"To date all this activity has not gained the Japanese a great deal. Japan's trade with Latin-American reached its peak in 1935-37, Even in those years, Japanese trade was never more than' 5 per cent, of the total imports and exports of the 20 republics. Since 1937 the total trade has declined. Preliminary figures for 1940 indicate only small gains in a few countries, "In 1939 the value of Japan's exports to Latin America was only US$23,216,000, or 1.7 per cent, of exports' of all countries to Latin America, In the same year, Japanese imports from Latin America totaled 'US$27,830,000 or 1.5 per cent, of the total exports of Latin America, "In 1939 Japan exported more than US$1,000,000 worth of goods to only 10 countries—Argentina, Bolivia, Brazil, Chile, Dominican Republic, Mexico, Panama, Peru and Venezuela, No one of these 10 countries bought more than US$4,000,000 worth of Japanese goods, In 1939 Japan imported more than US$1,000,000 worth of commodities from only five coun-
Argentina US$3,300,000 and less than 'US$2,000,000 each from Chile, Mexico and Peru, US. Working on
Text read from the printed page and cleaned; old type leaves the occasional error.