For the July/Sept. term, production at 45 per cent. will amount to 175,000 tons, an average of 58,000 tons monthly against current absorption of 68,200 tons. Hence, without any improvement at' all. in world conditions, we may confidently look forward toa monthly reduction 10,000 tons from then on.
The IRRE. having now adopted fa firm policy may be expected to hold to it and to extend the 45 per cent. release to the end of the year, unless indeed there is a_ complete: change for the better. In elth event stocks at the end of the ye should not be much higher than at the beginning and. quite possibly markedly lower. The spur would! have to come from the United States and knowing the very unstable character of business there we cannot rule out the possibility of such a change. But until there is visible evidence of it the rubber investor must make up his mind that patience The present expires at the end of the year and will be replaced by a new scheme, with modifications suggested by experience and elreumstances, to cover the next five years. It has been submitted to the governments concerned and must be approved by the fend of the month. It Is highly unlikely that approval will be with held by any of the parties to it, especially as considerable concessions have been made to Java and to the smaller producing countries.
Text read from the printed page and cleaned; old type leaves the occasional error.