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Mandarin Oil. The stocks of this oil have been completely cleared, 

 with the result that prices have lately ruled very high, finally advancing 

 to a basis of 37 o4i per kilo. 



Unfortunately the outlook for the next crop is very bad, it will therefore 

 be advisable to expect very high prices for next season's oil. 



Orange Oil, bitter. The existing supplies are scanty, the prospects 

 of the new crop mediocre, and the prices have lately been maintained at 

 at a basis of from 12.50 to 13 o4i. 



Orange Oil, sweet. Business in this article was very flat during 

 the winter months, and remained so during the early summer. The United 

 States in particular, which bought considerable quantities of orange oil 

 in the summer of 1909, has shown a marked reluctance in its purchases 

 of this article this season. This may partly be accounted for by the fact 

 that the American supplies of last year, imported before the oil became 

 dutiable under the Tariff, were sufficient to supply the needs for a con- 

 siderable time, and partly by the circumstance that differences of opinion 

 have arisen between the customs officers and the importers there, as to 

 whether the duty leviable on the oil is to be calculated ad valorem, or 

 at a fixed amount by weight (in other words under which of two classes 

 the article is dutiable), differences which it has taken a long time to settle. 



The slight demand from abroad has compelled the holders of the 

 article gradually to moderate their quotations, which stood at 12.50 cM 

 in March and April; and the prices steadily crumbled down to 11.50o# 

 in May and June. Later on, in July, when the holders found other op- 

 portunities of profitably investing their money, they were forced to make 

 still further sacrifices, and ended by relinquishing the oil at prices which 

 sagged down to 11 c4t. Foreign buyers took advantage of these un- 

 exampled low figures, and in the months of July and August there was 

 a very animated export business in orange oil. The stocks now remaining 

 probably do not exceed from 10 000 to 15 000 kilos. 



There is hardly room for doubt that the quotation of 11 oM % which 

 has not been known for very many years, leaves no profit whatsoever to 

 the makers now that the cost of labour has risen so greatly; that, in fact, 

 it does not even cover the cost of manufacture. It is therefore not sur- 

 prising that at present, with the new crop immediately due, it is impossible 

 to carry through any business for future delivery. The makers as one 

 man prefer to run the risk of the future course of prices, and not to enter 

 into contracts, rather than to bind themselves at the prices mentioned 

 above. This state of things has given rise to a new and unaccustomed 

 market position for the proximate season; for whereas in past years a 

 very considerable part of the oil, as it was produced from day to day, 

 had been sold in advance and never appeared in the open market, prac- 

 tically all of this season's newly-made oil will have to go looking for 



