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officially declared whether the concessions to be granted to Canada are 

 also to be accorded to third parties. 



In Spain, business unfortunately continues to be more or less para- 

 lysed by the prevailing political uncertainty and apprehension of the future. 

 We regret this all the more because this is just one of the markets where 

 our manufactures enjoy universal popularity, and because, as is well-known, 

 by etablishing a depot at Madrid for those of our articles which are most 

 in request, we have taken an important step to facilitate business trans- 

 actions with our customers in the liqueur-trade, such transactions being 

 greatly hampered by the drastic requirements of the law. Generally 

 speaking, Spain continues to be wanting in enterprise and in steady 

 striving for economic advancement. The revolution in the neighbouring 

 country has of course caused some easily-understood excitement, for it 

 was feared at the outset that the proclamation of the republic in Portu- 

 gal might have an important effect upon the political and economic 

 fortunes of Spain. But as a matter of fact the change in the form of 

 government in Portugal has passed without leaving any trace in Spain, 

 the fall of the neighbouring monarchy not even finding an echo on the 

 bourse. On the other hand, the sceptical attitude of the people towards 

 the policy of Sr. Canalejas, the Spanish Prime Minister, is reflected in 

 the slow but continued fall in Spanish currency. The statesman in question 

 continues to enjoy the undoubted confidence of the Crown, which he will 

 no doubt know how to preserve, notwithstanding the daily accessions to 

 the ranks of the opponents of his energetic programme. In the recently- 

 opened Parliamentary Session the principal item on the Government pro- 

 gramme, the question of the Church, will have to be decided. Upon the 

 result of these debates will depend the future development of Spanish 

 politics, and the spiritual and commercial revival of the nation. Possibly 

 some day the Spaniards may succeed in also re-establishing commercial 

 relations with their lost colonies, and especially in resuming closer inter- 

 course with Cuba, by increased shipping-communication and the conclusion 

 of favourable commercial treaties. 



The fall of the Portuguese monarchy has not exerted any far-reaching 

 influence upon business in that country; the results of the revolution 

 were quickly got over and everything is proceeding as before. Under 

 the new Franco-Portuguese commercial treaty the duties upon a number 

 of articles imported into Portugal have been lowered, and in these re- 

 ductions German trade will participate under the most-favoured nation 

 clause. The duty on raw materials for use in medicine and perfumery 

 (art. 159 of the Portuguese Tariff) has been reduced from 7 to 5°/o ad val 



Notwithstanding the nationalistic tendencies in Russian trade and 

 industry, of which so much is heard in the press, our sales in this im- 

 portant market also show a healthy increase. The Russian manufacturers 

 cannot be blamed for trying gradually to stand on their own feet and to 



