— 7 — 
A retrospect at the past half-year no doubt shows a number of 
rising quotations in various leading articles of our branch, but also 
some considerable declines in values. In the following pages of our 
Report we endeavour in an impartial manner to give reasons for both 
categories of movements, and, where they have been produced artifi- 
cially, to attack them vigorously, hoping that we shall thus be able 
to render a real service to the public interested in our articles. 
Our scientific laboratory once again provides matter for the Report 
by a number of interesting researches. 
We would further mention here that we have acquired the patents 
belonging to Professor Dr. Dunbar, of Hamburg, for the serum against 
hay-fever, called "Pol Ian tin", invented by him. 
The manufacture of Pollantin is carried on under control of the 
inventor, in conjunction with the agricultural w^ork of our firm at Miltitz. 
Almond Oil, bitter. The raw material which comes under 
consideration for this oil, i. e. Syrian apricot-kernels, could be purchased 
favourably, and there was also a sufficient demand for pressed oil, so 
that the manufacture could be carried on by us on a normal scale. 
At the same time, the demand exceeded our output. 
Two parcels of "genuine" oil of bitter almonds, which were offered 
to us for sale, showed a distinct chlorine - reaction and had been ad- 
ulterated with chlorinated benzaldehyde. In one case the usual argu- 
ment was brought forward, that the oil had been dried with common 
salt, and that the chlorine-content must be attributed to this. This 
argument has been answered by us in detail already years ago (Report 
April 1891, 29), and we now repeat that the chlorine-content of oil 
of bitter almonds is solely due to the presence of organic chlorine 
products, and not to the minute traces of anorganic chlorides which 
might originate from the drying of the oil, and which, as a matter 
of fact, could not possibly be detected by the method of combustion 
employed by us. 
To-day we absolutely maintain this view. The oil is an article 
of confidence, and it is a great mistake to let low prices be an in- 
ducement for buying. 
Almond Oil, pressed from apricot-kernels. The prices 
of Syrian kernels, which in September last year set in at a low 
level, advanced already in the course of the last months of 1903 by 
about 15%. As we ourselves had to pay these higher prices, we 
were soon forced to increase our lowest price for large parcels to 
