of Cotton The series of articles which Professor Todd contributed to the daily edition of "The Times'} are calculated to make the most shortsighted cotton manufacturer reflect. Briefly, the position is that Lancashire before the war depended on the United States for 8 per cent. of the cotton she used, while five-eighths of the world's crop was grown in that country. Last year's American crop was probably the worst in the past decade, and, coming as it did after a series of bad years, the shortage occasioned thereby is pronounced. Nor is this by any means the sole eats for anxiety. At the end of the last century the American mills consumed approximately one-third of ithe domestic production of that country; in 1917 and 1918 they consumed over half- Moreover, other countries have now come into the! industrial arena, and are competitors for "what supplies of cotton! exist.
The annual meeting of the Batu Anam (Johore) Rubber Estates Ld., will be held on April 9, and the annual report to be submitted to shareholders has now been issued. It shows that the crop of rubber harvested during 1919 was 291,760 Ib. against an estimate of 300.000 Ib., the deficit being due chiefly to prolonged drought. For 1920 the crop is expected to yield 340,000 Ib.
The cost of production free on board at port of shipment came to 1/0.21 as against 1/3.12 per Ib. during the preceding year. The quantity of rubber sold was 302,302 Th.—84,094 Ib. at 1/7.88, and 254,208 Ib. at 1/9.53. Forward sales for this year are—24 tons at $0.85 per Ib. and 2% tons at $1.10 per Ib.
The net profit for the year under review came to Ts. 25,456.53, which with the balance from' the previous year and less appropriations (Ts. 3,938.23) amounts to Tls. 55,961:96. The directors recommend the payment of a dividend of Ts. 0.05 per share, amounting to Ts. 90,000, and after placing sums to depreciation commission etc.. the carrying forward of Ts. 17,118.71.
Yet if there were any reasonable anticipation of increased production in tthe United States all
Text read from the printed page and cleaned; old type leaves the occasional error.