Commercial notes and scientific information. 77 



Orris Oil. We quote below, as usual, our correspondents' report on the Floren- 

 tine orris root market: — 



"The figures which we mentioned in our last report to your firm have proved 

 to be correct. According to various statistics, and judging from the particulars 

 which we have gathered in the course of our constant intercourse with the pro- 

 ducers, and of which we are able to test the accuracy, the total output of root 

 last season has not been more than 600 tons 



Up to the end of February 1913 France (which has been a large buyer), 



Germany, England and America have taken together 520 „ 



Leaving a balance of 80 tons. 



Of this balance nothing now remains in the hands of the producers. The bulk 

 is controlled by speculators, who began by degrees to buy up small lots in the 

 producing centres in the month of October, and by these manipulations succeeded 

 in raising the price of orris root up to 160 Lire (= 130 cM) per 100 kilos, delivered 

 at the station at Florence. The speculators in question made their purchases 

 simultaneously in different localities, mostly from small growers, and by this ruse 

 they were able to secure the root at the lowest possible price. When once the 

 parcels were under their control they set about to cause an advance in the foreign 

 markets. Foreign buyers have played into the hands of the bull-party by buying 

 considerable quantities at the beginning of the season, that is to say before the 

 year 1912 was out. In our opinion the prices would not have risen as much as 

 they have if the buyers, especially those in France, had bided their time, say until 

 the beginning of 1913, before covering their requirements. 



In view of the fact that the quantity now left over is very small, and that there 

 is nothing else to fall back upon for the next six months, until the new crop 

 comes in, any decline in the prices is out of the question, even if the orders to 

 be executed should only be very small. For the rest it is sufficient to state that 

 the average annual consumption of orris root equals about 690 tons, in order to 

 make it clear that the 80 tons still available will not be sufficient to cover the 

 requirements. It is generally said that the speculators will try gradually to force 

 up the price of orris root within the next few months to 180 Lire, and possibly 

 still higher, but only the future can show whether this scheme will succeed. 



The fact that there is no root available in the country for the present season 

 has induced a few of the producers and speculators to commence bargaining on 

 a "grass basis" for orris root of the new crop. It is reported that a parity of 

 50 Lire grass basis has been paid, which is equivalent to a price for the root of 

 from 150 to 160 Lire, according to the yield of the crop, in the producing district." 



It will surprise no one who has carefully followed the course of the market that 

 in the face of the conditions depicted above the prices of orris oil have risen con- 

 siderably and that we have recently been again compelled to increase our quotations. 

 The circumstance that the quantity still available is smaller than was the case in 1912, 

 and that large parcels are held by speculators, appears to us to make any weakening 

 of the prices within the next few months a matter of impossibility. 



Palmarosa Oil. Since last autumn the market has remained almost without 

 changes of any note. We hear that large transactions which were contemplated failed 

 to end in business owing to the obstinacy of the Indian producers, who continued to 

 stand out for high prices. As a result of this, somewhat considerable quantities have 

 accumulated on the other side, and it is hardly likely that it will be possible to dis- 

 pose of these without considerable sacrifices so long as consumers are able to avail 

 themselves of our exquisite palmarosa oil substitute, a preparation which is well worth 

 its price and which possesses nearly all the advantages of the natural oil. Our sales 

 of this universally popular substitute have at times been so brisk that we have found 

 ourselves compelled to refuse orders owing to lack of raw material. 



