— 6 — 



Our Bodenbach branch has been exceptionally well employed, and 

 for the present not a trace of any unfavourable influence of the tension 

 between Austria and Hungary on the commercial situation in our 

 industrial branch can be discovered. Our trade with both countries 

 has increased considerably. There are bitter complaints from the 

 Austrian manufacturers of essential oils and essences about the price- 

 cutting, a consequence of the habit of underquoting each other, and 

 attempts are made to bring about a combination of the interested 

 parties for the purpose of agreeing upon price-limits for our articles. 

 We, naturally, stand entirely outside this movement, as we have always, 

 in spite of the ridicule which has from time to time been heaped 

 upon us, kept ourselves away from such unhealthy competition. We 

 have preferred, by unceasing efforts, and by shirking no sacrifice what- 

 ever, to strive after this, that our customers of their own free will 

 pay us correspondingly higher prices for our superior goods. We are 

 pleased to say that the results confirm the correctness of the attitude 

 we have taken up. 



The gratifying strengthening of the commercial relations with 

 France has made further progress, and the growing intercourse with 

 this valuable market is a satisfactory guarantee that the ill-humour to 

 which we had still to refer last year, has, on the part of our neigh- 

 bours, now finally disappeared. 



The general state of the trade in the United Kingdom can be 

 called very favourable, for the figures of imports and exports show 

 considerable increases for every month. Our products also have during 

 the last few months constantly found a good sale, but the advancing 

 prices, combined with the unfavourable and in part even unhealthy 

 conditions from which the soap industry has suffered now for some 

 considerable time, do not show the future in a particularly rosy light. 

 Trade with the British Colonies has been regular, and gives no 

 occasion for any special remarks. 



The improvement in the economic condition of Russia which 

 became clearly manifest already in the latter half of 1906, was naturally 

 bound to exert a favourable influence on the commercial situation, 

 and our increasing trade proves that there is a legitimate expectation 

 of an early return to normal conditions. Thanks to the energetic 

 attitude of the Government, and partly no doubt also owing to the 

 establishment of a representative institution in the form of the Duma, 

 it was possible in the course of last autumn to master the forces of 

 the revolution, and since that time the improvement in the economic 

 life of Russia has made distinct progress. 



Following the example of Switzerland, the Dutch Government 

 published some 18 months ago a draft Patent law, which, however, 

 has dropped into oblivion owing to a change of Ministry at the time. 



