It therefore would have been more correct had I, in directing attention to "BAMBOO," described it as an "_Old material_" under "_New treatment_." Such indeed was the case with "ESPARTO," an "_Old material_," well known, and tried ineffectually by many, previous to my process for converting it into paper being adopted, which, however, did not take place until it had been fully tested and approved, leading then to its speedy employment. I believe with my new system of treatment "BAMBOO" will prove to be as superior to "Esparto," in every respect as "Esparto" was found to be superior to "Straw," the only other "_raw material_" used when it was introduced. "BAMBOO" differs from "MEGASSE," inasmuch as the latter is produced, as it were, involuntarily, its maximum value as a "_raw product_" being determined by its comparison with fuel; whereas "BAMBOO" would have to be cultivated; but, as this plant will not only grow, but flourish, in localities unsuitable for other cultivation, and is produced with such extraordinary rapidity and abundance, it would appear that, as a _Raw Product_, it would not cost much, if any, more than "MEGASSE." It is hardly my province to discuss here to which of the two materials, "MEGASSE" or "BAMBOO," the preference should be given. Suffice it to say that, with "_the admitted fact_" of the increasing scarcity of _Raw Material_ for Paper-making, there is ample scope for both. I have only to add that I shall be happy to advise with parties who may desire to interest themselves in either question. CONCLUSION. As I have broadly stated that "_Paper-Stock_" can be produced from both "BAMBOO" and "MEGASSE," to show a good _Profit_, it may be well to mention the present cost of "ESPARTO" reduced to the same condition (of "_Paper-Stock_"), as it is with this _Material_ these _Fibres_ would mainly have to compete, seeing that with its large consumption and widely extended use for most classes of Paper it now rules the Market. The cost of good _Spanish_ "ESPARTO" at current rates, is, delivered into a Mill (say), 10_l._ per ton; it is generally assumed in the Paper-trade that about 2 tons of "Esparto" are required to make 1 ton paper, the yield being from 48 to 50 per cent. At 50 per cent. yield therefore we have 20_l._ per ton for "_Raw Material_." Add to this, for chemicals, boiling, fuel, and labour, 50_s._ × 2 tons, we arrive at 25_l._ for the cost of "Esparto" in the same condition of _unbleached_ "_Stock_," sufficient for 1 ton paper. "ALFA" or "_African_" Esparto does not afford so good a yield, neither will it bleach to so high a colour, nor make so good a quality of paper as "_Spanish_"; its value therefore is proportionately lower in the Market, say 8_l._ per ton as compared with 10_l._: the cost therefore of "Alfa" reduced to a similar condition of "_Stock_" may be taken at 21_l._