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It is onl\' natural that such an extraordinary decline has been the 
cause of exceptional losses to those who deal in this article and its 
by-products. 
For this reason it is not surprising that the eyes of all interested 
parties were fixed with feverish suspense on the condition of the fresh 
blossoms of the lemon tree. 
The first bloom commenced well, and appeared to progress satis- 
factorily, when a period of rain}'^, damp weather, interrupted for short 
intervals b}^ scorching sunshine, caused great injur}- to the young fruit. 
When the second flowering period of the lemon-trees also developed 
under apparently unfavourable conditions, the opinion gained currency 
in interested quarters, that the slump might be considered past, and 
that the hope of higher prices was justified. 
In consequence of this a certain reserve of the sellers was notice- 
able on the market, which followed on the heels of a strong demand 
from the local uncovered parties, — and in this manner the quotations 
increased by leaps and bounds, and had advanced in the middle of 
June by about 50 per cent. After reaching this point the bull-move- 
ment came to grief on the undisturbed tranquillity prevailing abroad, 
as the purchasers there, having only just received the large quantities 
of new oil, were in a position to await events for a time. 
Under the circumstances the holders of lemon oil had no choice 
but to become gradually more accommodating, and the article con- 
sequently dropped slowly back almost to the level at which it stood 
before the rise, after the pressure had been increased by the favourable 
prospects of the new crop. 
It is a fact that the coming lemon harvest will fall behind that 
of last year, but it may possibly come up to an average crop. 
The question now is, whether the expected results of the production 
will suffice for the world's increasing consumption during the next 
season. The answer to this question might be found in this, that 
a continuation during the next twelve months of the prices of lemon 
oil at their present abnormally low level would appear hardly possible, 
but that large fluctuations in the quotations need not be feared, unless 
the bases of the present calculations are disturbed and altered by the 
appearance of a new and hitherto uncertain factor, i. e., by the greater 
or smaller oil-content of the new fruit. 
The available stocks of old lemon oil at Messina may be estim- 
ated at about 40000 kilos. This g ear's oil of lemon is generally 
characterised b}' a low rotator}- power; the average oil of the first 
three months of the season no doubt showed a rotatory power of 
61^ to 59^^, but the oil of large districts was conspicuous, right from 
the commencement, by the low rotation of 60^ to 59°. From that 
point the rotation diminishes with striking rapidity with the increasing 
