Miltitz near Leipzig, April, 1911. 



As early as the end of the year 1909 we were able to record with 

 satisfaction the return of a new wave of economic activity, and to look 

 back upon a favourable development of business in our branch of industry. 

 In continuation of this attitude we felt justified, in our last Report, in 

 expressing the expectation, founded upon the calmness of the international 

 political situation, of a further healthy advance in the requirements of all 

 our consuming markets, and the results of the business-year 1910 have 

 shown that our view was by no means too optimistic. The improvement 

 in the general economic condition which has marked the past year, has 

 naturally brought about considerable advances in the leading departments 

 of the great chemical manufacturing industry in Germany, and among 

 those branches of that industry which extend over the organic kingdom, 

 our own may be said to occupy a foremost place. Our turnover last 

 year has increased to such an extent in all directions that even the record- 

 year 1907 was out-distanced to a considerable extent and, speaking for 

 ourselves as well as, probably, for all other firms in our branch who 

 carry on their business on similar solid foundations, we may state that 

 the results obtained in the busy year 1910 deserve to be painted in the 

 brightest colours. We have been spared economic and political troubles, 

 while the advantageous state of the money-market has facilitated important 

 transactions, such as are of the order of the day in periods of animated 

 trade. A very few exceptions apart, speculative enterprises in the raw 

 materials and manufactured articles in which we are interested have been 

 lacking last year, as they were in its predecessor, with the result that the 

 whole course of business in our branch of industry has been influenced 

 by a wholesome trade for consuming purposes. In spite of the difficulties 

 which have beset two industries in particular, — that of soap-making 

 owing to the enhanced cost of its principal raw materials, and that of liqueur- 

 manufacturers owing to the effects of the new German spirit-duty law, — 

 the conditions of credit among those who buy our products have not been 

 adversely affected, and notwithstanding the increased volume of business, 

 the losses which cannot be wholly avoided in any large manufacturing 

 undertaking have been even smaller than in 1909. As regards the 

 prospects for 1911, we are in agreement with the general opinion 

 of the German commercial world, which unanimously forecasts a 

 continued healthy progress of the economic revival. The latest statistics 



