delivery. However, in this latter the method of underwriting is 
that most in vogue and which among all the processes is the one 
that consults most the interest of the seller. This is carried out 
in the following manner: A broker advertises a certain quantity 
of rubber for sale, the particulars of which he supplies (name of 
seller, weight, quality, estimated price, etc.), about twenty days 
beforehand. On the day appointed, he receives the offers of pur- 
chase closed and sealed; these are then opened in a public place 
and the prices are inscribed on a schedule divided into columns, 
each one headed with the name of the house offering. Once this 
operation has finished, the rubber falls to the highest bidder. The 
seller has, however, the right to withdraw the goods in case the 
price that results does not satisfy him. 
The Antwerp market adopted this system with the view to 
competing against cognate markets. As the reducing of the ex- 
penses on the product, which corresponded to fcs. 2.60 per 100 
Kilos, the same being frs. 4.93 and frs. 7.30 in Hamburg and Liv- 
erpool respectively, did not suffice, it endeavored to attract the 
seller by offering the most advantageous prices, and it seems that 
it has succeeded in its desideratum. 
Havre followed its example and it is greatly to be desired that 
all the rubber markets adopt the same system, not only for the 
reasons set forth, but also because it is a safe precaution against 
the manipulations of speculators. ; 
Brazil has always maintained its predominating position in 
the world’s market for rubber, not only as the greatest producer, 
but also as the producer of the best quality. 
In 182%, the first year about which statistical data exist, 
Brazil exported 31 tons of rubber; in 1837, 289 tons, or say an 
increase of 932 per cent; in 1847, 624 tons, or 216 per cent more; 
in 1857, 1,800 tons, which corresponds to an increase’ of 290 per 
cent; in 1867, 5,826 tons, or 322 per cent more; 1877, 9,215 tons, 
thus augmenting by 158 per cent; in 1887, 13,290 tons, or 144 
per cent increase; in 1897, 21,256 tons, representing about 160 
per cent more; and, finally, in 1907, 36,490 tons, or approximately 
an increase of 172 per cent. 
_ Within the last decade, that is to say, from 1902 to 1911 (vide 
statistical statements in fine), the exportation rose gradually to 
28,631 tons in 1902 and to 39,026 tons in 1909, the maximum ever 
reached so far, to descend immediately to 38,546 tons in 1910 and 
36,547 tons in 1911. : 
Brazil has so far not had any serious competition to fear. It 
is true that the other producing countries in Central America, 
South Africa and Asia, send a considerable quantity of rubber 
on to the market, but this does not affect the Brazilian trade, be- 
cause, besides being practically all of it of an inferior quality, 
42 
