to 
increase in imports of these descriptions was not only not main- 
tained but showed a considerable and serious tailing off, and we 
estimate the difference of imports from Africa to be about 2,000 
tons below that of last year. . t . . . ... 
With the exception of slight spurts in April and again in August, 
(in sympathy with Fine Para) the year iqoi has been characterised 
bv an uninterrupted decline in African Rubber, the only exception 
being First Sierra Leone Niggers which are actually rather dearer 
than a year ago, while all other descriptions show a decline varying 
from 1 d. to as much as.6rf. per lb. 
From Angola we received 250 tons less, made up 111 shipments 
from Benguela of 1,250 tons, as against i, 5 ootons in 1900. Loan- 
da 730 tons, against 678 tons. Quality has been hardly so good. 
The Congo has slightly increased, but the quality has seriously 
declined, about 5.300 tons, against 5,000 in 1900. I he average 
price shows a very considerable fall because so much was of pool 
quality. The supply from Sierra Leone and \ rend, Guinea has 
again fallen off, partly owing to the prohibition by the French 
authorities of the exportation of dirty wet and inferior Rubber from 
Conakry. The quality being thus reliable has caused consumers 
to look on this kind with favour, and their appreciation is reflected 
in the price which is usually high compared with other Rubbers, 
both African and Brazilian. . ~ 
Quite an extraordinary decline in supply ot Gold Coast, Accra, 
La^os &c. and only moderate from Cameroon s, Sierra Leone, Ga 
boon &c. and small of Senegal. Prices of nice hard only about 
2 d lower, but soft common and Lagos fully 4 d. decline for the 
year. We no longer quote Strips and Biscuit, the pressing of 
Lump Rubbers being practically abandoned. Liverpool imports ot 
West African q,2oo tons, against 5,140 tons ,n J 9 00 and 5 >000 in 
l8 The Congo Free State has given increased exports to Antwerp, 
hut other kinds of African have gone there in reduced quantities, 
so that the total Antwerp imports show little change. 
During January, African Rubber met with a disappointing de- 
mand a? rather easier prices. February and March were very 
dull and prices declined for most sorts, closing with lower ^ alues 
allround. In April, fairly good trade was done at rather better 
prices, closing however somewhat quieter. A moderately large 
business was done in May at irregular prices. Good Sierra Leone 
sorts were then well in demand, showing however, little it any, 
change in price, whilst Lump descriptions vveie Ui. to ul. per lb. 
lower. During June and July, African Rubbers met with a 
moderate to poor demand at general lower rates, and only a com- 
paratively small trade was done at barely steady prices. 1 he 
demand was better in August, especially for parcels of good quality 
which arrived from Sierra Leone. This position of the market was 
not maintained, and we see a constant falling off m the demand 
which remained disappointing with only small business passing at 
generally lower rates, until the end of November when quite a 
steady trade was done at generally unaltered and in some instances 
