As events have since shown this ner-Vousness need not have been manifested had a better idea of the conditions under which rubber is obtained been the case in the consuming centres. Every additional elimination of restriction calls for a greater amount of labour, and it has to be remembered that labourers have to be trained for the work of tapping, so any vast increase in supplies at a moment's notice is out of the question. After some hesitation this view seems to have been adopted, and until the end of October there was seen a practically uninterrupted rise, Singapore than quoting 165 cents. After a natural setback rubber again rose, and by the end of November the high point of 180 cents was reached. Since then it has fallen as low as 150 cents, and the quotation at the time of writing is 155 cents, It ig just as well-to look into the question of the London rubber stocks while presenting the conditions of the local market throughout the year. At the beginning of January stocks amounted to 29,206 tons, while by November these had been reduced to 3,799 tons, the lowest point reached during 1925. The end of the year figure was 5,543 tons, which compared with the world's normal requirements is an altogether inadequate amount of stock in hand. And what is of great interest to the man dealing in rubber, it has to be pointed out that in spite of the smaller restriction in force, there is little chance of this total being added to for a little time to come, We have ly alluded to the labour aspect of the situation, but in addition to this it has to be pointed out that abnormally heavy rains have recently fallen not only in the Malay States but the Dutch Indies as well, and the result has been that not only has the tapping Process been interfered with but a certain amount of rubber under collection has been spoilt. Moreover some of the lower-lying estates are said to have boon flooded, but the reports are not yet to hand as to the extent of the damage done. What is perfectly clear out of the messages which have so far been received is that there has been a break in the ordinary routine of production over a not inconsiderable area, and that accordingly in the immediate future the shortage of supplies may be accent tuated, The Local Market Having given an idea of the fluctuations of the raw material during the year under review, necessary to come to the position of shares dealt in locally. This is a matter which has got to be mentioned carefully, for there is the position to be faced that some, companies have for one reason or another commended themselves to the public as popular speculative medium, while others have not. This fs one of those intangible things about Stock Exchange business which even brokers of experience find it difficult to explain. The speculative clement introduced where a particular share is concerned gives it freer market, and it is thus that share of a small denomination, say a tael, respond more quickly to' public senti ment than do those on a ten shilling or Pound basis, which is the ease with sever~ al here. These latter, which to a large extent still retain their original capital, while many of the others have been reconstructed. The former, as a matter of fact, have largely come to be regard ed as investment stocks, and so the number of shares available for dealing in on the market is comparatively small. Only when a specially attractive price is offered do they come out.
Text read from the printed page and cleaned; old type leaves the occasional error.