The fisheries of Venezuela, if these can be considered as existent, are of very slight importance, and even the pearling-grounds have comparatively little value. These are more or less controlled by the Government, and unlimited concessions have been granted to companies from time to time, a system not calculated to secure the greatest possible length of life for this national asset. The value of the stones exported in 1909-10 was about £21,000. As we have seen, the industries of Venezuela are in their infancy, and have as yet no international importance, and apparently little for the country itself, in spite of the enormous protective duties on all kinds of manufactures. Chocolate of good quality is made in Carácas, some 45,000 lbs. being turned out by “La India,” but the high-priced imported article is more sought after. Cotton goods are manufactured in Valencia, drills, flannelette, canvas, &c., being the principal varieties, largely made of the local produce. In spite of the great grazing-grounds of Venezuela very little butter is made in the country, and the inhabitants seem here also to prefer the inferior but much more expensive imported (tinned) variety. An important industry throughout Northern Venezuela is that of tanning, dividive and mangrove bark being the principal materials used; the leather is used chiefly for boots and saddles. Matches are a Government monopoly, and are manufactured in Carácas. The glass industry, heavily protected though it is, does not seem to have acquired any great importance since its inception in 1906, though paper (chiefly of inferior quality) has been manufactured since 1897. The two most profitable local industries are the cigarette factories and breweries; the former, a heavily protected monopoly, exists in many parts of the republic, though the largest output is from the Federal District. The Cervecería Nacional was established in Carácas in 1894, with a capital of B 600,000, increased in 1901 to B 2,500,000; it has flourished continuously, and bought up the smaller rival breweries of Valencia and Puerto Cabello. There is also a brewery in Maracaibo, and very little beer is imported into Venezuela. It is, perhaps, early yet to look for development in the arts or sciences in Venezuela, but there have been one or two painters of note; and of a vast output of flowery writing some is worthy of the name of literature. In this connection the Academy and the Academy of History, with the museum and library in Carácas, deserve honourable mention. There are two Universities, as we have seen, that of Carácas dating from 1725, that of Mérida from 1810; in both the best faculties are those of medicine and law, few of the many “doctors” in the country having any knowledge of other branches.