Of course, the day came at last when the public began to feel they were
playing a reckless game. Newspapers were warning them of the risks they
were running; rumours were abroad that certain shares were not worth a
penny, since they represented partnership rights in land which had not
been cleared of jungle, let alone planted up with a single rubber-tree;
hints were going round that the rubber-trees on some of the genuine
plantations were being overtapped in order that for the moment big
profits should be made at any cost, to compare well with the present
high price of shares. People saw themselves losing heavily, sooner
or later, if their shares were left on their hands. Now everyone was
feverishly anxious to sell, and hardly anyone wanted to buy. Prices
which had risen so rapidly went down with a slump even more rapidly.
More fortunes were lost in that Slump than were made during the Boom,
and some of the folk who were most badly hit in the end were people
who had won large sums at the beginning of the game, and had thus been
tempted to go on playing more and more recklessly.
Among the few who profited in the long-run were men who had pinned
their faith to plantation rubber long before the Boom. Some of them
had brought the rubber plantations into existence, had worked hard at
clearing jungle and planting rubber-trees, had struggled to pay their
way whilst they brought up those trees to producing stage, in the days
when the public would not have risked a penny on any such hazardous
venture as rubber-growing, even if they had been wide awake enough to
know that a few enthusiasts and a few hard-up planters were trying
to establish this new branch of agriculture. When these men had been
obliged to get a few friends to help them turn their property into a
partnership concern, because they wanted ready money to go on with,
they had taken some of the purchase price of their property in the
form of shares, so that they themselves could be partners. Fortunes
were also cleared by outsiders who had had enough faith in plantation
rubber to buy shares when the earliest planted estates were turned into
companies, for all the people who had taken over or bought shares for
a small sum were able to sell their partnership rights at a big profit
in the early days of Boom. Many of them bought back shares when prices
fell, and bargain after bargain was picked up during the Slump by
people who knew which companies possessed the best plantations.
You must not imagine that the crash put an end to rubber-growing. True,
the faith of the public in this industry had been roughly shaken at
the critical time when that faith was just beginning to bud; but the
industry was sufficiently well-established to withstand this check, and
go on fighting to attain its main object--to become more popular than
Wild Rubber with the manufacturer.
CHAPTER XIV
WILD RUBBER _v._ PLANTATION RUBBER
Public-domain text, read in full here on John Shaqi.
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