77 6 THE TROPICAL 
IMPORTANT MEETING OE THE COFEEE 
TRADE. 
A special meeting of those interested in the coffee 
trade, convened by the coffee aud cocoa trades section, 
of the London. Chamber of Commerce, was held at 
the office of the Chamber East Cheap, E. 0., on 26th 
February " to consider the proposed creation of a bank 
and caisse for settlement of time bargains in London, 
with special regard to the effect of such an institu- 
tion on the coffee trade." There was a numerous 
attendance. Mr. H. Pasteur (Patry & Pasteur) presided. 
The Chaibman said: Gentlemen, this is the ad- 
journed annual; general meeting of the coffee and 
cocoa section of the London Chamber of Commerce. 
At the previous meeting, on the 20th instant, I thought 
it my duty to bring under notice the projected crea- 
tion of a bank and clearing-house for time bargains in 
coffee and sugars, which I considered a subject of the 
highest importance to all interested in those trades. 
Some discussion took place, but, as the question had 
not been mentioned amongst the agenda, it was 
feit and very rightly so, that a further oppor- 
tunity should" be given, with due notice, for dis- 
cussion, and also for the passing of any resolu- 
tion which the meeting might think fit to adopt. 
On Friday last the prospectus of the London Produce 
Olearing-House was issued, and we are now informed 
that the " Caisse de LiqvAdaticm" in Havre, and a 
similar institution recently established in Hamburgh, 
are to be the models on which the business of the new 
clearing-house is to be established. This makes it 
clear, therefore, that the business is to be in time bar- 
gains, or paper coffee and paper sugar, although the 
words " time bargains" do not not appear in the pros- 
pectus. This to say the least, introduces a new style 
of business in colonial produce in London, which may 
have very serious consequences for the trade, and on 
that account I think it is a question which should be 
examined and discussed calmly and impartially by 
those interested in the various branches of the 
coffee trade. (Applause.) It is not a question affecting 
banks, or financial houses, or brokers only, but also 
growers and importers of coffee, and thosewho buy,deal, 
and distribute the article throughout the United King- 
dom andabroad. (Applause.) Will the new kind of busi- 
ness which it is proposed to introduce under the auspices 
of the London Produce Clearing-House lead, inthe terms 
of the prospectus, to a*n extension of husiness as well 
as to an actual increase, in imports, and thereby benefit 
the trading and shipping and dock interests of London ? 
Or will it, asothers fear.have a detrimental effect on the 
coffee trade of London, by inviting and encouraging 
purely speculative transactions, entailingconstant fluctu- 
ations in prices, and a state of uncertainty which is 
paralysing to the dealers in the real article, without, 
on the other hand, encouraging importation, which is 
attracted in the long run to the countries where coffee 
is consumed, and not by transactions in paper repre- 
senting coffee, and settled by differences in price, in- 
stead of by the delivery of produce ? Those, gentle- 
men, are questions of great moment ; and I trust that 
those who may wish to address this meeting have duly 
weighed the various aspects of the great changes which 
it is desired to introduce into the mode of conducting 
business, and that they will be guided in the views they 
advocate by a sincere desire to uphold the best and 
truest interests of the London coffee trade. (Applause.) 
Mb. S. Figgis said that at half an hour's notice ho had 
been asked to propose the following resolution :— "That 
this meeting of merchants, brokers, dealers, and others 
interested in the coffee trade, deprecate the establish- 
ment in London of a bank and caisse de liquidation,^ in- 
tended, under the name of theLondon Produce Clearing- 
House, principally for the settlement of time bargains 
in coffee, which, in their opinion, will be detri- 
mental to the interests of the trade, and by unduly 
encouraging the speculative transactions with constant 
fluctuations, in paper coffee, will render business in 
the real article uncertain and precarious, to the in- 
jury of growers, importers, dealers, and distributors 
of coffee." Mr. Figgis said that the compliment had 
been paid to hie firm of bringing strong pressure to 
AGRICULTURIST. [May i, 1888. 
bear upon them in order to induce them to join in 
founding the new company ; but they felt that it 
was their duty — he would not say their interest- 
using their intelligence and experience that his senior 
partner especially had acquired in Mincing Lane in 
the course of half a century — they felt it was thoir 
duty not to promote the movement. Perhaps, there- 
fore, he would be allowed to say a few words as to 
the attitude that his firm and other brokers had 
taken in regard to the company. A business like 
theirs had only been made by real, constant hard 
work such as Englishmen, as a rule, had been proud 
of, and it was felt that business of the new style 
would not be productive of the wholesome results 
which had been the glory of Old England. (Hear, 
hear.) There had been a little wonder — he would not 
say anger — expressed at the attitude some of them 
had taken in venturing to express their conscientious 
opinion on the subject ; but every Englishman was 
entitled to hold and express his own opinion, what- 
ever others might think. The gentlemen who had 
promoted this company — no doubt with the best in- 
tentions in the world — were few in number. Having 
looked at the names of the founders, he did not 
believe that those gentlemen, eminent as they were 
in the entire commercial world, really knew, and 
understood, and upheld the intentions of the actual 
founders of the company. (Hear, bear.) No doubt, 
this clearing-house having been once established, they, 
as brokers, and therefore as agents, would be compel- 
led to take part in the transactions of the company, 
but it would only be by orders of their clients. To 
promote and foster and. push a thing, and to do 
everything one could to make it a success, was very 
different from realising the fact as a practical man 
that one was bound to take some part in it, however 
unwillingly and without doing all one could to further 
its objects. They would probably be taunted with the 
fact that they would be compelled to join the com- 
pany ; but that would not deter him from saying that 
the system proposed was foreign to English habits 
and thoughts. (No, no, and Hear, hear.) Whilst 
some such organisation might have become a neces- 
sity, owing to what was being done in America, France 
and Germany, and the great number of foreigners 
trading in England, it was gambling pure, and Bimple. 
(No, no, and Yes, yes.) It was betting on time 
bargains. (No, no and yes, yes.) It was doing paper bus- 
iness. In most cases the intention of the "operators" 
would be that no article of produce should pass. 
That would be destructive of habits of business and 
industry, and detrimental to commerce, and would 
unfit men for their regular trade and work. (Hear, 
hear.) The system was. producing, and had produced 
a restless frame of mind in our younger men, leading 
to their betting in many ways, and to a large ex- 
tent. It might injure regular trade permanently ; 
his firm believed it would, and it was for that 
reason that they opposed it. Centuries had been 
occupied in building up the trade of England and 
there had been only three or five years' experience 
of the new trade in paper produce to go by. Surely 
that experience was not very favourable either as to 
the profits or the morals of the business ! (Hear, 
hear.) 
Mr. W. J. Thompson, sen. (W. J. & H. Thompson), 
in seconding the resolution, said that the object of the 
caisse did not interfere with his special business; but 
he was urged to join in the scheme, and he would 
have done so if he had thought that it would be for 
the advantage of Mincing Lane. He felt very strongly, 
however, that the scheme would ultimately work 
infinite evil in the general business of Mincing Lane, 
and he declined the honour that was offered, though 
he was much pressed, and though representations 
were made that the scheme would be a commercial 
success and that great advantages would follow upon 
it. Certainly, with regard to the commercial success 
of the thing, there had been a great demand for the 
shares, but he remained unconvinced, aud was glad to 
have the opportunity of seconding the resolution, and 
of supporting the views so ably put forward by Mr. 
FiggiB, (Applause.) 
