Miltitz, near Leipzig, October/November 1904. 



The opinion expressed in our April Report, that the East- Asiatic 

 complications would have no pronounced effect on the economic con- 

 ditions of Germany, has been confirmed by the course of events. 



The Chemical Industry especially still continues to grow, and 

 for the year 1903 again shows a gratifying expansion, which is reflected 

 in the following figures. According to the statistics of the Association 

 of Chemical Industry, the picture presents itself thus: — 



1903 1902 



NumberofWorks 7 747 against 7 539 



„ „ qualified Workmen 168950 „ 160841 



Amount of wages paid . 174402 866,48 marks „ 164207621,06 marks, 

 of which must be taken 



into account 169335648,03 „ „ i59 6 55 8 77 ? 33 >, 



The export of products of the German Chemical Industry has 

 grown in about the same proportion. It amounted to 



448244000 marks in 1903 

 430441000 „ „ 1902 

 408366000 „ „ 1901 



Passing on to our branch of the Industry, the total exports of 

 essential oils came to: 



380000 kilos, value 4634000 marks in 1900, 

 388000 „ „ 4658000 „ „ 1901, 



424700 „ „ 5683000 „ „ 1902, 



424400 „ „ 5942000 „ „ 1903. 



In contrast with this increase, the export of German perfumes and 

 toilet-soaps unfortunately shows a falling off in value in 1903, whilst 

 the quantities exported show an increase. This indicates a decline 

 in the demand for expensive products, but, on the other hand, an 

 advance in the demand for cheaper articles, — in other words, a fall in 

 the average value of the exported products. The details are as follows: 



