Part 4

EXPORT OF PEPPERMINT OIL.

The exports of peppermint oil during the fiscal year ended June 30, 1904, amounted to 42,939 pounds, valued at $124,728. Germany and the United Kingdom were the largest consumers, the former receiving 22,372 pounds, valued at $65,505, and the latter 11,558 pounds, worth $31,798.

The following tables show the export of peppermint oil, by countries, for the fiscal year ended June 30, 1904, and the quantities and values of peppermint oil exported for a period of ten years, from July 1, 1894, to June 30, 1904, inclusive:

Exports of peppermint oil, by countries, for the fiscal year ended June 30, 1904.

——————————————————————————————————+—————————+——————— Country. |Quantity.| Value. ——————————————————————————————————+—————————+——————— |Pounds.| Belgium | 473| $1,585 France | 3,054| 10,059 Germany | 22,372| 65,505 Italy | 826| 2,471 Netherlands | 590| 1,934 United Kingdom | 11,558| 31,798 Dominion of Canada: | | Nova Scotia, New Brunswick, etc.| 85| 234 Quebec, Ontario, Manitoba, etc. | 1,165| 3,306 Newfoundland and Labrador | 94| 204 West Indies: | | British | 183| 700 Cuba | 29| 87 Danish | 17| 55 Dutch | 20| 61 Argentina | 1,237| 3,504 British Guiana | 10| 31 Peru | 50| 175 British Australasia | 1,176| 3,019 +—————————+——————— Total | 42,939|124,728 ——————————————————————————————————+—————————+———————

Quantities and values of peppermint oil exported during the fiscal years 1895 to 1904, inclusive.

————————————+—————————+————————— Fiscal year.|Quantity.| Value. ————————————+—————————+————————— |Pounds.| 1895 | 87,633 | $194,616 1896 | 85,290 | 174,810 1897 | 162,492 | 257,484 1898 | 145,375 | 180,811 1899 | 117,462 | 118,227 1900 | 89,558 | 90,298 1901 | 60,166 | 63,672 1902 | 36,301 | 54,898 1903 | 13,033 | 34,943 1904 | 42,939 | 124,728 ————————————+—————————+—————————

FOOTNOTES:

The Foreign Commerce and Navigation of the United States for the year ending June 30, 1904, vol. 1, p. 531, Bureau of Statistics, Department of Commerce and Labor.

From The Foreign Commerce and Navigation of the United States for the year ending June 30, 1902, vol. 2, p. 309. Bureau of Statistics, Treasury Department; and The Foreign Commerce and Navigation of the United States for the year ending June 30, 1904, vol. 1, p. 192, Bureau of Statistics, Department of Commerce and Labor.

PRICES OF PEPPERMINT OIL.

The price of peppermint oil was very low for a few years prior to 1900, the enormous production of 1897 resulting in a great drop in price. The lowest price paid for it was in 1899, when it brought only 75 cents per pound. As a result of the low price a great many mint farmers restricted the area of their mint plantations or altogether abandoned peppermint cultivation. The smaller output of the following seasons again sent prices up, and in 1902 the oil sold as high as $4.75 a pound, which price was maintained until early in 1903, when it gradually declined, until toward the end of that year it reached $2.20 per pound.

The following table gives the highest and lowest prices of peppermint oil in bulk from 1873 to September 16, 1905:

———————+————————+——————— Year. |Highest.|Lowest. ———————+————————+——————— 1873 | $3.15 | $3.15 1874 | 5.25 | 3.75 1875 | 5.50 | 3.20 1876 | 3.75 | 2.40 1877 | 3.00 | 1.75 1878 | 2.00 | 1.50 1879 | 2.65 | 1.45 1880 | 2.87 | 2.60 1881 | 2.85 | 2.35 1882 | 2.50 | 2.25 1883 | 2.60 | 2.20 1884 | 3.00 | 2.50 1885 | 4.37 | 2.75 1886 | 3.60 | 2.75 1887 | 2.75 | 1.90 1888 | 2.40 | 1.75 1889 | 2.30 | 1.80 1890 | 2.40 | 1.80 1891 | 2.50 | 2.45 1892 | 2.50 | 2.15 1893 | 2.45 | 2.15 1894 | 2.45 | 1.70 1895 | 2.00 | 1.70 1896 | 1.85 | 1.20 1897 | 1.25 | .90 1898 | .90 | .80 1899 | .90 | .75 1900 | 1.10 | .80 1901 | 1.80 | 1.10 1902 | 4.75 | 1.70 1903 | 4.75 | 2.20 1904 | 3.75 | 2.65 1905| 3.45 | 2.25 ———————+————————+———————

The good prices of the past few years have caused many farmers to look again to peppermint as a profitable crop, as noted in increased areas under cultivation in many localities. This is the case not only in Michigan and Indiana, but also in New York, where for many years the peppermint industry has been declining. Thus, if favorable conditions of growth prevail, an increased production may be looked for within the next few years, which will have the effect of again depressing prices.

As is the case with other products the prices of which are subject to great fluctuations, the condition of the market for peppermint oil needs to be closely observed. The cost of cultivation per acre has been stated at from $12 to $14, and, with a charge of 25 cents per pound of oil for distillation, the market price may easily fall below the cost of production.

FOOTNOTES:

From Oil, Paint, and Drug Reporter, September 18, 1905, p. 7.

To September 16.