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their schemes, and to be content with prices of about $ 2,50 to 3, — 
at which the producers can comfortably exist. 
We have before us the original reports on the harvest in more than 
50 localities in Michigan and Wayne County, and although some of 
them are very unfavourable, a large proportion expresses great satisfaction 
with the results. In some, a rich yield and increased cultivation are 
even reported. In a few Michigan counties the crop has produced up 
to a third more than that of the previous year. It is to be hoped 
that the speculators will not enter upon the scene ; the producer is 
undoubtedly content with a price of about $ 2,50, for the exaggerated 
values have done more harm to this article than good. ^ 
For a correct view of the situation it is necessary to consider that 
large parcels of old oil are probably still in the hands of the speculators, 
and among these much adulterated stuff, which for a long time will 
float about the market. Moreover, the new harvest in Japan has 
meanwhile also become due, and of this large parcels of liquid oil can 
now be bought at about 7/- per lb. 
Under such conditions we would consider it inexcusable to support 
a bull-movement above $ 3, — ; there is no ground for such proceedings. 
On the other hand, we do not consider it probable that the prices will 
fall to any extent, or perhaps come down to the level at which they 
stood some two years ago. If such a depreciation in the values should 
ever occur again, it would be a matter greatly to be regretted, for 
everyone connected with the peppermint -oil trade has an interest in 
seeing the industry prosper, and not pining away owing to starvation-prices. 
We have regulated the selling-prices of our two qualities in accordance 
with the present state of the market. 
Peppermint Oil, Japanese. In July we were informed from 
Japan that the peasants in the peppermint- district had greatly extended 
the cultivation of peppermint owing to the splendid prices obtained 
during the last season, and that the result of this year's distillation 
might be estimated at a total of about 250000 catties, or about 
150000 kilos. The stocks of old oil are estimated at 50000 catties. 
In consequence of these favourable prospects the prices fell con- 
siderably as early as August, and in the beginning of September they 
again came down to the healthy, normal level of 5/- per lb., as 
against 13/- in January of this year. 
It is well known that last year the value of this article was artificially 
inflated by the situation in America, and a few wxeks ago, when an 
effort was made to drive up the prices on the other side, a reaction 
immediately took place again in Japan. But as there is no prospect 
of a possible repetition of last year's comedy, the artificially promoted 
-upward movement soon collapsed, and the market of Japanese oil is 
now rather weak. 
