August i, 1893.] THE TROPICAL 
AGRICULTURIST. 
93 
tract attention, and prices remain, much as before, 
the tendency being slightly in buyers' favor. 
.a 
p 
o 
02 
c 
O 
EH 
M 
0 
Fairfield 
Glenmary 
lOid 
7d 
9d 7id, 7d .. 
Arnakel la, 0.^d, SJd 6|d 
9d 
Isfield 9d 7id 6|d 
Kuduwa 
Karnum 8Jd 7Jd, Jd ... 
Patana- 
verum lOjd 6id 
Nagamally Sjd 7id efd 
Bonaccord 8jd 7id 
5 chests 9d 
6id, 70 do 8d 
51 d 
6hd 64 do 
7Jd 
.. 6id, 75 do 7id 
5id 
Bid 5|d 115 do 7|d 
7ia 
7id 
Stagbrook 
T P C 
Anemudi 
Rockwood 
Corimony 
8d 
8d 
HA 
62a 
C|d 
7d 
eVd 
6id 
6d 
6id 
6id 
6d 
4fd 25 do 
6d 51 do 
6id, 116 i-ch. 7id 
5id 
80 chests 7a 
jjd, 5|d 65 do 7d 
Bid 62 4-3h. 6|d 
20 chests 6§d 
60 J-chs. 6Jd 
37 do ea 
COFFEE LANDS lis MEXICO. 
During the past twelve months, the Bureau of 
Amerioan Republici is informed, more than a tcil- 
lion acres of coffee Unda in the State of "Vera Oruz, 
Mrxico, have been sold to purchasers of various 
nationalities, including Americane, Germans, French- 
men, Bnghshmen and Belgians. — A'lierican Grocer. 
REJECTED TEAS FOR CANADA. 
It seems that for some time Car.a'ia bss been 
made the dumpiog groxmJ for all teas rejected by the 
United States and Euglish tea inspectois. Duriug 
the past teu days the tea i]i8pector3 have r< jectel 
some 4,200 packages of P.ngsueys. It was tbe 
vilest kind of stuff, and (he artitrau rs at N'.w York 
refused to allovp it to euter there. It is understood 
that it is the purpose to also throw these teas ou 
the Canadian marktt. The Minister of Fii,ance'a 
attention was drawn to the matter a couple of wetka 
ago, and it is imperative in the interests of the 
trade tliat some striogeat measure should be tafeen 
to present a continuance oi the pernicious custom.— 
Canadian Grocer. 
MEXICAN COFFEE. 
" You have no idea of the fineness of Mexican 
coffee," said Senor Gonzales at the Continental. 
"Those who don't know may talk abont Java and Kio 
and mixtures of these with any other coffees, but 
they all fall into disrepute when the genuine Mexican 
berry has been tasted. Very little coffee has b-en 
marketed at home, and sella at 39 cents per pound 
just from the tree. 
'' There are some varieties of coffee there that 
rtttail at SI p r pound. This is all used by wealthy 
Mexican families, an'l the use of coffee is universal 
in that country. Thousands of acres I'f thu fii;e8t 
coffee lands can now be purchased at prices rauging 
from $2 to §5 per sere. The title is eeciircd Irom 
the Mexican federal government on easy terms. Trees 
bear a half crop at three and a full crop at four years 
of age. Three pounds to tbe tre« is anavciagu jieU, 
although many trees be^r from five to tii pouuda. 
An acre of land will support adout eight hundred 
treep, atid their avernga life is ab(.ut sisieen years. 
Synu cates will owu all these fine coff e lauds luside 
of two years, atd they cannot then be puruhueed at 
any ptioe." — St, Louis Repuhlic. 
TEA AND EXCHANGE. 
In our last issue we published a letter addressed 
by the Hon. Mr. P. Playfair to the Indian Currency 
Association on the subject of " Tea and Exchange.'' 
Mr. Playfair has made a calculation of the profits 
of tbe Joint Stock lea Companies of Calcutta 
during the past and previous years. He draws from 
his figures the conclusion that " Mr. Bell and the 
other Darjiling planters with him were deceived in 
the notion that low exchange was a benefit to capi- 
talists having investments in tea." His remarks are, 
however, pervaded by a fallacy which is common 
among officials and others who do not take a busi- 
ness view of such matters. His letter betrays a 
confusion of ideas which it is to be feared is not 
altogether absent from Viceregal circles. The com- 
mercial value of a property is not what it cost 
originally, as Mr. Playfair seems to think, 
but what it is now worth to its present cvmer 
or what it would be worth to a purchaser, 
as a going concern. This depends upon 
results as shown in the balance struck in the profit 
aad loss account. In the case of a public company 
the public estimation of its merits is indicated by the 
price of the shares. If it earns good dividends its 
shares rise in value, and vice versa. The profit ana 
loss accounts of the Tea Companies alludea to by 
Mr. Playfair would, we are of opinion, show much 
worse results had exchange remained at Is 6gd. The 
fall in exchange has helped to reduce their expendi- 
ture and has increased their income. But for this 
some of them would doui tless have been working at 
a loss, if at all, and the value of the shares of those 
working would have declined in consequence. 
Planters, it must be remembered, do not study the 
low exchange from a theoretical standpoint. The> 
know by experience that low exchange helps them to 
make both ends meet. 
According to Mr. Playfair's reasoning it might be 
contendea that the Presidency Banks are not paying 
their shireholdera because mvestors who seLt then 
moi ey out ti T.a '\\ when ExcLauge was at a high 
level, could Lotrtmit it back again except at a Ics^. 
Such shareholders bavf, of course, loat something in 
Exchange, but that has nothing to do with the ques- 
tion of the BjDbs' success. Ao investment may be 
earnicg divideuds fi r i's present holf^er, although tbe 
origital value of ihe shares may have declined. Any 
original sharehold r who has stuck to Bi.cti a concern 
is decidedly better off if it is earnirg more than its 
eipeiises than ha would be were it not coveriug ex- 
pei.ses. Part of his original capital is gone, and must 
lie regarded as having teen written eff ; !he reujainder 
is briu(jing back fomf thing; in many cases a fair 
dividend on the original capi.al. The compsrison lief, 
tlieiefore, i.ot between tbe prcfi's made ia bygone 
j»jr>, and those now being male; nor between tbe 
sterling value of the original amouLt invested iu India 
at the time of mveatment and now ; but between the 
profits made together with the present value of the 
property now, and the profits and the value that would 
have been recorded had the rupee remained at former 
Madras Times 
KEW eAEDEN. 
(From a Correspondent.) 
Croydon, Surrey, June 9. 
I had the pleasure of meeting Mr. D. Morris, 
F.R.S., the Assistant Director, and of congratulating 
him upon the honour of c.m.g. conferred upon him 
iu connexion with the Queen's birthday. Mr. Morris 
kindly accompanied my companions and myself over 
several of the hot-houses, where we met many old 
friends in the shape of palms, ferns (iucludiiig the 
late Mr. Wra. Ferguson's), &c. After a time Mr. 
Morris had to leave us, as he had an appointment 
with Sir Alfred Dent, the Chairman of the British 
North Borneo Co., who was coming down to Kew 
to confer with Mr. Morris on matters connected with 
the agricultural industry of " New Ceylon." Among 
the various plants we saw some from Bermuda ; and 
"thereby hangs a tale," which Mr. Morris related 
