u — %r 



The exports of United States' manufactures in the same department 

 of industry were as follows: — 



1911 $ 1009 359.— 



1910 „ 824 460.— 



1909 „ 683 253.— 



1908 „ 620 230.— 



1907 „ 604 822.— 



The steady progress made, as well as the rising exports, are clearly 

 shown by these figures, in spite of the fact that the imports still exceed 

 the exports to a considerable extent. 



The principal customer of United States' perfumery in 1911 was 



Canada with $ 203 648 — 



After her came : The Philippines „ „ 40 896. — 



Panama „ „ 37410 — 



Australia and Tasmania „ „ 31 774. — 



Cuba „ „ 31 624.— 



Mexico „ „ 22 496 — 



Jamaica „ „ 15 483.— 



Canary Islands „ „ 12 251. — 



Honduras „ „ 11 510. — 



Nicaragua „ „ 11 398.— 



Egypt „ „ 11202.— 



In Canada also business has been very satisfactory and the efforts 

 of our New York branch to gain faithful customers for our manufactures 

 in that country have been attended with gratifying success. The share 

 of Germany in the Canadian imports in the financial year 1911/12 (up to 

 February 29 th , 1912) amounted to 11 million dollars, as compared with 

 10 million dollars in the year 1910/11. 



Unfortunately, business with Mexico is still suffering from the 

 notorious insecurity of the internal conditions of that country, and although 

 it is certain that the state of affairs is slowly improving, a considerable 

 time must elapse before the wounds inflicted by the revolution are healed. 

 The revolutionaries possess neither money nor credit, or even sufficient 

 ammunition, and since they abandoned the task of meeting the Government 

 troops in the open field their cause is generally regarded as practically 

 lost. The guerilla -warfare projected by Orozco is certain to provoke V 

 want of discipline and discontent in the ranks of the fanatics, whose fate 

 should then be sealed quickly. After the last two fights Argumedo and 

 Murillo still disposed of a force of about 1500 men, but it is thought that 

 since then many have deserted their leaders owing to lack of provisions 

 and ammunition. On the West Coast a few small bands have been dis- 

 persed by the Government troops; in the South alone the Zapatists are still 

 making mischief, but these, too, are being pursued energetically. The 

 consequences of the revolution are clearly expressed in the unfavourable 



