i>0 TMA. 



which is completely confirmed by a review of prices here, and ex- 

 ports from China within the last four years ; and in considering 

 which it is important to bear in mind 1st, that our tea trade 

 year, on which our account of import, export, home consumption, 

 MIK! stock on hand is taken, is from January to January, and the 

 Chinese tea year from July to July ; 2nd, that a rise ill the close 

 of the last months of the year in England, influences the next 

 year's exports from China; and 3rdly, that of late years, since 

 something of decrepitude has fallen upon the Chinese Grovernment, 

 smuggling there, to escape the export duty, has been carried on 

 largely and at an increasing rate, so that the return is considerably 

 below the real export. 



In the Chinese tea year, July to July, 1818-9, the price of good 

 ordinary congou, the tea of by far the largest consumption here, 

 and which, in fact, rules the market, was 8^-d. to 9|d., and the 

 export from China 47,251,000 Ibs. The year closed with the higher 

 price, and the Chinese export from July 1849, to July 1850, was 

 54,000,000 Ibs., showing an increase of export on the year of 

 6,7oO,000 Ibs. Throughout 1850, here, prices fluctuated a good 

 deal. They were low in the earlier part of the year, but in January 

 went up from 9Jd. to IHd., and from July 1850, to July 1851, 

 the export from China rose to 64,000,000 Ibs., being an increase 

 of ten million pounds on a previous increase of nearly seven 

 million Ibs. Prices here, during 1851, varied very much : it was 

 difficult to say whether any rise would be established, but the 

 export still went up and reached, from July 1851, to July 1852, 

 67,000,000 Ibs., giving a total increase in three years of 19,750,000 

 Ibs. IVor was it pretended that in any of those years the Chinese 

 market showed even the least symptoms of exhaustion. " We 

 know," say the Committee, " that the Chinese market has never 

 been drained of tea in any one year, but that there has been always 

 a surplus left to meet any extraordinary demand." But the effect 

 of the rise in price in 1850 is still more forcibly show r n by a com- 

 parisjii of our total imports in that and the following year. In 

 1850 we imported 48,300,000 Ibs. ; in 1851, 71,500,000 Ibs., being 

 an increase of 23,200,000 Ibs. Doubtless the Chinese export, if 

 made up totally with our year, would not account for the whole 

 quantity, part of w r hich is to be set down to Chinese export-smug- 

 gling, and part to arrivals from America and the Continent. The 

 probability is that the increase of price referred to above never 

 reached the Chinese tea farmers ; the supply came from the mer- 

 chants' stock on hand. The rise was, besides, uncertain, and from 

 any established advance a much larger increase of export might be 

 looked for. 



But the mistake made in England in estimating what tea we 

 may look for from China goes upon the supposition that they grow 

 expressly for us : the fact being, as stated by Mr. Eobt. Fortune, in 



the promise of ;iu immensely iiu TC;;M /d consumption, would reach even the 

 Chinese farmers, and make them pick their trees more closely a little of which 

 amongst so many would make a vas.i diiierenre in tin: total supply. 



