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combined with the higher prices of the lemons, makes the cost price 

 of lemon oil two to three times higher than formerly when the in- 

 dustry was in a state of general depression. Whereas formerly the 

 manufacturer could be more easily induced to reduce his prices, as 

 at the low prices his loss could not be very great, he would now 

 have to face heavy losses if the price of lemon oil should drop to 

 any considerable extent. 



Apart therefore from all other considerations, it would appear that 

 the fact just mentioned provides a sufficient guarantee that the prices 

 of lemon oil in the next producing season will not fall much below 

 the present quotations. 



Mandarin Oil is entirely cleared out, and fetched up to the 

 last 40 to 42 marks, according to quality. 



The reports on the future crop are rather favourable. 



Orange Oil, bitter. The prices of this oil have fluctuated in 

 the course of the summer between 19.50 and 20. — marks. The 

 available stocks are exceedingly small. 



The new crop promises better results than that of last year. 



Orange Oil, sweet. In our Spring Report we gave ex- 

 pression to the fear that the prices of the article, which then stood 

 at 18. — marks, would probably harden with a later demand. This 

 fear has unfortunately come true, particularly because the new orange 

 crop, in spite of an almost over-abundance of blossoms, promises a 

 very inferior result. The prices have advanced in the course of the 

 summer to nearly 25 marks, and although they have now, in spite 

 of the almost complete exhaustion of the available stocks, gradually 

 declined to 22.50 to 23 marks, this can probably only be due to 

 the approaching appearance of the new oil which is expected in about 

 a month's time. 



The prices asked by the manufacturers for new oil keep this 

 article for the present at 21.50 marks, and even at this high figure 

 very few people are prepared to sell. It is impossible to form already 

 an opinion as to whether these prices will be maintained, or the 

 manufacturers will be forced to reduce their quotations; it all depends 

 upon the fact whether or not the fruit has a large oil content. In 

 the former case further reductions in the prices asked by the manu- 

 facturers are not impossible; in the latter, the article might advance 

 again — assuming that higher prices do not restrict the consumption 

 abroad. 



