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and also of the Shan provinces to the north. There exists an extensive trade with Bangkok. Stick-lac, hides, horns, ivory, cutch, gum benjamin, are among the principal articles of export; these are exchanged in Bangkok for the products of foreign industry. Trade with Bangkok is necessarily restricted: the cost of transportation is too great to admit of a free expansion, the carrying of one ton of cargo from Bangkok to Cheung Mai costing ordinarily fifty-five dollars. The fluctuation in prices both in Bangkok and Cheung Mai is very considerable; the customary rate of interest is two per cent. a month; the time required for the trader to purchase his cargo in Cheung Mai and go to Bangkok and return and dispose of his merchandise is usually six or seven months. In addition to these unavoidable difficulties, there are other and sometimes greater ones. The fostering care of government is too freely exercised, arbitrary and unjust taxes are levied, and other artificial interferences sufficient, it would seem, to prevent any large investment of capital. It is hoped, however, that a more intelligent policy will prevail. Considerable improvement has been made, many restrictions that formerly existed having been removed, and monopolies are not now so freely granted to favorites. It speaks well for the enterprise and sagacity of the Cheung Mai traders that in spite