Hmmm, yeah. I have googled properly disposing flash powder, which in my area means contacting the police. I am sure the bottle won't be returned.
EDIT: Found the following information here -
http://www.archive.org/stream/agfabookofphotog00barrrich/agfabookofphotog00barrrich_djvu.txt
Flashlight
Powder.
(Called "Adfa"-Blitzlicht)
"Agfa"-Blitzlicht is a scientific
combination of chemicals of a dif-
ferent composition than the usual
Magnesium and Potassium Chlo-
rate mixture and possess the follow-
ing undisputed advantages:
1. Minimum smoke development.
2. Maximum amount of light.
3. The most rapid flash.
4. Silent discharge.
5. No danger of explosion.
6. Convenient packing.
7. Economy in use.
The claims we make on behalf of the small smoke devel-
opment are that the "Agfa"-Flashlight Powder gives only one-
tenth of the smoke produced by the usual magnesium and po-
tassium chlorate mixture. Besides which, owing to the greater
light development, "Agfa"-Flashlight only needs to be used in
small quantities which, apart from economy, is a potential
factor in the reduction of the smoke nuisance. What little
smoke there is is a bluish transparent film which quickly rolls
off and disappears. The great lighting power makes the
"Agfa"-Flashlight very economical; the intensity and actinic
power is three times as great as any other preparation used in
the same proportions.