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a few sales in spite ot the constantly falling quotations, but larger 

 orders at cheap prices failed owing to the firm attitude of most holders 

 of oil. 



In the first days of February the first symptoms of a new upward 

 reaction showed themselves, and in a few days the prices had again 

 reached their old level, at which they have since maintained themselves 

 at the parity of 26 to 28 marks. This is an abnormally high price 

 for bergamot oil, such as has not been paid for at least ten years, 

 and it is therefore probable that the consumption at these high prices 

 will shrink, and that the highest level in the quotations for this year 

 has now about been reached. On the other hand, it would be wrong 

 to reckon on a fall in the prices. 



Although it is at the present moment impossible to obtain exact 

 data about the stocks still held, it is believed that it may safely be 

 assumed that they will not differ much from those held at the same 

 time last year. 



The future shaping of the prices now will depend upon the pro- 

 spects of the new harvest. If the blossoms are good, and the new 

 fruit passes victoriously through the many dangers which beset its 

 youthful existence, a further advance in the prices of the old oil will 

 in all probability be prevented; but if the coming harvest does not 

 look promising, the idea of speculating for such an occurrence might 

 easily suggest itself to the holders of prompt oil. 



Lemon Oil. The position of the market of this article in 

 September last was as follows: prompt lemon oil of the old harvest was 

 maintained at 1 1 marks; new lemon oil for delivery December/March 

 found everywhere ready buyers at 7,75 to 8, — marks. The old lemon 

 oil which started at 5 marks, had in the course of the season 

 advanced to 1 1 marks; it had been possible to buy the new forward 

 oil from the manufacturers at first at 5,25 to 5,50 marks, but owing 

 to the advance in the price of old oil, they also raised their quotations 

 for new oil to about 9 marks. 



In face of these high prices, the demand from abroad remained 

 fairly passive until well in September; but when the proprietors on the 

 approach of the new harvest decided to make small concessions to the 

 purchasers, a brisk export business developed on the average basis 

 of 10,50 marks, which absorbed the old stocks existing to the last 

 drop, and would have taken more if more had been available. 



It was only natural that under these circumstances the new oil 

 came more and more to the front for interested parties of every 

 description, and that the absolute lack of old oil gave an enhanced 

 value to the new article. 



From this it will be seen that the prices for new forward oil began 

 to advance slowly; for the supply of very first quality oil in November 



