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has been previously dried, are quickly converted by the oxygen of 

 the atmosphere into non-volatile resins, and thus made harmless. As 

 such constituents make the oil entirely useless in certain conditions, 

 it is advisable not to distil the fresh herb, but only the dry, or at 

 any rate the faded, herb. The same applies to many other distilling 

 materials, such as for instance lovage root. 



Peppermint Oil, Japanese. So far as the final result of the 

 last harvest can be ascertained, the total output will fall far below 

 the quantity mentioned in our last Report. In London, for instance, 

 it is asserted that at most 2000 cases have been produced, of which 

 one half is said to consist of oil and the other of menthol. Unfort- 

 unately no authentic statistics are available on the present occasion. 



Business in oil and menthol has been just as unsatisfactory in the 

 course of the last half-year as in the period covered by our last 

 Report, and we scarcely believe that better times are to be hoped 

 for shortly. On the one hand the prices of American oil, which con- 

 tinue to be very depressed, are an obstacle to a revival of the Japanese 

 market, and secondly there continue to be in existence considerable 

 old stocks, both here and in Japan, which also help to weigh upon 

 the market. For many months past those who are interested in the 

 matter in Japan have been vainly endeavouring, by holding the prices 

 firmly, to bring about a renewed interest in it. In spite of all their 

 efforts, consumers only buy for actual requirements. Recently, even a 

 decided slackening of the market has been observed. 



Peppermint Oil, Saxon. It would be premature at the present 

 time to express an opinion on the prospects of the coming season's 

 crop, for only when the shoots are beginning to form will it become 

 clear whether the unusually late winter, and particularly the cold 

 weather of the last few months of the past year, which was not ac- 

 companied by snow, have or have not exercised an injurious effect 

 upon our cultivations. 



Petitgrain Oil, Paraguay. Depressed by the considerable 

 supplies as well as by lower offers for later shipments, the prices again 

 •began to move towards a normal level as far back as in the late autumn, 

 and they have now reached a range where the oil promises again 

 to become of interest to consumers. It is, however, more than doubt- 

 ful whether such low prices as those of former years will return, 

 because it is said that the conditions of manufacture in the country 

 of origin have become very difficult. 



Pine*needle Oils. Owing to the weakening of the demand, 

 somewhat large quantities of extra-fine oil from fir cones accu- 

 mulated, so that it even became possible to effect a slight reduction in 



