- 98 - 
On animals the effect is different. We would specially refer to 
the surprising results obtained in this connection which are quoted on 
pages 135 and 136. 
Menthol. This article has also been carried along by the general 
upward movement of peppermint oil, and has been driven up to a level 
w^hich has not been known for years. For crude Japanese crystals the 
movement was as follows: — 
Cheapest quotation in July 1902, about 12/- per lb. 
„ August 
„ September 
„ October 
„ November 
„ December 
„ January 
„ February 
doubt high, but 
average 
These prices are no 
the highest which have 
In 1883 crude menthol 
1902, about 12/- 
14/6 
15/6 
17/6 
24/- 
25/- 
24/- 
22/- 
they are not by 
1903 
any means 
ever been quoted, as many people believe, 
was quoted as high as 37/- per lb. 
The upward movement has partly been caused by the numerous 
sales in blanc which were made in June and July for forward delivery, 
and for which in October to December either cover had to be found 
at high prices, or else large differences had to be paid. 
In view of the constantly growing consumption of menthol for all 
kinds of toilet-preparations and pharmaceutical remedies, a decline of 
the prices to a very low level is no doubt out of the question; but it may 
be found impossible to maintain the present prices, which are still high, 
and we cannot recommend them for larger contracts for forward delivery. 
The shipments of Japanese crude menthol from Japan since 
St 
August 1902 were: — 
To Hongkong 6900 catties 
„ San Francisco 6120 
„ Hamburg 4820 
„ London 35 10 
„ New York 1845 
„ Seattle. . 1575 
„ Tacoma 1125 
Victoria . 
Havre 
Bombay . 
Madras . 
Singapore 
450 
135 
85 
37 
30 
or 
Total 
about 
26632 
16000 
catties, 
kilos. 
