The competition between the foreign and Spanish buyers for the raw corkwood output was largely in favor of the foreigner in 1911, owing to the unprotective export duties, and the result has been that the once flourishing national industry is now very badly handicapped for want of working material. So simultaneously with the tariff revision, which went into effect on January 1, 1912, an endeavor was made to put in force the increase on export corkwood, but owing to the efforts of the American cork manufacturers, who have a great influence over the Spanish cork industry, the proposed increase did not meet with the desired success. In the attempt to restrict the importation of raw material the Spaniards have failed, for its usefulness makes the demand too great and the foreigners have invaded the Iberian Peninsula and are now buying up even the raw stock on the trees. The corkwood markets are no longer confined to two or three, but extend round the world, the principal ones being: London, Paris, Rheims, Epernay, Maguncia, Dresden, New York, Pittsburgh, San Francisco, Buenos Ayres, Calcutta, Sydney, Melbourne and Yeddo. So it will be seen that a great demand is being made upon the forests, which must be cultivated for increased growth and production or an early investigation made for the growing of the trees in other countries. Of course the industry remains very strong throughout Spain and Portugal, and particularly in the Andalusia District of Spain, where the manufacturing establishments play an important part in converting the corkwood into useful articles of commerce. The Spanish yield of raw material has remained slightly behind Portugal, but this does not affect the former’s influence in the trade. (See Appendix.) It is inevitable that the greatest bulk of the trade should center around the countries in which the raw material is grown, for the greatest advantage is thus gained by those, so fortunate in their location. But the spread of the corkwood’s fame has aroused others to action, and it appears as though the monopoly will suffer because of that fame. The demand grows daily, and the rapid growth of the American trade bids fair to being a very close rival to the long-established European manufactures at least. The waste is rapidly assuming great importance and to this the newer entrant in the business is turning all his energy. The doctrine of conservation and utilization has been heeded by the corkwood industry and the waste is no longer such, rather standing as a cork product second only to the stopper, when the fact is considered that the grower or farmer receives about $58 per ton for raw corkwood and the waste sells from $22 to $32 per ton; its value is apparent. A notable feature of the shipments from Spain is the waste and shavings, which doubled from 1906 to 1910, viz.: 1906 — 14,624 tons 1907 — 17,557 “ 1908 — 12,201 “ 1909 — 20,198 “ 1910 — 29,257 “