PAST, PRESENT, AND FUTURE OF INDIAN TEA. 179 



estates for whatever they would fetch. Gardens that had 

 cost lakhs were sold for as many hundreds, and the very 

 word "Tea" stank in the nostrils of the commercial public. 

 A few of the best companies held on, as also such individuals 

 embarked in the speculation as could weather the storm ; 

 but some of the companies were bowed down with heavy 

 debts, and it has been with many, from that cause, a losing 

 race ever since. 



This great smash occurred in 1867. I purpose, therefore, 

 to examine into the future prospects of the industry, now 

 that time has been given to test its vitality. Naturally the 

 mistakes made at the first have not been repeated since, so 

 the speculation has had more or less of a fair chance to 

 show what it can do. 



In the first place, the share list of Tea companies in the 

 public prints does not at all represent the true position of 

 Tea property to-day. It only gives the dividends declared 

 and the value of the shares in those few limited liability 

 companies which were able to weather the storm, but who, 

 in common with all the others, were bowed down with 

 debt, and are suffering up to the present time, both from 

 that and the numberless mistakes made at the commence- 

 ment of the enterprise. There are a few notable exceptions, 

 even among the Tea companies. Some of these have done 

 very well, pay large dividends, and are quoted at a high 

 premium, which shows that Tea can and will pay even with 

 the disadvantages attached to limited liability companies. 

 I mean that in these latter work is always expensively done, 

 and that much of the profits are swallowed up by secretaries, 

 directors, &c., besides which, generally from interested 

 motives, the Teas are sent home for sale which private 

 planters know from experience is not the best plan. 



But to return to the share list. The very many gardens 

 held by firms or private individuals are absent, and inasmuch 



