Miltitz near Leipzig, October/November IQ02. 
The depression which has spread over Germany's trade and in- 
dustry after a period of industrial growth extending over several years, 
and which has become of such far-reaching importance for the economic 
life of the whole nation, still continues, and would appear to have not 
even yet reached its culminating point. Although here and there signs 
are found which seem to justify a somewhat optimistic opinion, the 
leading industries are still in a state of complete depression, from which 
they will not recover until a general improvement in the economic 
conditions of the German Empire has become an established fact. To 
attain this end, it is in the first place necessary to come to a definite 
settlement of the question of the Customs' Tariffs, and to conclude 
stable commercial treaties with foreign countries, for as long as uncer- 
tainty exists with regard to the latter, enterprise is laid in fetters which 
are bound to react with paralysing effect on the whole economic life. 
The chemical industry of Germany could obviously not escape 
entirely from the evil effects of the general crisis, but thanks to its 
prominent position in the world's commerce, it has suffered less from 
the unfavourable conditions than other branches of industry. Yet the 
excessive increase in the number of new establishments, and the 
enlargement of existing works, have prejudicially affected the state of 
affairs, and have led to over-production of various articles, which in 
the present period of general decline is doubly disagreeable. The 
figures of the export of raw materials and manufactured articles of 
Germany's chemical industry are as follows: 
1899 £ 20493450 
1900 J, 19880850 
1901 „ 20418300 
Like in all other industrial branches, so in ours, the offers at dis- 
proportionately low prices are more numerous than ever, and have 
degenerated into a veritable "struggle for life". So long as this is 
conducted with honest weapons, nothing can be said against it; but 
when it goes beyond the limits of all reason, it is all the more to be 
regretted, as a proper estimation of the value of the majority of our 
products is beset with difficulties to the purchaser, and frequently is 
totally impossible. 
In such case it is only possible to effect a change, by continued 
efforts to enlighten the public on the character of the products, and 
