— 43 — 



When the time of production of the new oil arrives, therefore, no old 

 oil-supplies of any importance will be in existence here, and as once 

 more the new crop only promises to yield an ordinary average result, it 

 is most probable that even if the prices of the new oil in the course of 

 the coming season do not remain at the present abnormally elevated level, 

 they will at any rate keep very high when compared with the average 

 quotations of the past three years. 



The quotations for new oil for delivery, shipment January /March 1912, 

 opened at 8 o# per kilo, but quickly advanced to 9^, and have since 

 then been forced up to 11 o4i. At the time of writing there are no sellers 

 at that figure, but plenty of speculative buyers. 



As already stated above, the new crop promises to be about equal 

 to last year's. The greater or less oil-content of the fruit and the question 

 whether the demand from abroad for boxed lemons will again be as ani- 

 mated as it was last year, are factors which will need to be taken into 

 consideration so far as the oil-output of the present year is concerned, 

 and which may determine whether a larger or a smaller quantity of oil 

 will be manufactured. 



Mandarin Oil. In the spring this oil attained its highest price of 

 105 M per kilo, since when it has ultimately receded, so far as the still 

 existing trifling stocks are concerned, to 95 t#t\ The new crop again 

 leaves much to be desired, but in any case it is better than last year's. 

 At the present moment the manufacturers ask 50 &M cif. Trieste for new 

 oil for delivery in December and January. 



Orange Oil, Bitter, has kept at a level of from 15.50 &fl to 16 oU 

 throughout the whole of the past season. Hardly any stocks of old oil 

 remain in existence. The new crop, like that of sweet oranges, promises 

 to be small. 



Orange Oil, Sweet. The small crop of last year has been the 

 cause of the rise, amounting to about 40°/ , which has taken place in this 

 oii in the course of the summer. No speculative incursions affecting the 

 natural course of the article have to be recorded; rather has the price 

 advanced slowly from 12 o# towards the end of March to its present level 

 of 18 cM per kilo, the rise keeping pace with the gradual diminution of 

 the available supplies in sympathy with the call from abroad. 



While the world's consumption of lemon and bergamot oils shows an 

 increase, it would appear that the demand for sweet orange oil has dimi- 

 nished in recent years, in spite of the fact that, generally speaking, the 

 prices of the article have been low, only the present year, on account of 

 the smallness of the crop, having been an exception in favour of the oil. 



The stock of old orange oil is probably entirely cleared at the present 

 time, except for a few small lots in the hands of owners whom no price 

 will satisfy. 



