Miltitz near Leipzig, October 1912 1 ). 



German chemical industry and conjointly with it our own branch of 

 trade are able to look back upon a busy and successful summer. Not 

 only was the brisk demand for consuming purposes, which had characterised 

 the spring, maintained in every branch, but the turnover showed a continued 

 healthy increase, while the peaceful course of international politics afforded 

 the principal preliminary condition for the progress of the upward, move- 

 ment in prices which is evidently dominating the commercial situation. 

 In many parts of Germany, however, abnormal conditions of weather have 

 greatly disappointed the anticipations of a good harvest which were 

 entertained earlier in the year, and this disappointment will be the more 

 severely felt by the nation because so far there has been no abatement 

 of the rise in the prices of food-stuffs, by which the working classes in 

 particular are burdened. It is a matter for gratification that the balance 

 of trade for the first half of the year clearly shows that German commerce 

 and industry are in a flourishing condition, and it is to be hoped that 

 the economic impediments to which we have referred, will not have too 

 unfavourable an effect upon the autumn and winter trade, to which our 

 industries are now looking forward. The foreign trade of the German 

 Empire has made thoroughly satisfactory progress in the period from 

 January to Junp inclusive, as compared with the corresponding period of 

 the year 1911. Its total value amounted to 9491 million marks, as com- 

 pared with 8499,3 million marks in the previous year, thus showing an 

 approximate increase of 1000 million marks. The value of the imports 

 amounted to 5243,6 million marks, as compared with 4818 millions in the 

 year 1911; of the exports to 4247,4 million marks, as compared with 

 3681,3 millions. There has, therefore, been an increase in the first half of 

 the year 1912 of 425,6 millions in our imports and of 566,1 millions in our 

 exports. That our own industry has shared in this progress is evidenced 

 by the following figures relating to the quantites by weight of merchandise 

 exchanged with foreign countries: — 



- *) The introduction to the present Report and the Commercial part were written during 

 September. 



