— 45 — 
also was not realised; with the high prices ruling during the summer, 
the foreign requirements had not been covered until the very last 
moment, so that the stocks of old oil were no longer sufficient, and 
the first new oil, in spite of its low ester-content, at once found pur- 
chasers at high prices. It is only due to the cool-headed behaviour 
of the exporters in this town, and to the patience of the large firms 
abroad, that during December of last year and January 1904 a sharp 
rise in the prices of the article was averted. But in spite of this, it 
has not been possible to avoid considerable losses to most exporters 
in the settlement of the liabilities, — especially to those who had 
made contracts for export at low prices on speculation. Only in the 
course of February stocks have again accumulated; this has exerted a 
pressure on the market and on the quotations, and has depressed the 
prices to a level which is proportionate to the rich result of the 
present season's manufacture. 
Bergamot oil with higher degrees of ester was this year about four 
weeks late and the lack of this oil has rendered the return to normal 
prices much more difficult. 
The prospects regarding the further development of this article will 
chiefly be influenced by the hope which may be entertained for the 
coming harvest, but, in a secondary degree, also by the more or less 
large demand from abroad during the next few months. The winter 
has been mild, and the atmospheric conditions have been favourable 
rather than injurious to the trees. Although after the last large harvesst 
it would not be wise to reckon on an equally large one for the coming 
season, there yet appear to be signs that the development of the blossoms 
will be middling, and that for the present a bad harvest need not be 
feared. 
A return to higher prices does not seem probable, so long as 
purchases from abroad are conducted quietly and sensibly; on the 
other hand, cheaper prices than at present can hardly be expected, 
as to all appearances the foreign buyers are not yet abundantly pro- 
-^ided with bergamot oil. 
Lemon Oil. Since the price of this article has dropped to such 
an extent, it becomes more and more difficult to make even an ap- 
proximate forecast of the probable fluctuations of the quotations in the 
course of one season, as the very fact of the low value of the oil 
imparts a considerable importance even to small fluctuations of 0,25 
to 0,50 mark. 
It may be said that during the last two years the quotations in 
one season have shown no greater difference in price than 0,50 mark 
per kilo, and it can be readily understood that with an article of such 
universal consumption, which is moreover only a by-product, such 
fluctuations cannot be calculated beforehand. 
