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have had a restricting influence upon the favourable development of 

 trade and industry, but these two obstacles having been removed, the 

 condition of nervous tension brought about by uncertainty will again 

 give way to a steady and purposeful striving forward. The outcome 

 of the financial reform in Germany, it is true, has not been to the 

 satisfaction of the industry of the country, inasmuch as the rejection of 

 the inheritance-duty is equivalent to fresh taxation upon trade, industry, 

 and finance, and because all these burdens, — no matter how negligible 

 they may appear to the uninitiated — diminish our power of com- 

 petition with foreign countries. 



At present it is still impossible to forecast the effects of the new 

 Spirit Excise Act, which has now come into force, upon the spirit 

 industry, which is such an important one for the consumption of our 

 products. We shall have to make up our minds to make the best 

 of this Act, as we had to do in the case of the new Act on Wines 

 which came into force on I st September and, in various details, 

 especially as regards the manufacture of artificial brandy, has far 

 overshot the objects aimed at. It would lead us too far to enter 

 here upon these subjects, which have been dealt with at sufficient 

 length by the technical periodicals. The rejection of the projected 

 tax on soaps and perfumery can only be received with satisfaction so 

 far as all the interests involved are concerned, for the results of its 

 adoption would certainly have been ominous for a considerable section 

 of the German perfumery industry. 



Our branch office at Bodenbach has again been able to record 

 increasing sales in the Austro-Hungarian monarchy. As was ex- 

 pected, the dispute with Servia has been solved amicably, and the feeling 

 of uncertainty which at the time — not without reason — , had spread 

 itself over the whole country has again been removed, to the advantage 

 of the general economic conditions. The alcohol industry, which is 

 chiefly interested in our manufactures, continues to suffer severely from 

 unfair competition, as well as from unsatisfactory manufacturing con- 

 ditions, and we therefore hail with satisfaction the fact that the in- 

 troduction of the projected increase in the spirit duty has again been 

 delayed for a year. As such an increase can only take effect from 

 the beginning of the distilling season — that is to say about the 

 beginning of September, — and as it was not possible to bring the 

 question to a final solution during the last session of the Austrian 

 parliament, we are now enjoying a further term of respite of 1 2 months. 

 It is to be hoped that before the conclusion of this period the branches 

 of industry which are affected by the projected law will be able to 

 voice their weighty objections to the new taxation in a suitable manner, 

 and so assist in bringing about a favourable decision when the subject 

 comes up for consideration in the next parliamentary session. 



