November i, 1903.] 



THE INDIA RUBBER WORLD 



43 



RELATION OF RUBBER STOCKS TO PRICES. 



THE chart on the preceding page is designed to illustrate 

 the correspondence between the visible supplies of rub- 

 ber and prices of that material. The data upon which this 

 chart is based are the figures appearing monthly in The India 

 Rubber World for ten years past, showing — 



1. The world's visible supply of Pari rubber (excluding 

 Caucho), in tons. 



2. The New York quotations for new Islands fine Pard rub- 

 ber, in cents per pound. 



It will be seen that, at the beginning of the ten years covered 

 by the chart, rubber stocks were increasing, and prices were de- 

 clining. Soon stocks began to fall off, while prices sharply ad- 

 vanced. The price fluctuations all the way up to the present, 

 while not adhering closely to the rule, yet illustrate the tend- 

 ency of high prices to occur at times when stocks are low. 

 For example, see the highest prices in 1898, coincident with the 

 lowest stocks in that year. The lowest prices for eight years 

 were touched in 1902, in which year the stock figure reached 

 was the highest shown in the chart. At the end of the two 

 fluctuating lines, it will be seen that they indicate stocks far be- 

 low the average, and exceptionally high prices. 



The largest stocks of Par rubber will be found to accumu- 

 late in the spring months of each year, when the active Ama- 

 zon " crop " period is winding up. This rubber passes from 

 the hands of the dealers during the summer, so that the end of 

 autumn, as a rule, shows the smallest stocks of the year, there 

 being no large arrivals at Para until the last three months of 

 each year. The general relation between stocks and prices 

 may disappear in periods when the demand for rubber is not 

 active. Thus during the summer of 1S99 there was a sharp de- 

 cline in prices, although stocks were falling at the same time ; 

 the end of the same year saw prices and stocks of rubber going 

 up the same time, indicating that an improved demand had 

 set in. 



Following is a summary of the world's rubber supplies. 



The figures below, compiled from the records of a lead- 

 ing European house, do not embrace stocks on the continent 

 of Europe. Stocks of Pari on the continent are comparatively 

 unimportant, however, and the supplies of other sorts there are 

 chiefly at Antwerp, the full details of which market appear 

 regularly in The India Rubber World. It is not practicable 

 at any time to compute the amount of Africans afloat. 



May 3:. June 30. July3r. Aug. 31. Sept. 30. 

 Para Grades: 



Stocks, Liverpool ... tons 1645 1601 1203 800 274 



Stocks, New York 376 383 204 200 66 



Stocks, Para no 129 140 105 260 



Afloat 1490 1185 905 899 1260 



Total 3621 3298 2452 2004 i860 



AUOther Grades: 



Stocks, Liverpool 377 456 367 326 386 



Stocks, London 227 224 210 238 197 



Stocks, New York 229 246 229 246 190 



Total 833 926 806 810 773 



Grand Total 4454 4224 3258 2814 2633 



Same dates, 1902. 6181 5520 5022 4515 4121 



It is not to be expected that any two statisticians should 

 agree exactly in estimating stocks, and yet any differences be- 

 tween statements usually is more apparent than real, being 

 due chiefly to different classifications. For example, compare 

 the above figures for Liverpool with the table given in the 

 market review department of this issue by Messrs. Till & Co. 

 The showing is : 



Above Table. Till & Co. 



Para sorts tons 274 243 



Other sorts 386 426 



Total 660 669 



In the above table 31 tons of Caucho is embraced in " Para"; 

 in Messrs. Till's table it is classified with " Other sorts." The 

 point of interest is that the two houses agree to within nine 

 tons in estimating the amount of rubber in Liverpool held, on 

 October 1, by nineteen firms. 



MADAGASCAR RUBBER IN THE ANTWERP MARKET.* 



IN April last the governor general of Madagascar wrote to 

 the president of the French chamber of commerce at 

 Antwerp for information in respect to the commercial 

 position of Congo and Madagascar Caoutchouc and copal 

 gum on the Antwerp market. 



M. Ed. Borniche, the president of the chamber, kindly sent 

 information by return mail to the chief of the colony in a very 

 interesting letter, which we give below, in response to the vari- 

 ous questions asked which will be very useful to those in 

 Madagascar who are concerned in the commercial exportation 

 of Caoutchouc and copal gum. This letter emanates from M. 

 Emile Grisar, a commission merchant whose house in Antwerp 

 is the largest and the oldest engaged in the India-rubber trade. 



" Mr. President : I am in possession of your valued favor of 

 May 15, containing an extract from a letter No. 2S3. under date 

 of April 6, which you sent to General Gallieni, governor general 

 of Madagascar and its dependencies, relative to the subject of 

 the sale and conditions of Congo and Madagascar Caoutchouc 

 in the Antwerp market. It is with true pleasure that I hereby 

 reply to the questions of General Gallieni, and I should be very 

 happy to see satisfactory results arise therefrom. 



♦Translated for The India Rubber World from the Revue Generate Coloniate 

 (Brussels), September 27, 1003. 



" We nave many times received at Antwerp, Madagascar 

 Caoutchoucs which have always been sold at good prices. I 

 will first mention the Caoutchouc shipped from Tamatave, 

 which comprises the best quality coming from the great island. 



" This is sent us in the form of large cakes, of widely varying 

 weights, very pure, of great consistency, containing no impuri- 

 ties, but having a large amount of volatile matter amounting, 

 according to the shipments, in the neighborhood of 15 to 20 

 per cent. The presence of this matter, while not the cause of a 

 large loss, is nevertheless the cause of a lower value of the mer- 

 chandise, since the shipper pays the export charges on this 20 

 percent., the freight, the packing, and then finally, on selling it, 

 the buyer is subject to a considerable loss which the Caout- 

 chouc undergoes in washing. I wouldconsequently advise that, 

 after it has been coagulated, the larger cakes should be cut into 

 sections, making pieces of medium size, and then dry them in 

 the shade, and then ship them in strong cases, to protect them 

 from breaking and prevent theft during the voyage. Present 

 value 9.50 francs per kilogram [ = S3j cents per pound]. 



"The Caoutchouc sent from Majunga has the same appearance 

 as the preceding, but sometimes contains bark and foreign par- 

 ticles, which the acid juice has covered in coagulating. This 

 kind also sometimes contains some sand, and always a large 

 amount of volatile matter amounting to 20 to 30, and some- 



