8 
and  as  the  enquiry  has  increased  for  same,  we  do  not  anticipate  a 
further  appreciable  decline  in  values,  and  one  ought  certainly  to 
advocate  the  encouragement  of  a substantial  increase  in  the  im- 
ports. 
As  regards  the  quality  of  Para  rubber,  considerable  grievance 
was  again  caused  by  the  want  of  care  in  the  proper  selection  of 
these  grades,  especially  from  the  Island  districts,  and  this  has  led 
to  numerous  disputes  amongst  contracting  parties.  Trade  in  Great 
Britain  and  with  leading  Continental  Rubber  works  was  fairly  good 
and  the  stocks  of  raw  material  at  the  factories  are  not  large,  and 
in  spite  of  the  fact  that  deliveries  have  been  exceptionally  heavy, 
the  reported  consumption  of  fine  Para  exceeds  that  of  previous 
years.  The  America  market  showed  the  position  there  not  to  be 
so  strong  except  for  the  first  few  months,  but  generally  speaking 
the  Rubber  trade  has  been  busy  and  the  only  important  speculative 
stocks  are  held  by  one  leading  American  house,  whose  position  at 
the  close  of  the  year  was  considered  very  precarious.  Visible  sup- 
ply now  of  Para  and  Peruvian  is  4,618  tons  against  4,100  tons  last 
year.  This  includes  America  with  a stock  2,005  against  1,200 
tons  last  year. 
Should  the  demand  for  Para  rubber  continue  good,  the  statistical 
position  at  the  end  of  1901  is  certainly  a very  healthy  one.  The 
total  for  the  years’  crop  (from  July  ist  to  December  31st)  amounts 
to  13,680  tons;  this  means  an  increase  of  2,400  tons,  while  against 
this  the  total  increase  of  the  visible  supply  gives  us  only  about  480 
tons,  thus  about  1,920  more  tons  have  gone  into  consumption,  this 
despite  the  fact  that  it  is  well  known  that  the  ^Gnvisible”  supply 
is  exceptionally  small.  Although  grave  financial  difficulties  were 
experienced  by  many  holders  of  rubber,  the  position  of  the  Rubber 
market  is  fairly  sound,  and  with  constantly  increasing  Consumption, 
Rubber  must  be  considered  very  reasonable  at  present  quotations. 
Para  hinds. — At  the  beginning  of  the  year  we  had  to  record  a 
brisk  enquiry  for  Para  grades,  and  business  on  a large  scale 
resulted,  but  owing  to  continued  “bear”  operations,  prices  exhi- 
bited an  important  recession,  and  while  Hard  Fine  Para  was 
quoted  at  the  beginning  of  January  at  3/10^,  Soft  at  3/9,  Negro- 
heads  Scrappy  at  2/9^^.,  Island  at  Cametas  at  2/4^.,  Peru- 
vian Ball  at  2/]hd.  and  Slab  at  2\2d.^  prices  declined  rapidly  during 
the  latter  portion  of  the  first  month,  and  sales  for  forward  delivery 
at  a marked  decline  were  done  on  a large  scale,  with  the  result  that 
prices  for  Pa»*a  grades  receded  about  3^.  per  lb.  by  the  end  of  the 
first  three  months.  In  America  Fine  Para  was  then  sold  as  low  as 
3/6^.,  Scrapples  2/65^.,  Island  i/iid.,  Ball  2/4d.  and  Slab  ijiid. 
per  lb.  We  then  began  to  receive  the  first  advices  from  Para  of 
probable  short  receipts  and  some  important  buyers  partly  relying 
upon  these  reports  bought  large  quantities,  thereby  causing  consi- 
derable briskness;  this  improvement  was  actively  maintained  for 
a few  weeks,  and  as  high  as  3/jO'/.  to  3/11^.  was  paid  for  Fine 
during  the  middle  of  April.  Other  sorts  were  2d.  to  3^/.  per  lb. 
dearer.  Soon  afterwards  however,  the  market  again  showed  signs 
of  weakness, 'the  demand  being  somewhat  dragging,  and  in  July 
