104 



THE INDIA RUBBER WORLD 



[December 1, 1911. 



interest to English readers. The daily papers, the 

 scientific journals, and the financial publications all 

 devoted much space to it. The rubber-producing com- 

 panies in English colonies sent excellent displays, in 

 which they were rivaled by non-English rubber-pro- 

 ducing countries. Thirty different countries sent 

 exhibits and eighteen foreign governments were repre- 

 sented. The exposition was so successful that it was 

 repeated, greatly enlarged and vastly improved, three 

 years later, in June and July of the present year. 



The exhibits at this second exposition came from 

 every rubber country of the globe. They covered 

 every variety of indigenous and cultivated rubber; they 

 included practically all the utensils and machinery 

 and processes used in preparing rubber for the market. 

 While the larger part of the exhibits concerned rubber 

 growing, there were many interesting manufacturing 

 displays. The exhibition was a marvel of system and 

 good order. To add to its educational value there was 

 a series of lectures and conferences covering every 

 phase of the rubber industry. Rubber men of all 

 branches of the industry attended in great numbers. 

 Planters, manufacturers, chemists, practical men, and 

 theoretical experts came together and exchanged their 

 views. The exposition provided in fact a comprehen- 

 sive, though naturally somewhat condensed university 

 course on rubber. Financially it was a success also, 

 the space being eagerly sought and the attendance 

 large. 



Now, all that has been accomplished in London and 

 more can be accomplished in New York. The New 

 York exposition will be under the same skilful and 

 experienced management, and the early and enthu- 

 siastic response from the leading rubber men of Europe 

 and America is decidedly reassuring. 



The public at large has become deeply interested in 

 the rubber industry during the last few years, and the 

 daily press in its quest of interesting news has pro- 

 force been compelled to devote a good deal of attention 

 to this great and growing industry; and there can be 

 no question of the deep interest that the metropolitan 

 press would take in this exposition. Its very novelty 

 would ensure it an amount of attention that more 

 commonplace and hackneyed subjects could not secure. 

 As for the rubber trade, there may be some who enter- 

 tain a feeling of opposition to an exposition simply 

 because it disturbs the even tenor of their way ; 

 because it is something outside of the accustomed 

 groove. But there are vastly more who will want to 

 avail themselves of the great opportunities the exhibi- 



tion will afford not only for increasing their own rub- 

 ber knowledge and outlook, but for bringing their par- 

 ticular line to the attention of the public. But even 

 among these there are doubtless some who want to feel 

 assured (it is a natural human trait) that the enterprise 

 will be a pronounced success. To all such it may be 

 said that few expositions have ever been held under 

 more favorable conditions or in advance have given 

 more substantial promise of success. 



THE PRINCIPLES OF COTTON SPECULATION. ' 



/^WING to the similarity of certain conditions affect- 

 ^^ ing rubber and cotton, as well as their close indus- 

 trial connection, much interest attaches to a recent letter 

 of Herr Arthur Kuffler, President of the Austrian 

 Cotton Manufacturers' Association, to the Vienna daily, 

 the Neue Freie Presse. Its broad statements afford a 

 clear basis of further discussion, and illustrate various 

 points bearing on the subject of cotton speculation. 



As Herr Kufiier pertinently remarks, the world is con- 

 fronted by scarcity of raw material, in conjunction with 

 a large and increasing stock of manufactured goods. This 

 situation he attributes to the fact that the world's cotton 

 spindles have, within the last few years, increased in their 

 aggregate number by 19 per cent. The augmented de- 

 mand thus created for raw cotton has not been accom- 

 panied by a corresponding increase of its production, so 

 that, according to the principles of commercial economy, 

 an advance was natural, but, as Mr. Kuffler says : 



"The advance of price witnessed of late years was not 

 caused so much by organized speculation on the cotton 

 market ... as through an increase of productive 

 capacity, not warranted by the demand for finished goods. 

 Such an augmented output not only put up the price of 

 the raw material, but affected the value of the manufac- 

 tured product by increasing the available supply of same." 



Thus the advanced prices have represented the results 

 of the manufacturers' desire to keep their machinery 

 fully occupied, without reference to the situation of con- 

 sumption. It is to this cause that the present situation is 

 attributed. 



Dealing with this year, Herr Kuffler refers to the fact 

 that in the critical month of July, reports of the almost 

 ideal condition of the crop brought about within a few 

 weeks a fall equaling 20 per cent., thus bringing quota- 

 tions to a point which, although relatively high, was 

 lower than had been reached at any time since September, 

 1909. This reduction led to an increased business, 

 through the replenishment of the stocks of consumers of 



