— 6 — 



room for doubt that when the solution of this political question has 

 been found (and it may be taken for granted that this solution will be a 

 peaceful one), there will be a sigh of relief throughout commercial and in- 

 dustrial circles, for political uncertainty paralyses all business undertakings. 

 But in spite of the fact that the political sky has not yet cleared, the 

 money-market until quite recently remained easy. It is true that the bank- 

 rate has risen, which is not surprising in view of the increasing demand 

 for money, this being a standing feature of the Autumn-season, but it is 

 pretty certain that there will be no further accentuation in the stringency 

 of money, for the reason that the conditions described above have seriously 

 impaired the spirit of industrial enterprise, so that it is hardly likely that 

 there will be any exceptional demands upon the money-market from that 

 quarter. That the development of Germany's foreign trade during the first 

 eight months of the year 1911 has been highly satisfactory, is evident 

 from the official export-figures given below: — 



Value of German exports, Jan. — Aug. 1910: 4797,9 Million Marks 



1911- 5179 9 



The value of German imports during the same period advanced from 

 5798,8 Million Marks in 1910, to 

 6157,6 „ ,, „ 1911. 



The quantitative figures of Germany's foreign trade in essential oils 1 ) 

 for the first seven months of the year are now available, and show the 

 following result: — 



Imports, January—July 1910: 712 300 kilos 

 „ ' „ 1911: 884 500 „ 



Exports, January— July 1910: 314 000 kilos 

 „ ,,1911: 342400 „ 



The increase in the imports is again due to the growth in the imports 

 of crude oils resulting from the favourable state of business. 



The exports of artificial odoriferous compounds 2 ) also show a note- 

 worthy increase. The figures were: 



January— July 1910: 256 200 kilos 

 ,,1911: 283300 „ 



Our branch-works at Bodenbach in Austria have been very busy indeed 

 during the summer months, and in view of the steady increase in our 

 commercial relations with the Austro-Hungarian Monarchy, we have felt 

 that it was time to make suitable preparations to meet the growing demand 

 upon our productive capacity by a large extension of our factory. This 

 extension has been completed this summer and is already in working 



x ) No. 353 b/e Statistisches Warenverzeichnis. 

 2 ) No. 354 b/e Statistisches Warenverzeichnis. 



