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Mill. I think with you, that the increase of the selling value of manufactured stuff in the future will offset the difference in the cost of manufacture.

You are now enroute to the Isthmus and I am wishing you an agreeable trip and safe return. It must please you greatly to witness the great progress of the work.

I hope that you will also enjoy your visit in Colorado. Burnham Colburn as Vice Pres't should greatly strengthen the active working force of the P.Z. bank. George Russel I trust, is surely regaining his health. A cheerful letter from Plumb has just been received. 

Kioto is very beautiful in early springtime flowers and I am enjoying a very restful stop on my way homeward. The weather is cool, and it braces one up after the climate of Peking and Shanghai. I have just secured good accommodation for myself on