and further thymol, eucalyptol, and menthol, have been reduced to 

 3 francs per ioo kilos, whilst the remaining essential oils, in accordance 

 with the treaty, are taxed as hitherto with 45 francs. 



The sale of our products in the United Kingdom is growing, 

 and the best possible relations with this important market have been 

 maintained with the help of our London branch. 



The imports of essential oils in the United Kingdom were in 1904: 

 1 834421 lbs., value £ 265922, — , 

 of which from Germany: 

 107044 lbs., value £ 13824, — , 

 whilst the exports amounted to 



602843 lbs., value 83339,—, 



of which to Germany: 

 220922 lbs., value £ 28866, — . 



The trade with the United States of North America was 

 very brisk, in harmony with the economic growth of that country. 

 In view of the equality of the mutual interests, it may confidently be 

 expected that the tariff-difficulties, which have arisen may, be removed 

 amicably while the provisional arrangement is in force, and that the 

 result of the negotiations will be a treaty which will satisfy both 

 parties and will be of long duration. 



In spite of the critical situation in Japan, our commercial inter- 

 course with that country was more animated than ever. It may be 

 assumed that the new commercial treaty between Japan and China 

 will also increase the purchasing power of the former country. 



Of the South American states, Brazil still continues to suffer 

 from the injurious effect of the fluctuating value of the exchange. 

 The efforts made by the Government to bring about stability in the 

 rate of exchange, must be looked upon as having failed. It is evident 

 that the present state of affairs is not calculated to promote commercial 

 intercourse. The prospects in the Argentine Republic are favour- 

 able; with a large increase in the immigration, this country is opened 

 up more and more for civilisation, and its internal wealth also finds 

 expression in the low rate of interest. 



In Chile it has not yet been possible to carry out the intended 

 introduction of the gold standard. The abundance of ready money, 

 created by large issues of paper, has led to wild speculations, the 

 rapid collapse of which has made numerous victims. Under these 

 conditions a healthy increase in the exports to Chile is unfortunately 

 out of the question. 



