100 
Our London charges are very small. Besides the merchants’ or 
agents’ commission there is only brokerage half per cent. All 
samples are paid for, and the only deduction is discount two and a half 
per cent. Draft (on all rubber) half per cent. Planters get these back 
in the higher prices obtained. Smoked rubber appears to have 
greater resiliency and to be more suitable for many purposes than 
unsmoked. “Smoking” prevents the “proteins” in rubber from 
decomposition, and generally from “ tackiness.” All fine rubber 
from Para is smoked. 
The very serious decline in price since October is mainly due to 
the serious crisis in America and the closing of many factories 
there. But, considering the enormous increase and general 
expectation of “ planting ” rubber in most tropical countries (coupled 
with the prophetic figures of immense supplies of plantation within 
two or three years), values were far too high. The decline will, 
we hope, cool many new enterprises, and prevent too large 
extension of planting. There is no sign of such increased demand 
or new uses for rubber as to warrant too rapid an increase of 
supply.* If it becomes too large values will suffer. We cannot 
expect much increase of consumption in 1908 in the present state 
of trade and the over-production of motors everywhere this season. 
Brazil shows no sign of reducing her output, though perhaps she 
may do so in the next crop owing to the serious losses on this crop. 
Brazil exported over 41,500 tons. There are rumours about the 
manufacture, by old and monied people who do not often put 
money into disastrous speculation, of what was erroneously 
described as synthetic rubber. We shall watch results with 
curiosity (and doubt). The lower price may retard or reduce the 
manufacture of “ substitutes,” but they are largely consumed. 
The manufacture of reclaimed rubber is very considerable, and 
increasing. Rambong and Castilloa have not been liked, and 
sold cheaply. f 
Last January we quoted fine sheet, biscuits, and crepe 5s. 6d. to 
5s. 8d., brown and dark ditto 4s. gd. to 5s. 4d. Prices advanced to 
middle of March, declined to 5s. for fine by end of Ma> ; rose 6d. 
to yd., but subsequently fell again to 5s. in September, and seriously 
declined during the last three months with the financial crisis in 
America. To-day’s quotations are for fine, 3s. nd., dark and 
brown 3s. 3d., fine hard Para, 3s. 3d. 
* We cannot altogether agree with this, if Messrs. Figgis mean that there are 
signs of an over-supply of rubber. Lower prices would certainly reduce the Brazilian 
output of uncultivated rubber, which is most costly to obtain; at the same time they 
would still show a fair margin over cost of production with the cultivated article. 
Then, again, if a temporary excess has caused a drop, it is generally believed that 
when the financial upset that emanated, in the United States has passed away, a 
better all-round demand will be experienced. Certainly, if prices remain low, the 
consumption will greatly increase, many more industries being able to include rubber, 
or a larger proportion of it, than when fine Para is over 4s. or 5s. per lb. 
f This dislike must surely be due either to the rubber having been badly 
prepared, or to those handling the rubber not having obtained machinery from those 
few engineers who have made a speciality of plant for handling Castilloa or 
Ficus elasiica (Rambong or Assam rubbers, — -Ed. Tropical Life). 
