— I04 — 
We do not, of course, wish to be driven from our position, and 
we assure our clients that we will meet all honest competition. . By 
producing safrol ourselves on the largest scale, and by means of a 
modern installation, we hold an exceptionally favourable position for 
the manufacture of this product. 
Menthol, recrystallised. Although the unusually brisk demand 
for this preparation, which existed in the spring, has somewhat fallen 
off in the course of the summer, it has had the effect of clearing the 
stocks to such an extent, that the value since that time has been 
constantly going up and reached by and by an unusual high level. 
The shipments of crude menthol from Japan were exceptionally 
small. They amounted to the following: — 
from I January to 31^^ July 1902: 
to Hongkong 7 7 1 1 cat 
„ London 4095 
„ Havre 3106 
„ Hamburg 2025 
„ Seattle 1800 
„ New York 1 125 
„ Antwerp 947 
„ Bombay 84 1 
„ Milan 675 
„ Rangoon 94 
„ Marseilles 30 
„ Melbourne 30 
„ Bangkok 22 
les 
Total 22501 catties, 
or about 13500 kilos. 
against a quantity of about 25000 kilos in the second half of 1901, 
which no doubt exceeded the demand, but which has been com- 
pensated for by the smaller imports of the last 7 months. 
'From these, as from previously communicated figures, it w^ill be 
seen that the total annual consumption of menthol amounts to 35000 
to 40000 kilos. 
Shipments from Japan have practically ceased during the last few 
months, as old stocks are sold out, and this year's product is not 
ready for shipment until October. Our first consignments of the 
latter are just now coming in. The value of the article is high but 
still normal. The highest price, 140 marks per kilo, was paid in 1881; 
it gradually fell to 90 marks, but rose again in 1883 to 130 marks. 
The lowest quotations, 15 to 22 marks, were caused in 1887 to 
1898 by enormous over-production, against which the Japanese Govern- 
