14 REPORT OF SCHIMMEL & Co. APRIL 1914. 
assume wider dimensions and will extend to other districts, or what effect it will have 
upon the neighbouring provinces. . 
The financial crisis at the close of 1913, too, has not yet been overcome. A few 
well-known but badly-established and in part adventurously-conducted native banks in 
Bombay failed, causing widespread injury and severely shaking commercial confidence. 
The expectations of a favourable development of business in Spain, to which we 
gave expression in our last Report, appear to be in course of fulfilment, at any rate 
so far as the branches are concerned in which we are interested. It is true that many 
general complaints are still heard to the effect that trade continues to drag owing to 
the pressure of insecure political conditions and the still unsettled Morocco-affair, 
but so far as our experience goes we can only say that our turnover during the © 
winter months of 1913 and the first months of the present year show a steadily 
increasing tendency. The olive crop of last winter has been good, and in part even 
excellent, a fact which is of the greatest possible importance for the course of , 
business in all branches, especially in the Southern Provinces. A further favourable 
development of trade and industry is therefore probable. 
As we have already prophesied, the negotiations between the French and Spanish 
Governments have been limited to the drawing up of a joint plan of action in Moroccan — 
politics; no alliance, such as was much talked of in the daily press at the time, has 
been concluded, and international commercial relations with Spain have therefore 
undergone no change. 
Soon after the publication of our last Report the Liberal Ministry fell, and was 
compelled to make room for a Conservative Government. But in the meantime the 
Conservative party has also been split up into two sections, at the head of one of 
which is the old Conservative leader Sr. Maura, while the contro! of the other is in 
the hands of the Prime Minister, Sr. Dato. Internal disunion, which at the time 
brought about the overthrow of the Liberal party, therefore now reigns also in the 
Conservative camp, and naturally the country suffers from the consequences of these 
aimless, selfish party quarrels. 
There has scarcely been any alteration in the condition of business in Italy, but 
it cannot be denied that there is perceptible in this market a brighter feeling, which 
dates from the close of the war. It is true that the export of essential oils from 
Germany to Italy has declined somewhat (see the table on p.9), but it would not be 
fair to conclude therefrom that there has been a falling-off in the demand. Our own 
shipments to Italy at any rate, have increased both in respect of value and of quantity. 
So far as statistics are available at present, the total imports from Germany into 
Italy, as compared with the figures for 1912, show an increase of 13,8 million Lire, 
and the exports from Italy to Germany an increase of about 8,4 million Lire. 
The value was as follows: — 
Imported from Exported to 
Germany. i. n.- 14 2 > O12 SeMillionsLine 336,7 Million Lire 
United Kingdoiies .. 14.6015! ., fs 261,1 % if 
United States. . . :  505,6 53 i 257,7 r Pe 
BEance. nthe tbh ak eae coe ys 4} 230,9 3 a 
Austria-Hungary. . . 2064,1 x < 218,8 M P 
Arsentina..iiiac ls, aglow ‘ ‘, 190,3 s . 
Suntzerlandicadena » Lue 38,5 i 5 248,6 3 . 
Germany, therefore, maintains indisputably the first place in the total foreign trade 
of Italy. 
