524 
THE TROPICAL AGRICULTURIST [February i,i 889 
less suitable conditions for tea cultivation in Perak 
than those of the most favoured spots where this 
valuable production is grown. It is expected with con- 
fidence that a particularly well-adapted region for the 
growth of tea, coffee and other products exists in a 
large plateau first explored and described by the late 
Mr. W. Oameron. This plateau is on the central range 
between Sungei Ray a and Kinta, and consists of a 
large tract of excellent land gently sloping to a river 
running through it. It stands at an elevation of 
between four and five thousand feet and the Sakeis 
who dwell there would be found exceedingly useful 
in the work of clearing it. Perhaps this more than 
any other part of Perak promises to be the scene of 
active and profitable planting enterprise, and we 
trust that Perak tea may be before long a familiar 
name in the list of commodities produced in this 
quarter of the world. — S. F. Press, Jan. 4th. 
«- 
MR. GIFFEN ON THE FALL IN PRICES. 
The interesting paper read by Mr. Giffen before 
the Statistical Society on Tuesday has two aspects, 
— a scientific and a popular. It is in the latter- 
aspect only that we propose to deal with it. Many 
of Mr. Giffen's speculations are of a highly re- 
condite order. They deal with the obscure laws of 
obscure phenomena. But there are others which 
relate to very plain facts indeed, — to the rate of 
wages, to the price of commodities, to the pur- 
chasing power of the medium in which wages are 
paid, and commodities bought and sold. These 
are matters in which every one of us is more or 
less concerned. At least, he whom they do not 
concern must be exceptionally rich or exception- 
ally destitute. 
Mr. Giffen approaches his subject with the 
advantage that belongs to a seer whose pre- 
dictions have come true. "If the test of prophecy 
be the event," he says in reference to a paper 
read ten years ago] " there was never surely a 
better forecast." The world, he then suggested, 
" was about to witness an appreciation of gold, — 
a rise in its purchasing power measured by com- 
modities." Since that time prices have everywhere 
been falling. It hardly signifies what the goods 
chosen for comparison are ; between 1873 and 18SS 
the difference is great, and it always points in the 
same direction. Is it pig-iron, — the figures for the 
two years are 127s. and 41s, lid. Is it coals, — 
they are 30s. and I7s. 9d. Is it wheat,— they are 
55s. lid. and 31s. 9d. Is it beef, — they are 3s. lOd. 
and 2s. 8d. Is it cotton, — they are lOd. and 5£d. 
Is it wool, — they are £23 and £11. Is it sugar, — 
they are 21s. 6d. and 13s 3d. " Measured by staple 
articles, no matter how we select them, gold is 
found to have increased its purchasing power." 
The sovereign buys more than as muoh again as 
it bought fifteen years ago. 
As to the connection between the diminished supply 
of gold and lower values of commodities, the case 
is perfeotly clear. In the fourteen years ending 
1871, the excess of gold imported into the United 
Kingdom over the gold exported was sixty-seven 
millions, being an 'average of about five millions 
yearly. In the sixteen years following' 1871, the 
excess was a little short of twenty millions. "Al- 
lowing for the increase of population, the excess of 
imports in the second period, to correspond to the ex- 
cess in the fh>;t period, should have been nearly eighty 
millions; actually it has only been £11,438,000." 
Thus, there ia some twenty millions less gold than 
there was in 1871 to do the bamo work. With this 
fact in view, there can be no need to go further into 
the cause* of low prices.* 
a very sweeping conclusion, surely. Most of us 
will l'( i:l inclined to regard the over-production of com- 
modities as a more potent factor in lowering prices lhan 
the appreciation of gold by its limited production und 
Die lafrge demdnetiz&Won of silver. — Ed. T. A, 
Will this state of things last ? Mr. Giffen is 
of opinion that, as regards the purchasing power 
of gold, it will last. Since 1872, the area of 
gold-using countries has been increased by the 
addition of Germany, the United States, and 
Italy ; and as nations become richer, the adoption 
of a gold standard will become more general. 
There ia more money passing from hand to hand, 
and then " the mere weight of silver makes it in- 
convenient for all concerned to handle it to the 
necessary amounts, if it is u.-ed at all in the daily 
transactions of life." Then there is a great deal 
of gold used in the arts — two-thirds of the annual 
production, Mr. Giffen says, goes in this way — 
and this, again, tends to increase as nations get 
richer. The only thing that can be looked for on 
the other side, is a discovery of new mines. But, 
to be of much avail, the new mines must be un- 
usually rich ; they must yield an addition of ten 
or twenty millions to the ordinary supply. As 
there seems no sign of any gold discoveries on 
this scale, we must seemingly make up our 
minds to see things remain as they are. Mr. 
Giffen dees not disguise the fact that this de- 
ficiency of gold, and the consequent low prices, 
are far from being unmixed goods. '• The redistri- 
bution described spells ruin to individuals and 
classes." Landlords are an example of this. To 
them the fall of prices means a diminution of 
the gross money return. The charges on the land 
remain the same ; consequently, the whole loss 
falls on the landholders. Moreover, to com- 
munities in some stages, where the population 
is small or stationary, the same thing may be 
true. Mr. Giffen is not easy about some of the 
Australian Colonies, or about the Argentine Re- 
public. That the pile of debts has to be paid, 
principal and interest, in appreciating money, is a 
most serious consideration ; but we are saved 
from these dangers in England by the steady 
increase of our population. — Spectator, 22ndDec. 
JAVA BARK AND QUININE. 
This week's mail has brought us particulars regard- 
ing the exports of cinchona bark from Java during the 
season which closed on June 31st, and we are thus enabled 
to place on record additional figures bearing out the 
view which, in oommon with our Amsterdam corres- 
pondent, we have always expressed as to that island 
being the keystone of the position of the cinchona, 
and consequently of the quinine, market. ■ In our 
market report we publish the figures of the last five 
seasons in full, and it will therefore suffice to repeat 
here that between July 1st 1887, and June 30th, 18S8, 
the Java exports reached a total of 3,492,913 Amster- 
dam lb of 495 grammes, or a fraction under half a 
kilo. each. The equivalent of this quantity in English 
weight is 3,809,049 lb against 12,060,478 lb. shipped 
from Ceylon during the twelve months ending 
June 30th last. In bulk, therefore, the exports 
from the British colony exceed those from the Dutch 
dependency more than threefold ; but muoh of this dis- 
crepancy disappears when we calculate the approximate 
alkaloidal value of the shipments. Taking our reports 
of the Amsterdam bark auctions as a guide, we find 
that the average percentage of quinine sulphate re- 
presented by the "manufacturers' bark (" druggists' " 
cinchona may be left out of consideration) auctioned 
in that city during the present year has been as 
follows : — 
January 
February 
March 
April 
June 
per cetit. 
19 = 4-2 
20 = 4-7 
22 ~ 4-0 
18 = 3-5 
7 = 4-0 
per cent. 
July 12= 40 
August 30— 4-5 
October 4~ 4-2 
Novembers-" 4-3 
or a general average of 4"16 per cent; It is, there- 
fore, fair to suppose that the total of the Java ex- 
