WueN on November 1 the)! possible that the position in America has been under-estimat-_ ed, and that a revision of the condition there may have to be made, This, however, is by no means certain, but it has been necessary to mention it -when taking a conservative view of the whole situation. There is a further reason for a temporary weakness apart altogether from such a consideration, and doubt-ess succeeding days will show whether it is the real factor.
We have already pointed -out that many estates were unable to take advantage of the ordinance which allowed export -up to 100 per cent. of standard, and consequence of this has been that export coupons to a considerable amount have been left} in their hands, So long as these coupons remain valid, it means: that even with export reduced by. 120 per cent. the estates holding them are able to market practic ally all the rubber they had, and notwithstanding the renewed curtailment, considerable quantities of raw material-above the 80 per cent. limit will still be available for shipment. The 'a distinct expectation that} when they are really making war, to let their imaginations run' riot and generally to keep the pot boiling everlastingly and to the eternal detriment of the Chinese people, They are tolerated by the military men, who in all simplicity are still suffering from the illusion that names which were big during the Ching Dynasty or the Presidency of Yuan Shih-kai mean something, to-day and that these "great names" may bring them, the militarists, a measure of popular' justification for a conduct for which they are not a little ashamed.
For no one likes the responsibility of war.
The militarists: know that they are not doing the right thing by their country otherwise. why should they! issue such peaceful pronuncia~ monte before and after they go into a fight? Every military Colonial Office announced that] the export of rubber from Brit possessions would be reduced by 20 per cent, for the! coming three month: it" undoubtedly came ai 'a shock to many holder plantation hares to find sudden weakness! in the raw material. nything the position ought to have been the other way about, but nevertheless the price in Singapore dropped a cent and a half per Ib. Advisedly we say that] "if anything" the position should' have been the reverse, for the! reintroduction of an 80 per cent. restriction basis could have no other effect than to reduce the quantity of exportable rubber. Those intimately associated with, the plantation industry, however, have never been under any misapprehension as to the actual effect this would have on the! market, and for very good rea-wants to be popular with the) 'When export was placed masses, because he wants to be-on the basis of 100 per cent. of come & civilian governor one standard production a very large' day of the whole country; th at number of estates were unable] is, he wants to be President oF to take advantage of the greater perhaps more than President. release. Some had been assess-'At any rate, he wants to be ed at too high a figure, and in ed a constructive governor rath others there was probably in-than a mere potterer after terri-sufficient labour, so that the} tory and spoils.
Yet that, after higher figure under the Steven-all, is the total accretion of the son Scheme, did not actually] wars, some little territories al bring about the greater output] possession and a small fortune which in theory should have which is eaten up by waste ell been the As a natural politicians and menial servants. consequence the newly intro-'The thing then does not pay. Tt duced restriction will not operate does not pay the country or the to cause an actual reduction of. It is sheer waste.
20 per cent. of standard, for as Yet men keep at it because no trees are now beginning to win-one will give in; no one wil Il|ter, production must necessarily meet with the other side to di is-|be smaller in the coming three 'o- months, which is another factor [the Colonial Office would cancel these coupons either at once or, in the immediate future, and it probably because nothing the kind has been done that the present weakness has occurred. "The position with reference to these coupons is contained in the course of a Reuter message published on Wednesday which It is understood that with the! \pproval of the Secretary of State the Governments of Ceylon and Malaya intend to modify the present. policy from February 1, 1927, in order to Li ity of" ex:
ights to a period of that period for which they are] granted.
This means that, after the current quarter, coupons in Ceylon will be valid for four months in all and export credits in Malaya for six months in all How much additional rubber beyond the 80 per cent. of standard this will "permit of being exported within these months it is impossible to say, but it brought to the forefront one farther weakness in the Steven-ison Scheme which was not perceived originally.; It is, however, now being rectified, and while probably the principal. Jcause in the present situation, is one which will not affect the basic condition of the market, taking a general view of its near' future.
Text read from the printed page and cleaned; old type leaves the occasional error.