— 74 — 



Fennel Oil. The development of the fennel market in Galicia has 

 brought disappointment to all those who had expected that owing to the 

 favourable average yield of the crop of 1910 there would be an opportunity 

 for advantageous purchases. Contrary to expectation only very little was 

 offered, and that at prices which practically excluded the utilisation of 

 the material for our industry. For this reason we distilled only what was 

 absolutely necessary during the past winter, but in spite of the attitude 

 of reserve which we adopted we were unable to exercise any pressure 

 upon the prices. This much is certain that large parcels of fennel are 

 still in the hands of the producers and merchants, who will probably not 

 consider the question of disposing of them until there is some means 

 of gauging the preliminary conditions of the yield of the present year's 

 crop. Whether they will then be able to enjoy the hoped-for success of 

 their policy or whether they will be disappointed, must depend in the first 

 place upon the weather prevailing during the spring months. 



Geranium Oils. During the period under review there has been no 

 alteration in the high range of prices of African geranium oil, and from 

 the reports which we have received from our informants it would appear 

 as if there were no chance of a return to low quotations for the present. 

 It is true, however, that the position of the geranium oil market has lately 

 undergone some modification, Reunion geranium oil having exhibited a 

 weaker tendency (which may be only a passing phase), and in view of 

 the steadily growing production it seems probable that this oil may again 

 return to the value of last year within a reasonable time. It is well-known 

 that the values of the two varieties usually react upon each other to a 

 certain degree, and the weakness of the Reunion market appears to us to 

 afford some guarantee that from this quarter there will be no fear of any 

 movement likely to lead to a further advance in the prices of the Algerian 

 oil. On the other hand, it must be taken into account that within recent 

 years the rate of extension of the geranium cultures in Algeria has slackened 

 considerably, because the planters, discouraged by the low oil prices of 

 the year 1909, are unwilling to continue to occupy themselves with a 

 product which brings such disappointments. The following statistics show 

 to what extent the exports of African oil have recently fallen off: — 



1908 46600 kilos 



1909 ..... 41000 „ 



1910 33 700 „ 



In connection with the above, it should be pointed out that in the 

 Reunion geranium oil market the conditions differ materially, for the 

 exports from Reunion were as follows: — 



1908 . ... . 34300 kilos 



1909 .... . 57581 „ 



1910 about . . . 63000 „ 



