35 



Medicinal Plants. 



exclusive of import duties, if any; and for Hong Kong, 102.378 yen. For crude 

 camphor 99.702 yen was to be the price abroad. The Government was to receive 

 from the selling agent 85 yen per picul for the crude and 94.323 yen per picul 

 for the ' A ' grade. 



"Appeal, to the Monopoly. — When the monopoly in Formosa was created 

 the camphor industry in Japan had almost ceased to exist, as the trees easily 

 available had been exhausted. With the advance J prices set by the monopoly 

 the manufacturers in Japan found that they could produce camphor from the 

 trees, even though difficult of access, sell it at prices considerably under those 

 of the monopoly, and still realize a good profit, so that the industry there quickly 

 revived. The annual production, which in 1899 amounted to but 1,416,269 pounds, 

 was increased to 2,199,175 pounds in 1900, to 2,669,292 pounds in 1901, and to 

 3,396,908 pounds in 1902. Moreover, at the time of the enforcement of the monopoly 

 large stocks of camphor were held in Formosa by private persons, with the dis- 

 posal of which the Government did not interfere. While Japan's production was 

 capable of supplying but a portion of the world's demand, the selling agent 

 found that it would be impossible to maintain the monopoly's original prices 

 and dispose of the whole of the amount stated in their contract. The monopoly 

 Avas therefore appealed to for a rearrangement of the terms of sale, which was 

 granted. This was in the latter part of 1901. In the meantime the selling agent 

 had acquired large stocks. As the Formosa government had depended upon the 

 profits of the camphor monopoly for a part of its revenue, it was necessary 

 that some steps should be taken to relieve tlie situation, and with this in view 

 a bill emanating from this Government was submitted to the Imperial Diet in 

 1902, the object of which was to give the monopoly bureau of Formosa an 

 indirect control over the production and price of the Japanese article. Owing 

 to a technicality the bill did not pass that Diet, but it was plain that soma such 

 bill would be passed at its next session. During the season of 1901-2 there was 

 a large production in Japan. The monopoly's prices were forced downward until in 

 June and July crude camphor was sold abroad at 135 shillings per hundredweight 

 (112 pounds), but by August 1 most of the Japanese production had been exported. 

 From that date the monopoly was enabled to raise its prices, and by the end of the 

 year crude camphor stood at 160 shillings abroad. The bureau had during that year 

 reduced its receipts from the manufacturers to nearly 1,200,000 pounds less than 

 those of the preceding year. The next season's (1902-3) production in Japan again 

 forced the monopoly's prices downward. In July, 1903, it delivered crude camphor 

 abroad at 150 shillings. In the meantime the 1903 session of the Imperial Diet had 

 passed a bill placing the industry in Japan under Government monopoly, Avhich was 

 to be enforced from November 1 of that year, and as the largest part of the Japan- 

 ese production had been disposed of by August, the monopoly's price for crude deli- 

 vered abroad was raised to 155 shillings per hundredweight during that mouth. 

 In March of 1901 the price advanced to 162 shillings 6 pence ; in September to 

 166 shillings, and in April, 1905, to 175 shillings, where it stands at present. While 

 the camphor bureau in Japan is independent of the bureau in Formosa, they both 

 exist under one law, and the prices and production are regulated in unison. 



"Production and Exportation.— In the summer of 1902 some of the im- 

 porters of camphor in Europe and America evidently perceived the course that 

 the conditions were shaping and undertook to increase their stocks. The exports of 

 camphor from Formosa and Japan in 1901 amounted to but 6,717,319 pounds ; in 

 1902 they amounted to 9,328,3S8 pounds ; in 1903 to 8,965,568 pounds. In the latter part 

 of 1903 the stocks held by the selling agent had become exhausted, and from that 

 time the demand for crude camphor was compelled to depend for its supply upon 

 the immediate production, which for 1901 was considerably less than the estimates. 



