_ 49 — 



last three months as during the first five months of last year. If the 

 foreign demand should continue to animate the market to the same 

 extent as hitherto, the bulls will have won the game; but if the 

 buyers abroad are in a position to exist for some time on the quant- 

 ities already obtained, and to keep away from our market, and if 

 they allow the local exporters time and put off the deliveries of the 

 quantities which may possibly still have to be supplied, the bull party 

 may find it hard work to maintain their present position. 



Unfortunately, one thing is certain; the results attained by the 

 Syndicate in these years of artificial influence on the local market, 

 have made it more and more presuming. At the same, the 

 pecuniary results have been very considerable, and in this the manu- 

 facturers, the satellites of the Syndicate, and outsiders, have shared; the 

 latter had lost much money owing to the decline in the prices during 

 the last ten years, and were all more or less dependent upon loans 

 from the exporters, as soon as they wanted to commence their business 

 for the new season. 



But henceforth it will be necessary to reckon with this, that the 

 manufacture has at its disposal — be it in the two Syndicates, or in 

 the better financial position of the manufacturers themselves — a capital 

 power upon which it could not rely in former times, and the lack 

 of which formerly compelled the manufacturers to realise their goods 

 rapidly, either by sales for forward delivery, or by disposing of their 

 daily production. 



These conditions of compulsion have now ceased to exert their 

 price-depressing influence on the article, and it is absolutely certain that 

 henceforth and until further it will be necessary to reckon on: — 



i. a continuation of the price of lemon oil on a higher basis than 

 formerly, and 



2. on very numerous and important fluctuations in the price of the 

 article in the future. 



The chemico-physical constants of the various citrus oils have not 

 for all fruits remained within the usual limits, probably owing to the 

 great and prolonged heat and drought of last summer. 



With regard to orange oil, nothing special can be reported; but 

 this year's bergamot oil shows a very low specific gravity as compared 

 with other years, a fact which is all the more remarkable, as at the same 

 time the average ester- content must be called very high. 



Lemon oil shows very striking abnormities in various respects. 



In the first place, along with a very high citral-content, a compar- 

 atively low specific gravity is to be recorded, but also a quite strikingly 

 low rotatory power of oils of every origin. 



4 



