Nov. 17.
Apart from questions of actual production, manufacture and subsequent use of the finished article, which does not leave very much more than the all important point of finance, Shanghai possibly has as great an interest as any city in the world in the rubber industry. Our Hong List gives a total of twenty-six rubber estates with their head offices in the Settlement and, as we pointed out recently, these represent an investment of over fifteen million taels. and a_ surplus over and above that of many millions absorbed in what for the most part must be counted as rash speculation in the stock of these companies. Hence the general satisfaction expressed at the announcement of the scheme of restriction. The results were immediate, for rubber rose at once to over a shilling and it seems to be. agreed that at this figure expenses can be met and possibly @ small profit made in some cases. It will be of inthe report of Sir James Stevenson's Committee which brought about this restriction. Eight gentlemen of standing were appointed to investigate and report "'for the information of the Secretary of State for the Colonies and to advise what remedial measures should be taken to improve the existing position."" It is unfortunately the case with a great many official and semiofficial commissions appointed for like purposes that far too often they do no more than meet. and chatter for brief periods. at long intervals, this being the excuse for earmarking big con-solatiums for the Commissioners and fat salaries for a host of secretaries. This will be borne out by anyone who has bad experience of that quaint old house situated opposite the entrance to the House of Lords. The Stevenson Committee, however, were appointed for real work and evidently appreciated it and they will be no more proud than other people will be satisfied at reading a footnote to the report:—''No expenses have been incurred on account of this committee except those of printing and publication, amounting to £5.5s.'' Surely a record for a Government Committee.
The general idea. of the restriction scheme is fairly well understood by now, but the fact, ought to be impressed that the committee had in mind something that would not only benefit the market now and in the future, but would also help existing estates, so that there would not be a monopoly of profits for any new comers jumping in when conditions are stabilize ed. In this they seem to have succeeded, for there should be no little financial relief..to all rubber producers, whiff, whether estates become voluntarily or compulsorily associated with the scheme, its action will be the same and there will be a discouragement of more drastic tapping, so that, if their property is otherwise well cared for, they will ultimately be in a stronger position than will be those whose trees have been forced to yield all that was possible. It must have been noticed in companies' annual reports, even in the prosperous days, how experts calld in to advise upon. the condition of an estate, said
Text read from the printed page and cleaned; old type leaves the occasional error.