— 29 — 
In the first months, the Dutch market caused some animation in the article, 
but this was only of short duration; the values which had been driven from 
40,50 Marks per 50 kilos to 42 Marks, again fell to the old level, in conse- 
quence of indirect and increased supplies. Only towards the middle of the 
year a little more life was noticeable, as at that time the offers from Holland 
were below the prices quoted for direct delivery. In order to meet the demand, 
about 1800 bales were sold from Holland to this country at a price of from 
38 to 35 Marks delivered cif. But in the following months the market became 
more and more favourable for the purchaser, and in October the value here 
had declined to 35 Marks. 
Reports on the new harvest are not very satisfactory, as information from 
Zanzibar mentions but a small yield. In spite of this, there is little disposition 
towards speculative enterprise, as the reports are still accepted with all reserve. 
If the statements come true, there would be no prospects of low prices for 
some considerable time to come. Owing to these circumstances the prices have 
during the last two months advanced 15 per cent, and the market closes with 
a quotation of 40,50 Marks per 50 kilos, with much reduced stocks. Amboina 
cloves were only imported indirectly, and fetched better prices in the last half- 
year. The values improved from 60 to 65 Marks per 50 kilos. 
Stock of Zanzibar and Amboina cloves: — 
about 1600 bales 
against ,, 3400 „ in 1900, 
„ 6100 „ „ 1899, 
„ 4400 „ „ 1898. 
The imports of clove-stems were: — 
about 416000 kilos 
against ,, 730500 „ in 1900, 
„ 933000 „ „ 1899, 
„ 342000 „ „ 1898. 
The value of this article usually depends upon the mother-spice, the clove. 
The depressed quotations recovered slightly during the course of the year, as 
the offers from Zanzibar were always readily accepted by the manufacturers. 
The value at the end of the year was quoted at 14 Marks per 50 kilos, with 
very small stocks. 
According to Dutch statistics, the stocks of Zanzibar cloves were 
as follows : — 
on i^^ September 1902 1901 1900 1899 1898 
in Holland 51456 62960 74842 79373 
„ London 16034 16310 21557 33516 62617 
„ New York 1 1 000 13900 14700 10700 30232 
78490 93170 111099 129589 bales. 
In consequence of the animating effect of these statistics, and the 
lack of confidence in the results of the harvest, the prices of cloves 
have recently advanced a little, and it is not impossible that they will 
remain at the present level, but a calmer view will be taken of the 
situation if the fact is taken into consideration, that the total stock of 
about 80000 bales represents a quantity of about 5000 tons, that is 
to say, a six months' supply, and that this does not include the stocks 
at Bombay, the most important clove market of the world. 
