ally over 100,000,000 fett of high quality grades, and in turn are 
exporting approximately 40 times as much of the lower grades of our 
domestic kinds of which they have an excess, and which they can pro¬ 
duce at a figure far below the price at which the foreign woods can 
be bought and sold for in the United States. 
It is a question, therefore, of a demand for quality and 
quantity of known kinds, and if Panama had. a good quantity of cedar 
and mahogany, it would constitute an attractive proposition to 
American importers and dealers, because it is believed that with 
these woods as the major product on which a profit could be made, 
the mill could be kept running continuously and the coat of opera¬ 
tion so reduced on the unit measure that a good many, if not all, 
of the little known woods could be turned into lumber and shipped 
to foreign markets in competition with other and better known 
woods. 
In conclusion and at the risk of repeating 'what has alw'e 
reedy said or implied above it is difficult to understand how a 
successful lumbering operating on the Eayano river could be made 
possible.at this time when all the factors on which the enterprise 
hinges are so discouraging to those who know conditions best. Up¬ 
on reviewing the conditions that may be regarded as favorable in a 
logging and lumbering venture in the United states, and comparing 
them with those that obtain in any proposed operation on the Bay- 
sno river, it.will be observed that the possibilities for success 
in the latter is not only small but practically wanting* If is 
not labor difficulties, it is the weather, market, or some other 
condition, avoidable or unavoidable, that will aulify the most con¬ 
scientious endeavors on the port of the management, as is evidenc¬ 
ed by the wrecks of former unsuccessful ventures. While it is 
