— 10 — 



There has been very little change in the condition of the Balkan 

 States, although quite lately the feeling has been one of greater assurance 

 and increased confidence in the avoidance of political complications. 



In Egypt also, where a certain suspension of business enterprise was 

 lately observable, the tendency appears again to be on the up-grade, 

 inasmuch as the coming cotton-crop will be a good one, and this cannot fail 

 to have a beneficial influence upon the purchasing power of the country. 



The favourable expectations of the development of trade in the United 

 States, to which we gave expression in our April Report, have been more 

 than realised, and our New York branch office is once more looking back 

 upon a period of highly beneficial activity. The results have responded to 

 the most optimistic anticipations, for, although we are handicapped in 

 comparison with our American competitors by the high Customs Duties, 

 our manufactures are steadily gaining favour with our transatlantic cousins. 

 The basis of this success is to be found in the determination to which we 

 have adhered throughout several decades of ceaseless endeavour, of only 

 supplying the very best of everything in our branch of industry, and of 

 combating the unfair-dealing elements in our trade by a policy of merciless 

 exposure. Now that the new American Customs Tariff has been in force 

 for a whole year we can safely say that the new provisions of that mea- 

 sure have nowise adversely affected our relations with the American 

 market, and that it has not thrown any obstacles in the way of the 

 wholesome development of our business. It must of course be admitted 

 that the alterations in the duties on essential oils were only unimportant, 

 except in the case of orange oil, with regard to the classification of 

 which, thanks to the bureaucratic handling of the subject, no decision 

 has as yet been given. Our branch of trade profits considerably by the 

 fact that under the new tariff finished and semi-finished perfumery-pre- 

 parations have been subjected to considerable increases of duty, for, thus 

 protected, the American perfumery industry has enjoyed a measure of 

 development which is the more gratifying because it concurrently benefits 

 a whole series of other industries which supply it with its requisites. 

 Our exports to the United States in the first eight months of the present 

 year exceeded in value not only those of the corresponding period of the 

 record-year 1907, but even the exceptionally high figures of 1909, when 

 in anticipation of the passing of the new tariff the shipments to the 

 United States assumed quite unusual proportions. The latest advices 

 from the other side are altogether satisfactory, and the result of the 

 current year's trading will therefore fall scarcely below the favourable 

 figures of the preceding year. Moreover, the outlook for 1911 of the 

 industries in which we are interested can already be pronounced as very 

 satisfying. 



For details of the imports and exports of essential oils we refer to 

 the table on p. 11. 



