 st „ „ 30 th „ 1910 ;. i £ 44 567 555 £ 34 088 068 



2* 



