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emancipate themselves from foreign countries, and the experience of 

 other nations has shown that by fostering a healthy independence on the 

 part of native industries, the imports and the exports of a country are 

 equally stimulated. We have experienced no interruptions in our Russian 

 business last year, and the present course of affairs appears to afford a 

 guarantee for the further improvement of our relations with this important 

 country. 



The other European markets do not call for any remarks on the 

 present occasion. 



We are also able to record a gratifying state of things in Egypt, 

 where the conditions of credit are gradually beginning to improve. 

 Egyptian commerce has lately received a satisfactory stimulus from the 

 favourable cotton-crop, and the exceptionally high prices realised for 

 cotton have naturally caused great satisfaction everywhere. Bright 

 expectations of the further course of business in the present year there- 

 fore seem to be justified. 



According to the journal "Chemische Industrie" the average value of 

 the imports of perfumery into Egypt during the past seven years amounted 

 to 1150000 Francs, more than half of which is furnished by France. But 

 the consumption in Egypt far surpasses the figure above mentioned, because 

 very many pharmacists and druggists in Alexandria and Cairo manufacture 

 Eau de Cologne, toilet-waters, mouth-washes, perfumery-extracts, 8jc., for 

 which they find a sale chiefly among the native hairdressers. In this 

 branch of industry the Egyptian manufacturers are favoured by the low 

 price of alcohol, which is but slightly taxed, both by the customs and by 

 the excise. Britain supplies expensive goods such as face-paints, hair- 

 restorers and -preservatives, extracts, and tooth-powders, which are only 

 bought by Europeans and by the well-to-do natives. The German perfumery 

 manufacturers, by dint of steady effort, travelling the country, and low 

 prices, have secured a clientele in Egypt chiefly among the masses of 

 the Arab population in the towns and in the country. The principal 

 articles of supply from Germany are Eau de Cologne, lavender water, 

 and extracts and powders for the teeth, and her share already amounts 

 to about 10°/o of the total imports. The United States, Belgium, Italy 

 and Austria-Hungary are only represented in the Egyptian market by 

 small sales of some of their specialities. France owes its important 

 position in the Egyptian market in the first place to its old-established 

 reputation, and next to the novelties which are always being brought upon 

 the market by its manufacturers. Commercial travellers are an indispensable 

 item in the conquest of the Egyptian perfumery-market, no matter how ex- 

 pensive it may be to travel the country. Advertisements in Egyptian papers 

 are also extremely useful: they are not very expensive and are well-read. 



The course of business in the United States of America last year 

 has fully answered the rather high-pitched anticipations of our New York 



