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 for the final production of 1.44 piculs, being the equivalent of about 10 yen per picul for the finished wax, without any allowance for interest on the capital used in the first purchase of the berries or in the plant and property of the manufacturer.

It only remains to be mentioned that the present market value of the finished wax is from 10.50 to 11 yen per picul when packed in boxes ready for export, and even this price, which shows only a loss to the Japanese manufacturer, is higher than the corresponding value of the same article in Europe, so that for the present, at least, this industry is not a profitable one either to the manufacturer or the shipper. The value of wax, however, varies considerably, and about three years ago it was worth for the London market about 20 yen per picul!

Its use at home appears to be confined to the “facing” of candles and the manufacture of “vestas,” and the frequent discoveries of cheaper substitutes for these manufactures materially affect the value of vegetable wax from Japan. For local consumption in the manufacture of Japanese candles there is always a considerable demand for vegetable wax in its unbleached state; but with the prevailing and increasing consumption of Kerosine oil even this outlet for the native industry is getting much restricted.

A reference to the four samples accompanying this paper, showing the various stages of vegetable wax from the berry to the finished saucer, and to the native diagrams (which, Japanese-like, are rather in caricature) showing some of the processes in its manufacture, will, I trust, clearly explain what may well be regarded as one of the chief industries of Japan.