The project of the new Austrian Customs-Tariff also shows 
but unimportant alterations in the rates applying to our goods; and 
as far as this market is concerned, it may be confidently expected 
that the treaties will bring no changes of any consequence. 
The situation in the Transatlantic export-markets is unfavourable, 
especially in Central and South America. Above all, the fluctuations 
in the exchange in Mexico and Brazil have a restraining effect on 
the purchasing power and credit of those countries. 
On the other hand, the settled economic conditions in the United 
States of North America, still undergoing an enormous development, 
operate beneficially; the situation there has consolidated to such an 
extent, that even the Presidential Election of next year may have no 
influence on it. 
The Chemical Industry will take only a very unimportant part in 
the Universal Exhibition to be held at St. Louis in 1904, as the 
last Exhibitions at Chicago and Paris have followed each other so 
rapidly, that there is a lack of novelties. Moreover, chemical products 
do not form suitable material for exhibition-purposes, a fact to which 
we have frequently called attention. 
Our export trade to Japan, the Dutch Indies, the Philippines 
and Australia has been animated. 
In Europe the state of the trade has been normal, and does not 
call for any remarks. 
In order to extend our commercial relations with the Capital of 
the Empire, Berlin, and to offer our clients all the advantages of 
a modern installation, we have on April i^^ opened a branch-office at 
the Spittelmarkt No. 4 — 7. 
The same is the case with Hamburg, where our office is for the 
present at Neueburg 6. 
We have included in the programme of our operations the manu- 
facture of artificial mustard oil. 
As an Appendix to the present Report, we publish for the first 
time a work on a new subject, entitled: 
"Contributions to the knowledge of the pharma- 
cological and physiologico-chemical behaviour of 
some volatile substances". 
This work, executed in the Institute for Pharmacology and Physio- 
logical Chemistry at Rostock i. M. under the direction of Professor 
Dr. R. Kobert, will be continued. We believe that we are justified 
in our supposition that it will meet with a considerable amount of 
interest. 
In the half-year under review, the numerous and important move- 
ments in the values of several leading articles have brought about a 
