— 10 — 



artificial perfumes which give their characteristic stamp to so many French 

 perfumery-specialities, but all other articles of our manufacture were like- ( 

 wise in strong request. The troubles with the Custom-House, to which 

 we have already previously referred, still persist, although here, too, it 

 cannot be gainsaid that there has been some improvement. 



Our turnover in Great Britain has again experienced a marked increase 

 in 1911, our London branch having been fully occupied throughout the 

 year. In view of the many vexations that have beset trade in this country 

 in the past year this result must be regarded as thoroughly satisfactory, 

 the more so because a state of political and economic quiescence, such 

 as is imperative to salutary commercial development, appears unfortunately, 

 so far as Britain is concerned, to belong to the realm of the future. Apart 

 from the state of political tension, sedulously fostered by a section of 

 the press both in Germany and in the British Isles, which in the second 

 half of 1911 was at times so great as to give rise to fears of a rupture 

 between the two nations, and of which the after-effects are unfortunately 

 not yet wholly dispelled, the internal political imbroglio, to which reference 

 has already been made on previous occasions, is by no means cleared 

 up. The Irish Home Rule question continues to excite the minds of the 

 people and makes it difficult for Parliament to settle down to quiet work. 

 There is no doubt that this state of things will persist until this vexed 

 question has been disposed of in some way or other. To this must be 

 added the strikes which are forever breaking out in fresh places, and 

 among which the gigantic national colliers' strike which broke out in the 

 beginning of March constitutes the record, inasmuch as it involved the 

 voluntary cessation from work of a million coal-miners, and has drawn 

 into common suffering nearly 600000 workers in other industries, because 

 the factories which employed them had to close down for lack of coal. 

 Although the end of this calamity is now at hand, the wounds inflicted 

 by such a national catastrophe are far less easily healed than given. Hence 

 the prospects for the immediate future could hardly be regarded as rosy 

 were it not that Britain's powerful financial position in the world's com- 

 merce is a favourable factor which must not be under-estimated. Notwith- 

 standing all the great internal difficulties of the country the trade statistics 

 continue to show steadily increasing imports and exports (see p. 6). 



With regard to trade with British India there is, generally speaking, 

 little or no news to be reported. The turnover increases within normal 

 limits, but this vast, although proportionately poor, market is only slowly 

 beginning to recognise that the buyer who is everlastingly seeking to buy 

 low-priced goods will usually find, on examining his purchase and com- 

 paring its value, that he has made a thoroughly bad bargain. Over and 

 over again we encounter quotations which show only too clearly the kind 

 of rubbish to which "cheap competition" has accustomed the native trader, 

 who very often is a most credulous person and possesses only the most 



