— I30 — 
According to recent reports from Japan, the stocks of crude 
menthol have lately become reduced by heavy shipments, so that a 
further drop in the prices is out of the question, and, on the con- 
trary, a rise of several marks in the near future is probable. This 
has absolutely nothing to do with the political complications. The 
statistical figures of the shipments of crude menthol from Japan during 
the year 1903 are found on page 73 of the present Report. 
Musky artificial. The fact that the German patents have now 
expired has been a two-fold advantage to the perfumery-industry. In 
the first place, the price has fallen to about one twentieth of the previous 
one, and secondly, a sensible state of affairs has now arisen as regards 
the quality. The admixture of antifebrin which used to take place 
has now completely ceased. We take a lively interest in this article, 
and supply — if perhaps not at the lowest cut prices, — a really 
remarkable quality of extra-fine perfume, which has met with universal 
approbation. It dissolves in 95 ^/q alcohol in the proportion of 
I in 200. But in order to meet also higher requirements with regard 
to solubility, we have now introduced under the name extra-soluble 
a kind which forms a solution with 95 ^/q alcohol in the proportion 
of I in 80, and which renders it possible to make concentrated 
tinctures, — a fact to which we would here call attention. 
Safrol. We were able to make a slight reduction in the selling 
prices of this article owing to very important and advantageous con- 
tracts for camphor oil. Since these purchases were concluded, the 
camphor monopoly Act has been passed, and the future value of this 
raw material is now as uncertain as that of camphor. It is probable 
that the intended permanent rise in the price of the latter will also 
extend to the oil, and that sooner or later safrol will also advance 
in price. 
In consequence of the high price of sassafras oil there is a very 
strong demand for safrol. 
Terpineol. Although the high prices of turpentine oil really 
justify an increase in the quotations, we are in the pleasant position 
of reducing our prices, since we have succeeded in introducing im- 
portant improvements in the manufacture, and in employing these to 
advantage. 
We beg to draw special attention to the quotations in our lists. 
We need not refer to the fact that our product supplies the highest 
which can be obtained in point of quality. 
Thymol. The Japanese war has brought about a very strong 
demand for this antiseptic which is so esteemed in the Far East. 
If this should continue or perhaps even increase, a rise in the prices 
