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practically without change during this period, and only recently the 
market has to some extent responded to the influences created by 
a diminishing stock. 
At the present prices, the majority of the holders who have re- 
mained outside the ring of speculators, realise good profits, and if the 
value of the article remains at the present level, an era of great 
prosperity is in store for the American peppermint oil industry, for 
even with medium crops the cultivation and distillation of peppermint 
in America is then still remunerative. 
It is too early to pronounce at present a fair opinion on the pro- 
spects of the new harvest. For months the trade in American oil has 
now been very languid, with unimportant sales. 
The "Twentieth Annual Report of the Bureau of Labor" of the 
State of Michigan gives, on page 447, some interesting information 
on the peppermint oil production in that State during the years 
1900 to 1902: — 
1900 I 90 I 1902 
Acres of land under cultivation 2112 2782 6410 
Quantity of oil obtained, lbs. 47628 63718 82420 
Yield of oil per acre, lbs. 22,5 23,9 12,8 
In these three years therefore 11,305 acres were cultivated, from 
which all in all 193,767 lbs. oil were obtained, or on the average 17,1 lbs. 
from one acre. 299 farmers took part in the cultivation. 
Peppermint Oil, Japanese. The prospects of a good harvest, 
mentioned in our last Report, have been realised, for still in October 
last we heard that the crop was estimated, as a matter of fact, 
at 200000 catties, or about 120000 kilos. The rise brought about 
towards the end of September was artificial, and consequently but of 
short duration; in November, crystals could already be bought again 
at 15/- per lb. In December, the prices showed again a slight movement, 
but on the whole the fluctuations did not exceed about 3/- per lb. for 
crystals and i/- for separated oil, which, in view of the impulsive 
nature of the Japanese, cannot be called an actual rise, for such like 
slight movements occur almost every month. 
The Russo-Japanese war has also failed up to now to bring about 
the great advance which had been expected from many quarters; this 
is no doubt chiefly due to the fact that the ports of Yokohama and 
Kobe, from which the peppermint oil trade is carried on, have so far 
not been touched by the warlike events. Shipments to Europe have 
hitherto been made punctually and regularly. 
The market was further influenced in a marked degree by the 
dullness in America for home-made peppermint oil, and by the bad 
experience in that country from the admixture of Japanese to American 
