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The present harvest appears on the whole to turn out somewhat 
smaller than that of the previous year, but an estimate of the harvest 
has lately become more difficult than before, as during the last decade 
large areas which were previously devoted only to agriculture, have 
since then been converted into luxuriant fruit -tracts, and the lemon 
tree has frequently been cultivated successfully even in districts situated 
some looo or 1200 feet above sea-level. These new plantations yield 
a quantity of fruit increasing from year to year which equalises the 
loss due to the dying trees, and which can be estimated correctly only 
with great difficulty. 
But taking all in all, the present harvest does not appear to come 
quite up to the last one, and as at the end of last season the stocks 
of old oil left over were considerably lower than those of the same 
period last year, the assumption seemed justified that the article in the 
course of the season would rather fetch higher than lower prices. 
In spite of the financial weakness of the manufacturers, who for 
three years had experienced nothing but failures and losses, the article 
has maintained its position until the warlike events in the Far East 
began to exert a strong depression on the world's money markets, 
which found here an immediate and powerful response, inasmuch as 
the trade in lemons in cases declined from day, and, as regards Russia, 
even ceased almost entirely. 
In consequence of the large drop in the prices of the lemons, a 
quantity of fruit has become available for the manufacture of oil which 
had not been reckoned upon before. This has also had a weakening 
effect, during the last ten days of February, on the quotations of lemon 
oil, which have declined by about 5 
This movement has been supported by continued spot sales of a 
large export firm, which by all accounts is said to be engaged at low 
prices for large quantities for shipment abroad, and which, while 
endeavouring to force the market down still further by the spot sales, 
at the same time depresses the disposition towards this article abroad 
by offers at absurdly low prices. 
At the same time, a further downward movement seems hardly 
possible, for the prices have now reached a level at which the manu- 
facture can scarcely pay. 
For this reason the future of the article is not unfavourable, unless 
indeed the political situation in Europe should also become complicated. 
Stocks of any importance are at present not in existence, as the 
manufacturers have not been sufficiently strong financially to hold back 
part of their production, and as the heavy shipments abroad have not 
afforded an opportunity to the export trade to accumulate stocks. True, 
the manufacture is at this moment still in full swing; but if the export 
of lemon oil should continue at the same brisk rate during the next 
