for the last forty-two years. From this they can see that, notwith- 
standing fluctuations, the average price per year has, with excep- 
tions, shown an upward tendency. This is a copyright table, but, 
on application, I will be glad to give permission to any paper to 
publish it. 
The lack of logic shown in the reasoning that the price de- 
pends upon the stock in the United Kingdom is obvious. It is 
easy to select certain months in certain years to kecure proof of any 
argument one likes to advance. Still, even taking the months and 
prices given, the absurdity of the reasoning is clear. I he visible 
supply of Para rubber— that is stock in Britain, Europe, America 
and at Para and afloat, in January, 1900 — was 4,508 tons, and the 
price was 4s. gd. In September, 1903, it was 1,817 tons, and the 
price was 4 s. Sd. To say that the stock in the United Kingdom 
determines the price is to put the cart before the horse. 
Some real reasons for fluctuations may be given. The rubber 
maikst is more or less in the hands of the importers — firms of con- 
siderable capital and experience. They have their own risks to 
take, doubtless, but so strong is their position that only natural 
laws prevent them from attaining a complete ascendency. Their 
constant effort is to keep the price of crude rubber as high as pos- 
sible, and to effect their purpose they arrange matters so that every 
possible advantage is taken of existing opportunities. The methods 
adopted are too ' intricate to go into here (even if the writer fully 
knew them all) but the result is well enough known. When the 
manufacture must have rubber the price goes up. That may be a 
coincidence ! Short harvests, bad seasons, high mortality amongst 
the natives are all urged at times as a reason why there must be a 
scarcity of rubber, but the real determining factor is the demand 
of the manufacturer. The supply and demand are so very close that 
even a slight brisk trade on the manufacturing side will make an 
appreciable difference. 
Stocks “ and ” Stocks.— Then, again, there are different sorts of 
stocks. There are stocks of rubber not yet sold to the manufac- 
turer, and there is the stock which lie himself holds. Last year, to 
my own knowledge, one firm in America bought within a week 
200,000 dollars worth of rubber — and there have been bigger pur- 
chases than that made. When rubber is high in price the manu- 
facturer buys as little as possible — naturally. It therefore depends 
upon how much stock the manufacturer has, and how brisk the 
trade is, as to the length of time that the price will keep up. The 
- stocks that our contemporary speaks of follow the -price of rubber, 
and not the price following the stocks. I trust that I have made 
the position clearer. The table referred to is a very important one 
for members to-p reserve, as it clearly proves that, notwithstanding 
the increased supply, the price of rubber is, on the average, going- 
up slowly but steadily. 
Over-production , etc. is also another theme on which much ink 
has been shed. In order to give members matter with which to 
settle this argument, l have collected the figures for 14 years show- 
