— 6 — 1 



Essential Oils 1 ): 

 Imports from January 1st 1912 to j une 30th 1912, 773500 kilos 



„ 1st 1911 n n 30 th 1911, 746200 „ 

 Exports „ „ 1st 1912 „ „ 30th 1912, 314700 „ 



„ 1st 1911 n m 30 th 1911, 284900 „ 



German exports of artificial odoriferous compounds 2 ): 



from January 1st 1912 to June 30 th 1912, 253900 kilos 

 1st 1911 n n 30th i9H f 239000 „ 



The events in the Near East, that political barometer of Europe, should 

 caution us against forming too optimistic a judgment of the situation, for 

 although the prospects of an early conclusion of the peace negotiations 

 appear to be about to be realised, it is well to be prepared for surprises. 

 For who would have thought, a year ago, that the Turco-Italian war would 

 be prolonged for over a twelvemonth? 



It is not surprising that, owing to the favourable condition of trade, 

 the demands upon the money-market are very heavy and that the German 

 Imperial Bank may, ere long, find it necessary to follow the example of 

 London and to raise its rate of discount. The increasing confidence in 

 the investment of capital in industrial undertakings also finds expression 

 in the remarkably low quotations of our National funds. 



In the home market the sale of our manufactures might be described 

 as being equally satisfactory in all consuming branches of industry, were 

 it not that the cordial- and spirit-industry is adversely affected by the 

 attitude of the Spirit-Trust. It is, however, rumoured that the leaders of 

 the distilling-industry have recently succeeded in concluding an agreement 

 with the Spirit-Trust, which is to come into force at the commencement 

 of October. According to the Zeitschrift fur Spiritusindustrie the essential 

 points of this agreement are that the Spirit-Trust will concede to the 

 distillers a price-rebate of 4 marks, and will set up a sliding scale of 

 prices for future delivery for those who are prepared to contract for their 

 requirements for the year. The distillers, in return for these concessions 

 and in view of the security thus assured to their undertakings, are to 

 improve the quality of their products and[to raise the economic conditions 

 industry. We hear from an authoritative source that the negotiations, of 

 of their which the outcome will naturally be awaited with some eagerness, 

 have not as yet arrived at a stage of definite conclusion. 



In the month of June of the present year the shipment of our goods, 

 particularly in Hamburg, was suddenly confronted by almost incredible 

 difficulties, as a result of which our exports were almost brought to a 

 standstill for a few days. It appeared that, without consulting all the 



x ) No. 353 b/c of the Statistisches Warenverzeichnis. 

 2 ) No. 354 of the Statistisches Warenverzeichnis. 



