Commercial notes and scientific information. 65 



liqueurs, confectionery, etc. in which they were used unsaleable, and of which the 

 only good point is their "cheapness". 



Galbanum Oil. As a result of the exceptionally high prices which continue to be 

 asked, and which must be paid for galbanum resin, we have been compelled to advance 

 our quotation, and this of course has greatly restricted the sale. It is quite impossible 

 to find enough raw material for the distillation of any important quantities of oil. 



Geranium Oils. The scarcity of African geranium oil has not been relieved by 

 the new crop which has come in since our last Report. Most of the Algerian manu- 

 facturers have sold their scanty output on contract for several years in advance, and 

 certain wealthy middlemen are taking good care that there shall be no reduction in 

 the price. It is a fact, however, that the consumption has very seriously decreased, 

 since buyers show a quite justifiable reluctance in paying the present fancy-prices. 

 The last quotation was 90 Fr. per kilo, equal to more than 72 o4t\ Most of our 

 customers who formerly bought African geranium oil regularly have taken refuge in 

 substitutes, and they find these answer their requirements so well that it will be 

 difficult to bring them back to the natural oil if ever the price of the latter should 

 again fall to a reasonable level. The export statistics show that the production is 

 steadily declining, the figures having been as follows: — 



for the year 1912 24900 kilos 



„ „ „ 1911 . . . . . 28500 „ 



„ „ „ 1910 . . ... . . 33800 „ 



„ „ „ 1909 ..... 41000 „ 



„ „ „ 1908 ..... 46000 „ 



It is fairly certain, however, that a considerable portion of the output of the years 

 1909 to 1911 still remains in the hands of certain speculators, who are making it their 

 business to exploit the consumers as much as possible. 



In spite of the high range of prices which ruled throughout last year for Reunion 

 geranium oil, business in this article has suffered no reduction worth mentioning, and 

 this is principally due to the scarcity of African oil. The exports from Reunion were 

 as follows : — 



in the year 1912 ..... 43 138 kilos 

 „ „ „ 1911 ..... 45238 „ 

 „ „ „ 1910 64156 „ 



The starting quotation for oil of the new crop was about 40 Fr., but before long 

 it rose, because the buyers showed themselves far too eager to secure supplies at 

 this surprisingly low figure (last autumn as much as 70 Fr. was paid). The usual 

 sensational reports did their share to advance the market still further, with the result 

 that for the present the value of the oil keeps at about 85 Fr. Unfortunately it is 

 quite impossible to form even an approximately correct opinion of the future of the 

 article; but, basing ourselves upon our experience of the last few years, we incline 

 to the view that there is no chance of a return to the old cheap rates, especially in 

 view of the fact that we have to reckon with the presence of a number of wealthy 

 speculators who, having apparently bought on favourable terms, will do their utmost 

 to maintain values which are so lucrative for them. At the beginning of March we 

 reduced our quotations on the strength of the arrival of new and cheap supplies 



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