the date of its sanction by the National Congress. The concession may be transferred, in whole or in part (previous permission of the Federal Executive having been obtained), with the rights acquired through this contract to any other person or company, but in no case to a foreign government. Any controversies that may arise in the operation of the agreement shall be settled in the competent tribunals of Venezuela and in harmony with its laws.

The date of the report is March 15, 1905.

IMPORTS OF FOREIGN MERCHANDISE, THE FIRST HALF OF 1903.

COINAGE OF FIVE MILLION BOLIVARES.

An official decree has been issued by the Government of Venezuela authorizing the coinage of 5,000,000 bolivares-2,000,000 in gold coins of 20 bolivares; 1,500,000 in silver coins of 5 bolivares, and 1,500,000 in silver coins of 2 bolivares. The money is destined to the establishment of a national mortgage bank.

TRADE OPPORTUNITIES IN LATIN AMERICA.

The American Consul at Tuxpam, Mexico, states that considering the enormous demand for all classes of drugs and patent medicines, it seems incredible that Mexico has not been more thoroughly canvassed by representative houses in the United States. A great proportion of the Mexican trade in crude drugs, fine perfumes, and soaps is controlled by France, Germany, and England. Druggists complain that as a rule American perfumes and extracts stain articles on which they are used, although in odor and lasting qualities they are almost equal to the European products. Patent medicines of American manufacture are in fairly good demand, and their sale could be greatly

increased if proper methods were employed to bring their merits before the public in a striking and permanent manner instead of by the spasmodic efforts made now and then through English printed matter, which produces only negative results. Bright, attractive circulars and catalogues printed in Spanish, not too voluminous, and free of all traces of quackery, should be mailed to houses here, and it can be safely asserted that they will receive generous recognition, especially if followed up periodically by able salesmen, speaking Spanish, who will make a reasonable effort to study national and local requirements. Careful attention should be paid to putting up preparations intended for this market, so that they will satisfactorily withstand the deteriorating effects of the climate. Shipping boxes should be as light as possible consistently with strength. Buyers complain, with apparent reason, that French, English, and German drug houses display far more care in their packing than American firms, the result being that European goods arrive in better condition and more attractive în appearance, which satisfies the buyer, who in most cases is influenced by first impressions. This is taken advantage of by European houses, especially the French, who put up their preparations in a very attractive manner, and the results obtained amply repay them for their trouble. Oils and paints should be added to the lines of goods to be sold, also such articles as photographic materials, toilet and bathroom supplies, and optical goods, all of which are here in comparatively small quantities, but which would form desirable and profitable side lines. These articles would be especially suited for druggists in the smaller towns, where they are frequently unobtainable. Modern drug store fixtures of simple and inexpensive designs would meet a ready sale if they could be shipped in sections so as to be easily put together on their arrival. There is also an excellent field throughout this Republic for the introduction of modern surgical instruments and appliances and the multitude of supplies employed in modern hospitals. If Mexico were thoroughly and intelligently canvassed by painstaking representatives of houses in the United States which are engaged in these lines, important orders would undoubtedly be secured. The medical profession in Mexico is represented by a body of men who stand as high as similar bodies in countries where medicine and surgery are more progressive, and it is therefore important that persons commissioned to secure patronage from physicians and surgeons in this country should bear in mind that their intercourse will be with refined men of high mental and social standing; consequently the abrupt hustling methods which seem to predominate among our salesmen when canvassing the Mexican trade must be suppressed and a more dignified and persuasive demeanor adopted, otherwise the salesmen will receive scant recognition, and will waste their time and injure their employers' reputations. If these rules are strictly adhered to and Spanish-speaking representa

tives are sent to Mexico, it can be confidently asserted that an extensive market for surgical and hospital supplies will be opened up in this country. As a rule, all scientific instruments or apparatus employed by surgeons, engineers, naturalists, and chemists are exempt from duty, including such instruments as aerometers, thermometers, and barometers, when exclusively employed for scientific or medical purposes. If attached to adornments or furniture, such articles will be dutiable according to the classification of the article to which they are attached.

To extend the Harriman lines farther into the agricultural and mining regions of Mexico a concession has been secured from the Mexican Government by THOMAS MCMANUS, representing the Cananea, Yaqui River and Pacific Railroad. According to the terms of the concession secured, this railroad, which is a Harriman property, is authorized to build a line from Guaymas on the Pacific north to the border and southeasterly from Guaymas, touching at the ports of Agiabampo and Topolobampo. No subvention was asked for, but the great Southern Pacific Railroad system that is fostering the enterprise is ready with all the money necessary, and it is stated that engineers will be placed at work immediately on that portion of the line out of Guaymas. The railroad in whose name the concession has been granted is but 42 miles long, extending from Naco, on the northern boundary of Mexico, to Cananea. In a strict sense of the word, however, the lines to be built under the terms of the concession granted will not be extensions. At no point will the proposed line be within 50 miles of the present line of the Cananea, Yaqui River and Pacific. The first division of the line authorized is that portion from Naco to Cananea, already completed. The second division will extend from Guaymas to a point near Torin and then pass up the valley of the Yaqui River to Tonichi. The third division will be built from some point on line No. 2 to Alamos. The fourth division will be from some point on line No. 3 to the port of Agiabampo and from there to the port of Topolobampo. The fifth division will be up the valley by the Yaqui River north to the international boundry near San Bernardino. Under the terms of the concession 150 kilometers must be built the first year on lines 2 and 3 and 100 kilometers each following year for four years. The lines to the ports of Agiabampo and Topolobampo and to the boundary will be built later at the convenience of the company. It is highly desirable to get the line to Tonichi and the line to Alamos completed as soon as possible. The first will furnish an outlet for the prodnet of La Barranca coal mines, belonging to the Southern Pacific, and the second will enter a rich agricultural district. In securing this concession the clause preventing paralleling has been introduced, giving the Harriman lines practically control of the regions penetrated. The total mileage of the Harriman lines in Mexico now

amounts to 307 miles-the Cananea, Yaqui River and Pacific having 42 and the Sonora Railway 265. The latter road was built by the Santa Fe, but traded to the Southern Pacific many years ago. By the construction of the lines provided for in the concession just granted the mileage of the Harriman lines will be increased to at least three times the present. The port of Guaymas is already touched by the Sonora, but by building from that port under the new rights the system will be put in touch with a rich territory lying south and east of that region tapped by the Sonora. In that district there is little mining, but for many miles along the coast and a considerable distance back from the coast there is the richest agricultural section in Sonora, and it is this field the proposed railroad will enter. Should J. A. NAUGLE, general manager of the Sonora, be successful in his application for a conces sion, the Harriman system will be extended into Mexico still farther. Mr. NAUGLE, as the representative of the system, has asked for the concession to permit his company to extend its line south through Culiacan, touching at Mazatlan and going to Guadalajara. Should this concession be granted, either through the efforts of Mr. NAUGLE, or to anyone else representing the Harriman lines, it is not improbable that the right to build on south from Guadalajara to Mexico City would be asked.

Among the recent mining developments in Mexico the following are of interest to American manufacturers, etc.: EUGENE DAVIS, of Washington, and associates have secured concessions for three smelters, with an aggregate capacity of 1,000 tons daily, to be located at Parral, Minas Nuevas, and Villa Escobeda. In connection with the smelter concession is a franchise permitting the establishment of a hydroelectric power plant in the vicinity of Parral, which will furnish power for the operation of the different smelting, plants. J. F. JOHNSTON, of Parral, is negotiating for a concession for the establishment of a smelter at Jimenez. If built it will have a capacity of approximately 1,000 tons a day. W. MURDOCK WILEY and L. H. TAYLOR, Jr., both of Philadelphia, plan to erect a mill at the Nueva Luz Mine in the Guanajuato district. The Greene Consolidated Gold Mining Company have installed $300,000 worth of machinery at La Brisca, Sonora. Two new copper furnaces are shortly to be installed at the AmericanMexican smelter at Velardena. CARLOS ROMERS, of Guadalajara, who has recently purchased the Abarandon mine, Jalisco, proposes erecting extensive reduction works, having already contracted for 200 horsepower from the San Pedro Analco Mining Company's power plant. The Cananca and Duluth Development Company has been organized with a capital of $400,000 at Duluth, Minnesota, to develop the Swansea and Dos Nacionales claims in the Cananea district. The Sombretillo Mining Company, operating several mines near Sasabe, in the Albar district, State of Sonora, has placed an order for a 30-ton mill. The