The continued improvement in the economic situation in Spain 

 finds expression in the uninterrupted rise of the exchange. In the 

 opinion of leading interested parties, the premium on gold may 

 possibly go back still further within the near future. The reform of 

 the alcohol-law, which was almost hourly expected in the middle of 

 December of last year, has been pushed in the background by 

 other questions, and is now entirely in abeyance. The stormy mani- 

 festations of protest against this hated law, which in the course of a 

 few months has totally ruined the wine-producers and the alcohol- 

 and brandy-industries, have gradually died away, and the alcohol- 

 question, which is of such importance for the whole country, has been 

 postponed indefinitely. 



Trade with France was very brisk on both sides. There can 

 be no doubt that the negotiations at Algeciras having been concluded 

 in a friendly spirit, in spite of a mischief-making press, they will form 

 the basis of mutually satisfactory relations between France and Germany. 



The intercourse with Italy was fairly lively. The favourable 

 exchange has made this country a very desirable market. 



The past six months show a preponderance of advancing quotations, 

 which have also assisted in bringing about great animation in the trade 

 during the first trimester of the current year, and which open up 

 favourable prospects for the further course of 1906. The internal 

 situation of our branch of industry is unchanged, and strict control 

 is constantly required to prevent the honest trade from being strangled 

 by corruption. In the following pages we endeavour, as usual, to 

 deal with everything worth mentioning from a scientific and commercial 

 point of view, and we hereby express the wish that it may be of 

 interest and advantage to a number of our readers. 



Commercial notes and scientific information on 

 essential oils. 



Almond Oil, from apricot kernels. The prices of Syrian 

 kernels, which at the commencement of last harvest cost 64 francs, 

 advanced a few francs in the course of the winter, and have kept 

 at that level in consequence of a brisk demand. The selling prices 

 of essential oil were firm, as the production was scarcely able to 

 keep pace with the demand; the sale of pressed oil, however, was 

 slow, at depressed prices. The use of almond oil for cosmetics (cold 

 cream, etc.) appears to have fallen off, owing to the large number 

 of vaseline and lanoline products; the competition of adulterated oils, 



