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relations have undergone such a satisfactory consolidation within the past 

 decade, may not be prejudiced. When, let us say, rosemary oil is stopped 

 upon importation because it is alleged to be "alcoholic", or when American 

 peppermint oil is claimed to be dutiable as a "produit synthetique", every- 

 body must begin to feel that matters have reached a pass in which ener- 

 getic intervention on the part of the German Government is urgently called 

 for. We understand that in other branches of German industry of which 

 the products are exported to France there are similar grounds of com- 

 plaint. Among the French Colonies Algeria has continued, last year, to 

 attract the greatest measure of interest, but it cannot be denied that in 

 this market the absence of a populous Hinterland with considerable 

 purchasing power is beginning to place certain limits upon the sale of 

 our manufactures, which has steadily increased of late years. 



In Britain the general condition of business in the past half-year has 

 been thoroughly satisfactory, and the Board of Trade statistics continue 

 to record gratifying increases in the figures relating to exports and imports. 

 Although it is true that among the particular items there are many where 

 the gain is almost wholly to be accounted for by the greatly enhanced 

 cost of raw materials, yet the broad result must be regarded as an 

 undeniable proof of a thoroughly healthy development, which will pro- 

 bably not remain without wholesome influence upon the immediate future, 

 the more so because owing to the reduced bank rate the merchants seem 

 likely to have exceptionally cheap money at their disposal for some months 

 to come. On the other hand, the conditions in the soap-making business, 

 the principal outlet for our manufactures, are not so satisfactory. It had 

 been generally hoped that this important industry, which has attained a 

 particularly high state of development in Britain, would emerge from the 

 troubled, and for many concerns rather unprofitable times through which it 

 has passed into calmer days of activity, but these hopes still appear to 

 mock realisation. The bitter competitive struggle continues, with the 

 result that during the past few months conditions have repeatedly been 

 created which can neither be described as satisfactory nor even as perma- 

 nently tenable. It is hardly necessary to refer specially to the fact that 

 our products have suffered, and continue to suffer, greatly under this 

 critical situation, not only because of the wide prevalence of price-cutting, 

 but also because among the large manufacturers the view is gaining ground 

 more and more that only the "cheapest" kinds of oils should be used. 

 Politically, there appears for the present to be no prospect whatsoever of 

 quiet times. It is probable that the Liberal Government will shortly begin 

 to take up in earnest the settlement of the two most burning and exciting 

 questions of the day, namely Home Rule and the Reform of the House 

 of Lords on a basis more in unison with the democratic ideas of the 

 present day, and as, of course, the Unionist party will oppose these in- 

 novations by all means at its disposal, stormy times are likely to be 



