— 52 — 



that this quantity would be exported within the first five months of the 

 year and its value realised. 



"It is true that, as the draft-scheme states, about two-thirds of the 

 production is now bought by foreign countries at the beginning of the 

 season, because the foreign buyers assume that under the present con- 

 ditions this is the proper time for such an operation, and because they 

 take up the goods so bought by successive instalments throughout the 

 course of the year. 



"But it is clear that when, as a result of the establishment of a 

 Monopoly, price-fluctuations have become impossible, buyers abroad will 

 invariably purchase only just what they require at the time, and will no 

 longer lock up their money in essential oils. The Camera Agrumaria 

 would therefore be compelled on the one hand to buy and pay for all 

 the essential oils produced within the space of five months, and on the 

 other, would only be able to realise its oil gradually in the course of 

 the year. From the above it is clearly evident that the capital needed for 

 the enterprise would not be 2 000 000 Lire, but about 8 000 000 Lire. 



"5. Here I must refer to the inaccuracies in the assertions relating 

 to the profit which, according to the scheme, the Camera is estimated to 

 make if it should be able to establish a monopoly in essential oils. 



"The production of essential oils is there stated to be as follows: — 



lemon oil 2 500 000 lbs. (Sicilian) 



orange oil 300 000 „ „ 



bergamot oil ... . 450000 „ „ 



"These figures are incorrect, the average annual production being 

 rather: — 



lemon oil 1 500 000 lbs. (Sicilian) 



orange oil 250 000 „ 



bergamot oil ... . 350000 „ 



"Therefore the profit to be realised by the Camera on export-commission 

 which in the draft-scheme is estimated at 1 800 000 Lire, at the rate of 

 0.50 Lira per lb. on oils of lemon and orange, and 1.00 Lira per lb. on oil 

 of bergamot, must be reduced to 1 225 000 Lire, as follows: — 



lemon oil 1 500 000 lbs. (Sicil.) at 0.50 L. per lb. = 750 000 Lire 

 orange oil 250 000 „ „ „ 0.50 L. „ =125 000 „ 



bergamot oil 350 000 „ „ „ 1.00 L. = 350 000 „ 



Total 1 225 000 Lire. 



"The draft-scheme estimate of 100 000 Lire per year for general ex- 

 penses is pure nonsense. The cost of the technical and administrative 

 staff, warehousing, 8jc. should be put at 300 000 Lire at least, as can be 

 proved from the expenses which are at present being incurred by the. 

 export houses. 





