Introduction. 15 



Throughout the past half-year, trade in Cuba, owing to the impending Presidential 

 Election and its attendant political turmoil, has been exceedingly sluggish. To the 

 political excitement must be added the fact that the liqueur-manufacturers have had 

 fresh difficulties placed in their way by the enormous increase in the amount of cash- 

 security which must be lodged with the authorities who control the traffic in alcohol. 

 Now that President Gomez with his ruinous administration has gone into retirement, 

 high hopes are centred upon his successor, General Menocal, who enjoys an excellent 

 reputation. Unless these hopes should be disappointed, we may look forward to a 

 considerable improvement in business, for the sugar-crop will again be enormously 

 large; in fact, it is asserted that it will be the largest ever produced in the island. 

 The estimate is 1 200 000 tons. 



Mexico, an important consuming market, is notoriously passing through a crisis 

 of the most serious kind which can possibly befall a country. The hideous struggles 

 in the streets of the beautiful capital, costing as they did not only many human lives 

 but also causing enormous material waste, have filled the entire civilised world with 

 disgust, which was deepened by the murder of ex-President Madero with several of 

 his closest relatives and associates. It must be said, however, that some of the latter, 

 were highly unpopular. It is still extremely doubtful whether the new regime will be 

 able to re-establish peace in the country, and to regain the confidence of financial 

 circles. The future of Mexico, a country which was so flourishing and so rapidly 

 developing in the days of old Porfirio Diaz, and which then enjoyed general con- 

 fidence, is now exceedingly uncertain, and until the present Government has given 

 evidence of its ability to hold its own, foreign capital will assuredly maintain a most 

 reserved attitude. 



Once more we can only speak favourably with regard to our trade with Brazil. 

 It is true that the Brazilian soap- and perfume -industry is stated to be still in a 

 backward stage of development, inasmuch as at the present time it is only capable of 

 producing goods of ordinary quality, but we are nevertheless able to record with 

 satisfaction that the sale of those oils and aromatic substances of which the use is 

 restricted to the preparation of really good and of the finest perfumes, is likewise 

 rapidly on the increase. In Brazil, in common with all tropicai countries, strong per- 

 fumes are everywhere the most popular, and the requirements of the Republic of goods 

 in our branch are therefore very considerable. This notwithstanding, however, the 

 country will always remain a good customer for European scents in the put-up form, 

 of which France is the principal supplier. The United States, Spain, Germany, Belgium, 

 England, and Switzerland are also, however, participating in the imports. 



The general industrial advance of Brazil is shown in the fact that, according to 

 the latest statistics, the country already possesses 3254 factories and industrial under- 

 takings, employing an aggregate of 151841 hands. The capital invested in these under- 

 takings amounts to 665676000 milreis, that is to say to approximately 40 millions 

 Sterling ($ 200 million). Rio de Janeiro, the capital, has 670 factories, representing 

 a capital of 169989000 milreis and an annual output of the value of 232028 000 milreis. 

 The second place is taken by the city of Sao Paulo, with 326 factories, representing 

 a capital of 128 702000 milreis and an output of 118087 000 milreis. Rio Grande do 

 Sul occupies the third place. The most important industry is that of textiles, which 

 alone numbers 194 factories with a capital of 268170000 milreis. The principal pro- 

 ducts of this industry are coffee-bags and cotton-goods. 



That the future of Brazil is regarded in the most hopeful manner abroad is clearly 

 shown by the fact that the capital of foreign companies operating within the country 



