go 
Indian Forest Records. 
[Vol. VIII 
re-exports during that period, and then adding or subtracting the 
amount by which stocks decreased or increased. For example, during 
the earlier and latter periods of five years, imports less re-exports 
averaged 48,000 and 24,000 cases, respectively. During the earlier 
period, however, stocks had increased from 50,000 to 100,000 cases, 
and the allowance for these additions to stock reduces the average 
consumption from 48,000 to 38,000 cases. During the latter period 
stocks declined from 100,000 to 25,000 cases, and the allowance for 
this depletion raises the average annual consumption from 
24,000 to 39,000 cases. Figures representing stocks in the United 
States of America are not available, and the consumption figures 
given above show merely the average imports into the States less 
the average re-exports during each period. 
The total export trade in shellac has increased materially during 
the 19 years under review. Naturally, as London stocks have their 
effects on London and Calcutta prices, so also the prices affect pro¬ 
duction. Unfortunately, accurate figures of production are not 
available, but local consumption in India, which is confined largely 
to kiri, is, such as it is, fairly constant, and may be neglected. 
Moreover supplies cannot be held up long in India for fear of 
“ blocking ” in the Indian summer and rains. And thus the total 
volume of exports during any ysar is a safe indication of the total 
production during that year. 
During the first four years of the period, from 1901 to 
1904, foreign demands increased materially. Although statistics of 
the gramophone trade are not recorded in the Official Customs 
returns of the United States until 1909, it is an undoubted fact that 
large and increasing quantities of shellac were being used for gramo¬ 
phone records before that year. The demand on account of elec¬ 
trical apparatus was also increasing. Hence the rise in exports from 
111,500 cases in 1901 to 157,000 in 1904. By 1905 London stocks 
had increased materially. Prices sagged and the trade did not 
expand during 1905 and 1906. By 1907 stocks were low and prices 
very firm, resulting in a large advance in production and exports, 
from 207,000 cases in 1907 to the enormous total of 321,500 cases 
in 1909, a record which has never since been exceeded. During 
these years, however, London stocks were gradually built up again, 
and even .the ensuing decline in prices and exports did not result in 
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