6o6 
THE TROPICAL AGRICULTURIST. 
[March r, 1889. 
the China tea trade is in a healthy state, and en- 
quiries from home people who have not imported 
a leaf for some years aB to probable prospects, lead 
me to think that mischief is brewing unless a clear 
statement of facts is grasped by every one. 
The abnormal conditions of the past season 
weru : — 
First : — The astonishingly small crop of first-crop 
teas, say 300,000 J chts. (equalling nearly 19,000,000 lb.) 
short of the previous season's yield from the north 
of China alone, which fact was telegraphed and 
made the most of by every one interested in the 
article. 
Second : — The positive deficit of really fine pure- 
flavoured Teas in the crop, and consequent demand 
for them at extreme prices on account of their scarce- 
ness. 
Third : — The closure of the Shanghai market for 
a whole month, which kept back supplies from the 
consuming markets. Last but not least, the totally 
unexpected rise in the value of the Russian rouble, 
which caused a demand for export in London that 
could not have taken place under any other circum- 
stances. 
These points have been used to eminent success by 
importers during the past season, and resulted in the 
London quotations being maintained for a long period 
at fully 2d per lb. higher than they were the pre- 
vious season, but not one of these favourable cir- 
cumstances is likely to occur again this year. What 
we have to look forward to is the complete reverse of 
our last season's experience. 
Before going further I would point out that although 
the First crop showed such a remarkable deficit, the 
Second and Third crops have been so large as to 
make the total yield of black tea from the north of 
China within a very few millions of that of th9 pre- 
vious year when the first crop was enormous. This 
proves oonclusively the wonderful elasticity of the 
trade and the consequent danger of the consuming 
markets being glutted unless a very decided check to 
production is given early in the next season. I might 
also mention that since the Russian demand in London 
has ceased prices there have fallen fully 20 per cent, 
for all teas under 1/0 per lb., and many Teas costing 
Tls. 15 a 24 here are losing 3 to 5 taels a picul. Deli- 
veries too have decreased to the lowest point known 
say 5 million pounds of China congou for the month 
of December. 
Preparations are already on foot for making one of 
the largest first crops on record. In the Keemen 
districts alone some 20 new curing hongs have been 
arranged for. In Ningchow there is not a curing hong 
to be had, and in Kiukiang all available places have 
been secured some time since. I have no accurate 
information from the Hankow districts, but the best- 
informed natives assure me that they will not be behind 
their Kiukiang competitors in their efforts. This is suf- 
ficently alarming, and results will probably be disastrous 
unless we can impress upon the natives the absolute 
necessity of improving the article. The commonest 
tea sli r pped could be and should be much above 
the p esent standard. That China tea and espe- 
cially good China tea has still a strong hold upon 
the t a stes of all consumers is an undoubted fact, 
but it must be good to hold its own against Cey- 
lon and India. The perishable nature of the raw 
leaf prevents foreigners from taking the curing 
into their own hands at a distance from the producing 
districts, as silk is done in the lately established fila- 
tures, but somethiug may be done by continually im- 
pressing on the native the necessity of improving his 
teas. Their aim should be to make small chops, and 
make them well, rather than bring to market the gigan- 
tic quantities of ill-conditioned stuff whioh now often 
pass as a chop, and which give dissatisfaction to every 
one. The climate of China is not so bad, but that 
careful storage of leaf and proper manipulation would 
overcome all difficulties. 
The Chinese have the finest raw leaf in the world 
to work on, and it is only their own cupidity and dense- 
nese that prevents them from making the finest tea in 
the world. The ordinary profits are so small that a 
native would sooner make 1,000 piouls on the chance 
of gaining a quarter of a tael a picul on it, than make 
a sma.ll chop and make it as well as it is possible to 
do. Of course a year like last year when they made 
Tis. 7 to Tls. 20 a picul profit on large chops will 
militate against their making small good chops this 
season, but we may warn them, however without pro- 
phesying that ruin stares them in the face unless they 
make their teas very very good. A large first crop 
badly made will do more harm to makers and ship- 
pers of China tea than can be repaired in two or three 
favourable seasons. — Yours faithfully, G. T. 
Shanghai, 22nd January. 
♦ 
TEA IN INDIA. 
Punlcabarce Tea Company. — The report of the 
directors shows that the outturn was 716 maunds 
against an estimate of 700 maunds and a crop in 1887 
of 634 maunds. The average price realised was As. 
9| against As. 9-179 last year, and the profit is 
R8,010. After paying a dividend of 5 per cent in 
September there is a sum of Rl,375 at credit, which 
is carried forward. 
Mohurgong Tea Company. — The managing agent's re- 
port shows that the outturn was 1,285 maunds against 
an estimate of 1,200 maunds and a crop in 1887 of 
1,183 maunds. The average price realised was As. 7f 
against As. 8-1 last year. The profit made was 
R12.219, making with the amount brought forward 
an available surplus of R12,434. An ad interim dividend 
of 5 per cent has oxhausted R8,000, and it is now 
proposed to pay a final dividend of per cent and 
to carry R434 forward. The area under tea is 221 
acres. 
Singtom Tea Company. — The director's report shows 
a net profit of R14.340, and adding the balance from 
1887 a credit of R 18,084. An ad, interim dividend 
of 4 per cent paid in October absorbed R6,000, and 
a further dividend of 6 per cent is recommended, 
carrying forward R2,084. The total outturn was 
114,777 lb against an estimate of 104,000 lb and crop 
in 1887 of 114,372 lb. The average price realised was 
As. 9-7f per lb against As. 9-2§ last year. The es- 
timates for the current season are for 1,500 maunds, 
the area under cultivation is 435 acres. — Pioneer. 
Feb. 5th. 
TOBACCO COMPANIES. 
The Anglo-Dutch Tobacco Company (Limited) is a 
further new tobacco undertaking, with a capital of 
£100,000 in 100,000 shares of £1 each, of which the 
first issue is £60,000. Of these 15.750 shares will, it 
is stated, be allotted to the vendors; 24,250 shares 
have already been applied for by the directors and 
their friends, and will be allotted in full upon the 
terms of the prospectus, and the balance (20,000 
shares) are now offered for subscription. The Union 
Bank of Scotland (Limited) and the Hong Kong 
and Shanghai Banking Corporation are authorised to 
receive applications. This company has been formed 
to purchase the Lobo Pakam and Potoembookan es- 
tates, of about 26,000 acres, situated in the province 
of Serdang, Sumatra, and to carry on and extend 
the cultivation of tobacco upon these estates. Eighteen 
thousand acres are virgin soil. The price to be paid 
is £15,750 in cash and a like amount in shares (as 
stated above), but these do not appear to be deferred 
and the profit on them contingent on the payment 
of divisions on the other capital. 
The prospectus of another tobacco company in 
North Borneo has been issued during the week. The 
Sandakan (British North Borneo) Tobacco Company 
(Limited) has been formed for the purpose of planting 
and raising tobacco and pepper on an extensive tract 
of land situated on the Kinabatangan River, Sanda- 
kan Bay, North Borneo, 20,000 acres in extent. The 
capital is £100,000, in 20,000 shares of £5 each. The 
purchase money is £18,000 in cash and £12,000 in 
shares. The land has been selected by Mr. W. Flint 
though the speoial aptitude of that gentleman, who 
keeps a store in Sandakan, is not stated. It is esti- 
