COMPANY MEETING
HARRISONS AND CROSFIELD, LTD.
TEA AND RUBBER POSITION The Chairman of Harrisons & Crosfield, Limited, Mr. H. Eric Miller, commented on the Balance Sheet as follows at the company's annual meeting on September 26th: " Cash and Government Securities stand at over £86o,000; these liquid resources are particularly valuable in the present emergency. The net profit for the year, £345,300, shows an improvement of £11,439 on last year. In spite of difficult conditions every section of the business contributed to our profits; even the China Company managed to put up a good showing."
Reviewing the Tea Industry Mr. Miller explained how the Government had requisitioned all Bonded Stocks, and until further notice would take over all teas as they arrived in this country. He then turned to the Rubber Industry. "We estimate that total exports from all producing countries during 1939, subjeLr to freight being available, will be in the neighbourhood of 97o,oco tons, about too,000 tons more than during 1938. World absorption of rubber in the first nine months of 1939 is estimated at 790,001, tons, an increase of 130,000 tons over the corresponding period of 1938, nearly the whole of which increase has been taken by the U.SA " General conditions in the U.S.A. took a turn for the better in the second half of 1938 and their absorption of rubber has been maintained at a satisfactory rate during the past twelve months. Their automobile output would show a substantial increase during 1939 and with tyre inventories at a very moderate level the rubber factories had been kept well employed. At the end of June, 1938, U.S.A. stocks were 295,000 tons, whereas at the end of August, 1939, they were down to 16o,000 tons. Some 50,000 tons of ready rubber in excess of normal working stocks were accumulated in the East by the end of 1938. The existence of those stocks was a safeguard against any 'squeeze.'"
" It is early yet to attempt to assess the probable effects of the war upon the rubber industry. Germany imported an average of txo,000 tons per annum in 1937 and 1938, and in the first seven months of 1939, 62,000 tons. Further .supplies are not likely to reach her during the neriod of hostilities. Neutral Continental countries will, presumably, be strictly rationed to their own needs. Outside these countries, activities arising out of the war are likely to call for more rubber, but the International Rubber Regulation Committee should have no difficulty in safeguarding this key industry." The report was unanimously adopted.
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