6 Report of Schimmel Q Co. April 1913. 



money-market, which attained a degree of acuteness unknown for many years. There 

 were times when the want of commonsense of the public almost threatened disaster, 

 and it was not until towards the end of the year that a certain degree of calmness 

 was restored. The Syndics of the Commercial Community of Berlin publish the following 

 remarks on this subject in the Berliner Jahrbuch fur Industrie 1 ): "Under the influence 

 of the industrial boom, and afterwards of the uncertain political situation, the Imperial 

 Bank has been put to a heavy strain during the greater part of the year 1912. It was 

 a considerable achievement, both politically and economically, that the Imperial Bank 

 was successful in getting through the month of September without raising its rate of 

 discount, which was maintained at 4 1 /* p. c, and this in a year of strong industrial 

 activity and stock-exchange movement, in which moreover the German money-market 

 was in the main left to depend upon its own resources. If the political situation had 

 developed quietly, the Imperial Bank would in all probability have succeeded in main- 

 taining the same rate to the end of the year". 



If one considers that owing to the withdrawal from Germany, after the Morocco 

 crisis, of nearly all the balances due by her to foreign, especially French, creditors, 

 the German money-market was left to depend upon its own strength alone, one feels 

 bound to endorse without reserve the acknowledgment of the services rendered by our 

 Imperial financial institution. Unfortunately, events compelled the Imperial Bank to 

 raise its discount-rate on 24 th October to 5 p. c. and on 14 th November to 6 p. c, because 

 the prospects of a disturbance of peace caused the public to take the most pessi- 

 mistic view of the situation, and because the demand for money was steadily on the 

 increase. 



The following figures show the totals of the foreign trade of Germany during the 

 past year: — 



Imports 714 000 000 Double cwt. (of 100 kilos) value 10 330 Million Marks 

 Compared with 1911 684 000 000 „ „ „ 100 „ „ 9 544 



Exports 655 000 000 „ „ „ 100 „ „ 8 900 



Compared with 1911 591000 000 „ „ „ 100 „ „ 8100 



The share of the world's commerce of the other two principal European trading 

 nations was as follows: — 



U. Kingdom Imports 14 897 Million Marks, Exports 11985 Million Marks 



(1911 „ 13 815 „ „ „ 9 222 „ „ ) 



France ... „ 6427,1 „ „ „ 5385,6 „ „ 



(1911 „ 6 529 „ „ „ 4 938 „ „ ) 



These statistics show that the values for the United Kingdom constitute a record 

 and take the first place both as regards the total and as regards the percentage of 

 increase. On the other hand, the value of French imports shows a considerable decrease 

 as compared with 1911, a fact which is due in the first place to the diminution of her 

 imports of agricultural produce. The falling-off equals about £ 13 000 000. 



Our German industry of essential oils and synthetics has been very fully occupied 

 throughout the year, and the, at times very serious, danger of war scarcely seemed to 

 exercise any restrictive influence upon its activity. Apart from this, the prevalence 

 of favourable conditions contributed to the extraordinary animation of business in 

 certain departments. The diminution in turnover due to the temporary effacement of 

 the markets in the Balkan peninsula was more than outweighed (as stated above), by 



*) 1912, I. 5. 



