1/6 CULTIVATION AND MANUFACTURE OF TEA. 



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, there- 

 fore, 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 commencement 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 

 as many of these were begun more lately, and consequently, 



