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 of all these difficulties they have developed a very considerable exchange market. The present extensive trade is an indication that Cheung Mai is the natural centre of what, when properly developed, will amount to an important commerce. It is not impossible that before many years steamers will run from Bangkok to Cheung Mai. There seems to be no real obstacle in the way of light craft propelled by steam accomplishing the journey in ten or twelve days; the present demand would justify the necessary outlay as a business speculation, and steam navigation would unquestionably develop a much larger trade. Sir Arthur Phayre represents the "Laos traders as industrious, energetic, possessing a marvelous capacity for traveling as petty merchants, and longing for free trade." My own knowledge, after a residence of several years in Cheung Mai, confirms this official statement.

The agricultural richness of the plain is known. The forests of valuable timber clothing the hills and mountains are another source of wealth. A large proportion of the teak-timber shipped from Maulmain comes from the Cheung Mai forests. The mineral resources of this Laos country are varied and extensive; deposits of many of the useful and precious metals are known to exist; iron, copper, zinc, lead, silver, antimony, nickel and gold are found in greater or less abundance. Coal has also been found along the river after