Feb. I, 1887,] 



THE TROPICAL AGRICULTURIST. 



50/ 



myself so familiar with black bug in the " Forties and 

 Fifties," for hke Paddy I meet them with the query, 

 "Do you see any greea in my eye?" 



INDIAN TEA COMPANIES AND THEIR 



DIVIDENDS. 

 It is seldom that the financial papers have anything 

 to say about tea and tea compiuies, we, therefore, quote 

 the following from the Financial JVeirs on the subject ; — 

 " This has been an eventful year in the Indian tea 

 trade: it has witnessed the lowest prices ever recorded 

 in Mincing Lane, and has also known some of the very 

 highest. While some favoured companies may retain 

 and even improve on their average returns, the gener- 

 ality will fall behind. These different results are due to 

 the extremely variable qualities of the teas offered. Speci- 

 mens have been shown which were rarely equalled, but 

 the bulk of the lots were thin and poor. The coming 

 dividends of the Indian Tea Company will reflect the 

 fluctuations which have taken place in Mincing Lane. 

 .Some of them will be unexpectedly good, while others 

 are bound to be disappointing. Shareholders will await 

 with anxiety the announcements which now begin to 

 fall due and which will go on for five or six months to 

 come. Several interim declarations have already been 

 made. The Assam Company, which is understood 

 to have been very fortunate with its sales, announced 

 the other day a dividend of £1 per share, or at the 

 rate of ten per cent for the half-year. Interim re- 

 ports have also been issued to the shareholders of 

 the Jokai, the Panitola and the Jhanzie companies, 

 conveying the pleasant news that their usual ten per 

 eeut is to be maintained. 



"These reports, in explaining the results of the 

 year so far as known, show that the loss in price 

 baa been largely compensated by advantages in other 

 directions. The Jokai crop has turned out 696,000 lb., 

 an excess of 16,000 lb. over the manager's estimate. 

 About one-half has already been sold at an average 

 price of rather more than l-2|d per lb. The gain from 

 the increase of quantity is consequently over £800, and 

 through the fall in exchange, a considerable saving will 

 have been made in cost of production. It is a ques- 

 tion if the whole of the loss in price will not be re- 

 couped from this source. In the Jokai and other well- 

 managed gardens tea has been grown this season at a 

 very much lower cost than would have been thought 

 possible a few years ago. Not loag since a shilling per 

 lb. was considered the standard cost of tea delivered on 

 board steamer at Calcutta. The pioneer planters would 

 have been horrified at the thought of having to pay 

 their way no less, but this year a good many of them 

 will have run their gardens on not much over sixpence 

 per lb. Well for them that they have been able to 

 do so, for great quantities of Indian tea have been liter- 

 ally given away in Mincing Lane at 7d or 8d per lb. 



" It is to be hoped that such another season will 

 not be seen again for a long while. In fact, it would 

 be difficult to conceive of such a convergence of ad- 

 verse circumstances happening again. The teas came 

 in very early, and in great quantities. They were 

 thrown precipitately on a dull and weak market. In 

 the first part of the season sales followed each other 

 so rapidly that brokers had hardly time to taste half 

 of the samples submitted to them. Many lots went 

 through a merely nominal show of bidding, and the 

 price received for them was no criterion whatever of 

 their value. Within the past week or two the situation 

 has in these respects greatly improved. The supply 

 of tea has been more moderate, and the sales better 

 regulated. At the same tim.e low prices have had 

 their natural effect on consumption. Last month the 

 deliveries of Indian tea for the first time in the history 

 of the trade exceeded those of China, and they are 

 still going on in greatly increased volume, 



"China tea, which has always been inferior to 

 Indian in quality, had up to this year a great ad- 

 vantage over it in its lower price. It was always 

 taken for granted in Mincing Lane, that China tea 

 could be sold at 2d or 3d per lb. under Indian. 

 Hence it was the standard article for the cheap 

 grocers, who were able to put enormous quantities 



of it into consumption. But this seasoa the re- 

 lation of the two teas has been entirely reversed, 

 India having been actually sold below China prices. 

 Two very important effects may be expected from 

 such a change. The importation of China tea will 

 probably suffer a check, while the use of Indian tea 

 in this country and in Europe generally will be ex- 

 tended. Low prices are therefore not without a re- 

 deeming feature ; they have done, aad are still doing, 

 much to expand the market for Indian teas ; they 

 have reduced comprttition with China to a level 

 where even Chinese cuteness cannot go much lower. 

 Altogether 1886 will be a memorable year in the 

 history of the tea trade. It ought to make a turn- 

 ing point in a long downhill course, and the next 

 year should see the tea market tending iu a different 

 direction." 



JOKAI (ASSAM) TEA COMPANY, LIMITED. 



The following interim report of the directors, for 

 season, 1886, has been issued: — Telegraphic advices 

 received, report that the season had closed with a 

 total crop of 696,0001b. of tea, against the manager's 

 estimate of 680,0001b. costing within the estimated 

 Indian expenditure of 11214,000, as given in detail iu 

 the last annual report. The above information is 

 subject to adjustment, eleven months being actuals 

 and one month, December, being estimated. Of the 

 season's crop, just over 300,0001b. have been sold in 

 Mincing Lane, averaging Is 0-60dper lb. gross. The 

 market for Indian teas has, during the greater portion 

 of the year, been depressed for all except the finest 

 grades, and the medium and common sorts are now 

 selling at much lower rates than have ever befora 

 been known. These very low prices will, beyond doubt, 

 lead to far greater consumption, and it is hoped 

 consequent recovery of values within a reasonable time. 

 The ascertained results of the season being ao far 

 satisfactory, the Board has resolved to pay the usual 

 interim dividend of 5 per cent on the paid up capital 

 of the Company, payable ou the 20th inst. — Home and 

 Colonial 3fa%t. 



Thk Pboduction of the " Senegal " GUM ARABIC. 

 — The "Senegal" gum of commerce is found in the 

 territory of the tribes inhabiting several cases between 

 the Senegal and the Atlantic Ocean ; the largest 

 forest gum trees are those of Sabel-el-Tatack and El- 

 Hiebar ; the former produce the white gum, which is 

 most valued; the other the grey and red varieties. 

 The acacia trees which grow in the desert are inferior 

 to and have a more crooked appearance than those 

 growing near the river, where the soil is more favour- 

 able for vegetation. The acacia of the desert rarely 

 attains a height of more than 30 feet, and it has 

 the shrivelled appearance which is peculiar to vege- 

 tation in these regions, which are exposed to strong 

 winds. In Western Africa there are only two seasons, 

 the rainy and the dry one. The nearer to the 

 equator, the longer the duration of the rainy season. 

 In Senegambia it lasts two months and is preceded 

 and followed by a month of tempest. In November 

 the bark of the gum trees cracks in numerous 

 places and the gum exudes. About this time the 

 hot winds begin to blow and the burnt trees lose 

 their leaves, assuming the appearance they have 

 with us during the winter. The gum dries quickly, 

 outwardly it looks dull, but on breaking it is bril- 

 liant and shiny; it becomes very transparent if put 

 into the mouth for an instant. About a month is 

 required to make the tree produce its full crop. The 

 natives then prepare for the gathering in, and the 

 whole tribe, men, women, and children, some on 

 foot, others on horseback, proceed to the forests- 

 A camp is established for the duration of the crop, 

 and all set to work. The gum collected is pLiced 

 in sacks of tanned bullock hide, which are fastened by 

 twos to the backs of camels and bullocks. The work 

 is done slowly, there being no fear of rain ; when finished, 

 the whole tribe return, and proceed towards the banks 

 of the Senegal, which are at a great distance from 

 For\) Louis. The merchants come to Golam, a small 



