As for the N.ELL, it is clearly established that production in June considerably exceeded 100 per cent, of the basic quotas, and even if it be admitted that this large output may have been due to severe tapping over fairly large areas, there is obviously a sufficient reserve of productive capacity to permit the achievement of a 90 per cent. quota with relative ease. In Malaya, the 90 per cent. quota may be attained less easily than in the N.E.L, but the June figures do suggest strongly that there will be no serious deficiency in Malayan exports by the close of the year.
'These considerations, naturally enough, have created a somewhat gloomy' atmosphere in Mincing Lane, in spite of the general realisation that, as the earlier part of this year has' shown, it is. dangerous to draw dogmatic conclusions from figures for a single month. June was the last month of the second quar ter of the year, and the threat of the cancellation of /unused export licences was a strong stimulus in the direction of increased exports. In July there will be another stimulus in the form of the increased freight rates which become operative on August 1, and. Malayan shipments this month are thus estimated at the very high figure of 67,000 tons. Mincing Lane, however, is not drawing much consolation from the reflect tion that the present high level of exports is due in some measure to special influences.
It is realising that the figures show that the rubber can be produced, and will be produced, if the necessary stimuli are provided, And there is a variety of weapons which can be employed to obtain a regular flow of rubber at the required level. A sound basis thus exists for the belief that production and exports in the remain= ing months of the year will conform fairly closely to the 90 per cent, quota and will reverse the downward stock movement which has proceeded for the last eighteen months.
Text read from the printed page and cleaned; old type leaves the occasional error.