1) Corresponds to about 50 gallons the capacity of the American barrels.

Expressed in cents per gallon, the market price in Savannah was as follows for the years indicated:

1911

1910

1909

1908

1907

1906

501/4

77

56

38 1/2

40 1/2

67 1/2

The highest price on record since the civil war was reached toward the end of March 1911 with 107, when the dreaded "dollar limit" was exceeded by 7 cents, only to drop toward the end of the year to one half of this amount.

Much less important for the world's market is the production of turpentine oil in France. Nevertheless it is sufficient to cover the demands of that country and to enable the exportation of a relatively large amount. The importation of American turpentine oils is rendered prohibitive by a duty of fr. 24. - and fr. 12. - respectively for each 100 kg.

The industry is located in the departments Landes and Gironde. The principal markets are Mont de Marsan, Dax, Bordeaux and Bayonne. The last two are export harbors of importance. Fifteen years ago the amount exported was relatively unimportant, amounting to 1938 metric tons in 1896 and to 1412 tons in 1897. In recent years the amount has increased materially, being recorded, in metric tons as follows:

19111)

1910

1909

1908

1907

1906

1905

9207

10 954

9220

9212

9754

12 922

12 214

Of these amounts about one-tenth was shipped to London.

As to quality, French turpentine oil is ranked highest among all commercial varieties. In the arts it is frequently preferred to the American oil. As a rule its market value is 5 p. c. higher than that of the American oil.

Of other countries which have produced considerable quantities of turpentine oil in recent years for the world's market, Spain should be mentioned. The industry is located on the northern coast in Bilbao and is in the hands of the Union resinera espahola. The following figures are taken from the commercial reports of this stock company:

1) 11 Months of 1911.

Production of turpentine oil in kg.

Year.........

1909

1908

1907

1906

Distilled in Spain .....................

4 209 583

4 357 408

3 825 461

3 982 527

Imported...................................

343 011

327 304

785 295

221 815

4 552 594

4 684 712

4 610 756

4 204 342

Sale of turpentine oil in kg.

Year........

1909

1908

1907

1906

Foreign commerce . . .

3 401 944

4 742 699

3 171 099

2 939 797

Domestic commerce . .

693 634

529 982

693 366

651 010

According to an English consular report, this company controls 54 037 hectares of pine forests. In 1910 the output amounted to 4728 metric tons, of which 4266 tons were exported and 705 tons were sold for domestic purposes. Via Irun 1838 tons were shipped by rail, 700 tons of which were exported to Switzerland.

Among the turpentine oils that enter commerce in relatively large amounts, that produced in Russia should be considered. However, it should be remembered that a considerable portion of the turpentine oil there produced is obtained by the destructive destination of wood, hence should be regarded as pine tar oil. Russian statistics, not complete in other respects, do not differentiate between the two. Hence only a relative value can be attached to them.

The exports of "turpentine oil" from European Russia for

1910 were 12 243 English tons valued at

246 753

1909 „ 12 499 „ „ „ „

206 437 „

For the year 1904 the exports were

of "turpentine, crude" . 278 000 poods valued at

741 000 Rbl.

of "turpentine, distilled" 413 000 " " "

1 132 000 „

During the first seven months of the following years, the exports of "turpentine oil" were:

1910 .....................

279 000 poods valued at

815 000 Rbl.

1909 .....................

223 000 " " "

618 000 „

1908 .....................

251 000 „ „ „

638 000 „

Exports of pine tar oil:

1906 ... . 500 000 poods valued at 1 300 000 Rbl.

The North Russian product is regarded as the best, then the Siberian, and finally the Polish turpentine oil1).

In accordance with the quality, the commercial value of the Russian turpentine oil is considerably less than that of the varieties previously mentioned. It is indeed the poorest in quality of all commercial varieties. The Russian import duty of 1,08 Rbl. gold pro pood = Ch 24.40 pro 100 kg. turpentine oil, is a duty for revenue only.