RUBBER RESTRICTION "PROBLEMS.
• I referred last week to the official announcement that on November 1st the standard production of rubber exports from our Empire territories was to be 80 per cent., making a reduction of 20 per cent. on the previous figure. The market, however, was at first unable to appraise the precise effect of the announcement inasmuch as it was unaccompanied by a decision with regard to what is known as " coupon " rubber, or in other words the cases where producing companies hold a licence to export a given amount during a certain period, but have not fully exercised such rights. These coupons or licences extended over quite six months and it was seen that, if' largely exercised, the effect of the general standard reduc- tion to 80 per cent. might be nullified. Now, however, the authorities have arrived at what seems to be a satisfactory compromise, by curtailing the availability of such unexer- eised licences to three months. This seems to be in harmony with the general spirit of the Stevenson scheme, the object of which was certainly not to occasion rubber scarcity, but something like reasonable stability. On the whole, thereforc, this further decision of the authorities with regard to " Coupon Rubber " has been well received.
A. W. K.
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