all the better elements of our branch should unite, in order that the 
industry, which has reached such a high position, may be kept free from 
morbid excrescences. 
The sale of our products in Germany and Austria has been 
normal, but business with the United Kingdom has not yet comple- 
tely recovered, even after the conclusion of peace. On the other 
hand, a very brisk trade has been carried on with France, which 
country has always shown lively interest in the scientific results obtained 
in the domain of essential oils and modern aromatics, and which has 
also for years taken an active part in the work carried on in that 
field. In Italy, the economic conditions are progressing, and the 
excellent position of the exchange renders that country a much- 
desired market. The state qf affairs in Spain is visibly improving in 
consequence of a favourable balance of trade. An important change 
is in progress in Russia, where heavy duties are about to be imposed 
on chemicals, in order to strengthen the chemical industry of that 
country, and to promote the establishment of new works The sale 
of our products in the United States of America shows a considerable 
increase. The welfare of that country is strongly promoted by the 
general progress of trade and industry. In Central America, Mexico 
is especially prominent by a continuation of the favourable conditions 
of the home affairs, whilst trade with Venezuela and Colombia has 
been completely paralysed by the disorganised political situation. 
In most of the South American countries, the conditions are also un- 
favourable, particularly in Brazil, where a general commercial demoralis- 
ation has developed, of such intensity as has never been seen before, 
which, conjointly with uncertain fluctuations in the exchange, and 
objectionable official regulations, threatens ruin to all commercial inter- 
course. The defects of the Brazilian Tarifi', and the absurd require- 
ments with regard to the customs' declarations, render trade with 
Brazil as troublesome as risky, for the slightest error in formalities may 
cause enormous losses. The consequence of this will be that inde- 
pendent firms will break off' business transactions with Brazil. 
In the Argentine Republic, trade has suffered heavy losses from 
numerous cases of bankruptcy. It may, however, be hoped that the 
favourable balance of trade of that country, in conjunction with the rich 
yield of the last harvest, will soon bring about an improvement in the 
state of affairs. 
The prospects in Chile are far from favourable, as the purchasing 
power there has been injuriously affected by a bad harvest, and by 
heavy falls in the exchange. 
The trade with Japan, which early in the year was very brisk, 
has since become rather dull, — a fact which may perhaps be due to 
