i6o 
THE TROPICAL AGRICULTURIST. [Sept. i, 1893. 
rupee is co dieaivantage to them, hn; the reverse, 
and tome apprehension has lieeii ezprtssed by sbart-- 
holileis as to the tfftict of the value of tbo coia 
bein^; definitely fixed ut Is 41. Regarded abstract y 
there if, of coaree, tie question that any sdvunou in 
the (xchange must dimiuiah the Cuajpaniea' profits 
by increasing tbeii expenses in ludia ; but, on the 
other band, l» 4i is not a ruinoun quotation, and (be 
Companiea have done very well when the rate was 
as high as 1»9J. But there is aoutber side to the 
que3lioD,ioi there can be little doubt that if more 
stability were given to the rupee invesioru wouli 
have giea er confidenoe in Indian undtrtakings, and, 
being contented with a snmller yield, ^vould buy 
shares at higher prices. This prospect tends to coua- 
teraot any depreciation of value followiog upon a 
pus&ibly smaller margin of protil. 
Anotb^r point which haft been insisted upon 
with more zeal than judgment by writers in the 
l'res9 is that the new measure will give undue 
prominence to Cingalese and Cbiutse competitioii with 
India. Aa far as Oeylou ie concerned, tbiij etatdiueul 
is absulotely untrue, becaute the conditions of currency 
and therefore of the rupee are praolioally ideLtioal 
in Ceylon and India, and will continue to under the new 
departure. It a legislative enaotjaent be necassary 
in the Island, it will do no more thaa fix the ofdcial 
cachet upon a state of things that will be called into 
eiistence whether or bo. iioth countries being there- 
fore—so to speak — in the same boat ; there can be 
DO queatioD of favouring Oeyloa in the matter. It is 
otherwise with China, whose tea, owing to the much 
lower rate of exchange, will have an increased ad- 
vautage over that of India, nt <ar as price goer, in 
the European markets. Expertf, bowerer, do not 
stsLnd in much dread of Obiueae competition, even 
under these conditions. In the first pUce, they 
assert that the taste for the stronger and rougher 
teas of Indi« and Ceylon is so pronounced 
that ordinary China Congou, though much lower in 
price, is almojt unsaleable in the London market, 
and the appetite for Indian tea is growing on the 
Contineuc, iu the Colonies, and even in the United 
States. la the next place John Cninaman, being an 
eminently oonservative person, etioks to his antiquated 
methoJs of production, dries bis plant in the sun 
and IS too poor and unenterprising to adopt modern 
machinery- It is partly owing to this backwardness 
aad partly to his fondness for adulteration, that 
China has been so distanced in the race that exports 
of Chinese tea to this country lor the year ended 
May, 1893, only amounted to about 17 per cent, ol 
the whole, whereas 83 per cent, came from India 
and Ceylon. It must not be forgotten, moreover, 
that the taste for Indian tea has been or-ated 
by the enterprise and intelligence of producers. 
Although, then, it is possible that the trade of 
China in this respeot may receive a temporary 
stimulus from the lower exchange, there ia 
little reason to fear that it will icflict permanent injury 
upon the Indian Companies. These considerations 
may help to allay any alarm as to the effect upon 
these enterprises of the practical adoption of a gold 
standard for India. 
Let ua now look a little at the present sitnation of 
the Indian Companies. Taken as a whole, they have 
progressed of late steadily and rapidly. One or two 
exnepiions may be found, no doubt, but the great 
majority are in a very much better position 
now than they were three or tour years back. Their 
incrdased strength is due in some measure to heavy 
betterments; that is to say, extensions of area and im- 
provement of plant, which have been largely charged to 
revenue account. Moat of them have also accumulated 
good reserves of undivided profit, while the great bulk 
are free from any uoUt worth mentioning. With the ex- 
ception of the Ceylon Tea Plantations Company, which 
is in every respeot a sound, strong undertaking, the 
Indian Companies are iu a better position than those 
of Ceylon, many of the latter being ofishoota of 
moribund CoSee and other Companies, and handicapped 
by liabilities taken over from former undertakings, 
which, howeTer, they ate gradually shaking off. Ao- 
othef oircuuiBtiuae in favour of JincliiD Tet Com- 
panies ia that there is a much freer market io the 
tharts now than there ased to be, owing to the greater 
publicity given to their quotations. The Fmanxial 
Times baa cciitribated euuietliug to this result by 
publishing weekly a table of quot itionK, one of which 
Hill be found in today's isiue, and for which 
we are indebted to Mr. Gecrge Stton. Still these 
sbareit can be picked op eveu now at a compara- 
tively low coel, yielding the purchawr a rtluro, 
roughly speaking, of fnm 7 to 8 per cent. A ques- 
tion which will uQ doubt occur to a ctreful investor is 
whether the properties are not liable to be ezbaueted 
after some yeatis' vto^king. The answer to this ii 
reassuring, as far aa Inoia and Burmah are coucerued 
With proper cultivation and attention tliere ie little 
reason tj fear exbauttion of the eei^, and only the 
other day the chairman of a Company noikiug in 
the District of 8ylbet, Assim, assured a shareholder 
that over 400 acres of their oldest plant— say, 2U yt«rs 
old— were yielding still the handsome retnrD of 600 
lb. pet acre. Upiuions vary more about Ceylon. 
There are people who 6»y ih»t Ceylon cannot last 
not having a eutfaoiout depth of soil, but tl.e industry 
18 nut yet old enough iu the ItUod to allow of an 
authoritative statement being made ou the sobjecl. 
In India, on the contrary, we h»ve a quarter of a 
century's production upon which to base an opinion' 
Lastly, we may ask what fear (here is of production 
outrunning the demand. To this inquiry also a satis- 
factory reply is forthcoming. A'aet fields of consnmptiua 
have yet to be opened up for Imiian tea. Thanks chietiy to 
the enterprise of Ceylon growers, efforts have been 
made to introduce it into the United titates, Holland 
aad even Kussts, with (iromising tuooese. Already § 
of the tea coueucued in Auctralis bails from Inuia, 
and Canada is rapidly taking to it. With these 
great areas of consumption barely scratched growers, 
it they have any energy, may rest easy about finding 
market) for tbeirsurplus slock. With regard to (be pre- 
sentcropB reports both from India and Ceylon aie fa- 
vourable to a moderate increase over last year's yield, 
thoQgh it ie rather too early to say an) thing aboat 
quality. There is, therefore, every likelitoad of the 
pist year's dividend being maintained, despite the 
silver bogey, and, on the whole, ihesiareeof lodian 
Tea Companies may be recommended to the specula- 
tive investor as a lucrative and comparatively sife 
field for the employment of capital.— Financt'o/ 
Times, Jane 3rd. 
.\EW COFFEE ENTERPRISE IN MEXICO. 
An English company has bought betwedn 60,000 
and 70,000 aoreB. Biiuaied near Suchil on the 
Isthmus of lehuaatepee, Mexico. It ia their in- 
tention to go into the ooSee and tobacco culture, 
and they will probably introduce immigration 
from England. Taey expect to begin active opera- 
tion next st&SQu.— American Grocer. 
PLANTING ENTERPRISE IN KLANG. 
Mr. W. W. Skeat, the Assistant District Officer 
at Klaug, gives the following particulars of estate 
progress there in his report for May : — 
Over all the acres of coffee in bearing, the pro- 
prietors of Treiaelbyr Estate on the Langat Koad 
expect three pikuls an acre. A small quantity has 
already been exported and has fetched §35 a pikul. 
There are at present 35 acres of pepper on Tre- 
melbyr Estate, of which 15 acres are in full bearing. 
Gathering has been going on for six weeks and the 
crop is a splendid one, but the price is under nine 
dollars, irom Beveriac andEbor, Mr. P. Stephenson 
reports the exportation of 106 pikuls of pepper during 
the past few mouths, while another 50 pikuls are 
in store. 
Mr. Hurth on Enterprise Estate is doing fairly 
well, and says that the estate already covers its ex- 
penses. The pepper crop for this year is expected to 
be 250 pikuls, and it is intended to open up fresh 
ground with coffee in 1893. 
I have not had time to obtain information as to 
Crleamarie,— /iYratt's Timss, 
