16 
THE  TROPICAL  AGRICULTURIST. 
(July  i,  1892. 
tablished  for  the  purpose  of  obtaining  offers  (to  hold 
good  for  six  months  after  receipt)  from  all  the  cin- 
chona-planters in  the  world  of  the  entire  quantity  of 
bark  already  taken  off  the  trees,  or  still  on  the  wood, 
for  a period  of  three  years,  and  “ The  Cinchona 
Association  (Limited),”  which  is  to  acquire  and  work 
the  rights  secured  by  the  Trading  Founders  for  the 
benefit  of  cinchona  planters  and  dealers.  The  scheme 
is  fully  set  forth  in  a lengthy  document,  which  the 
promoters  call  a “draft  scheme,”  and  of  which  copies 
have  been  distributed  lately  to  a select  number  of 
lanters’  representatives,  brokers,  and  others.  We 
ave  succeeded  in  securing  a copy  of  this  document 
(not  from  the  promoters),  and  give  below  the  salient 
passages  of  the  scheme.  The  promoters,  in  what  we 
may  call  their  “argument,”  set  forth  that  the  present 
price  of  cinchona  is  unrein  unerative,  but  that  if  properly 
regulated  its  cultivation  and  sale  might  be  made  pro- 
fitable to  all  concerned.  In  order  to  effect  their  ob- 
ject it  is  proposed  that  planters  and  traders  should 
associate  to  buy  the  world’s  crops  or  shipments  of 
cinchona  during  the  three  years  following  the  for- 
mation of  the  Association.  The  traders  are  to  pro- 
vide the  cover  to  enable  the  raising  of  the  capital 
for  this  purpose  by  guaranteeing  that  they  will  sub- 
scribe for  shares  in  the  Cinchona  Association  (Limited). 
The  planters  are  to  engage  to  sell  their  three  next 
crops  of  cinchona  at  the  price  of  5§  cents, 
or  Id  per  unit,  subject  to  an  engagement  on 
the  part  of  the  Association  to  pay  the  planters 
one-half  the  net  profits  which  the  Association 
may  make  on  the  quantities  supplied.  The  planters 
will  also  bind  themselves,  under  penalties,  not  to  dis- 
pose of  any  cinchona  to  anyone  outside  the  Association. 
Profits  are  to  be  divided  between  the  growers  and  the 
traders  as  follows  the  whole  of  the  net  profits  on  sales 
at  or  under  2 d.  per  unit  are  to  be  divided  equally  be- 
tween the  planters  and  traders  without  any  deduction 
for  the  expense  of  forming  the  Association  ; but  from 
all  sales  at  over  2 cl.  per  unit  a deduction  of  10  per  cent, 
of  the  excess  profit  shall  be  made ; and  this  10  per 
cent,  is  to  form  the  sole  remuneration  of  the  Founders. 
It  is  provided  that  meetings  are  to  be  held  in  Amster- 
dam and  London,  at  which  leading  members  of  the 
trade  will  be  formed  into  committees  to  represent  the 
two  chief  centres,  respectively.  The  scheme  apparently 
suggests  the  appointment  of  six  commissioners  in  each 
city,  each  with  a secretary,  officers,  bankers,  and  so 
forth.  Should  the  co-operation  of  the  planters  be  with- 
held, the  scheme  will,  of  course,  fall  through.  The 
planter  is  therefore  earnestly  adjured  to  join,  and  the 
anticipated  advantages  to  both  growers  and  traders 
are  then  detailed. 
[the  attitude  of  the  quinine-makeks. 
Whether  the  planters — who,  as  we  have  repeatedly 
pointed  out,  hold  the  key  of  the  situation — will  con- 
sider the  inducements  held  out  to  them  sufficient,  may 
be  left  an  open  question  at  present.  The  quinine-makers, 
however,  are  quite  left  out  in  the  cold,  and  in  this  res- 
pect the  scheme  is  a distinct  innovation.  What  attitude 
will  these  gentlemen  take  up?  “It  is  expected,”  say 
the  promoters,  “ that  they  will  welcome  the  Associa- 
tion, and  give  it  their  support,  as  it  will  secure  for  all 
concerned  a stability  in  price,  and  a remunera- 
tion for  work  done,  which  have  been  wanting  for 
many  years  past.” 
Should,  however,  the  quinine  manufacturers  stop 
working  bark  for  [any  lengthened  period,  the  con- 
sumption of  the  present  stocks  of  manufactured 
quinine  would  necessarily  follow,  and  their  removal 
would  place  the  Association  in  the  possession  of  a 
monopoly  of  the  supply,  and  thus  enable  it  to  obtain  its 
own  price. 
The  question  is  next  mooted  whether  the  rise  in 
price  contemplated  by  the  Association  will  not  lead 
to  a reduction  in  the  consumption  of  quinine,  or  to 
an  increase  in  the  future  cinchona  shipments.  In 
dealing  with  this  point  the  promoters  state  that,  up 
to  the  year  1885-6,  the  quinine  manufacturers  of  the 
world  have  been  in  the  habit  of  receiving  from  the 
wholesale  trade  a yearly  sum  which  has  decreased 
from  a little  over  3,000,000/.  in  1880-1,  to  about 
1,000,0001.  in  1885-6,  but  this  letter  sum  was  considered 
to  be  a small  sum  out  of  which  to  pay  all  the  plant- 
ers, traders,  and  quinine  manufacturers,  and  was  a 
su^1  the  wholesale  buying  trade  was  quite 
satisfied  to  pay  (and  on  which  it  made  its  profit), 
and  the  retail  equivalent  of  which  the  consuming 
public  was  perfectly  willing  to  give  for  its  then  yearly 
supply  of  about  7,000,000  oz.  of  sulphate  of  quinine. 
The  promoters  thereupon  calculate  that  “ if  the 
Association  should  now  offer  yearly  only  sufficient 
cinchona  to  produce  7,000,000  oz.' of  sulphate  of 
quinine,  the  wholesale  buying  trade  will,  doubtless, 
pay  their  100,000/.  for  it  just  as  well  in  1892  as  they 
did  in  1885-1886,  and  if  out  of  this  1,000,0001.  the 
quinine  manufacturers  take  for  their  share  250,000/. 
there  would  remain  annually  750.000/.  for  the  Asso- 
ciation, being  about  three  times  the  proposed  pur- 
chase price.” 
but  will  “wild  eabks”  spoil  the  game? 
The  fear  ©f  an  invasion  of  hordes  of  “ wild  barks  ” 
from  South  America,  attracted  by  the  higher  prices, 
is  next  discussed.  It  is  held  that  if  the  collection  of 
wild  barks  ceased  before  the  unit  fell  to  6d,  it  is  not 
likely  that  3d  will  induce  its  recommencement. 
There  are  no  accurate  figures,  say  the  drafters 
of  the  proposal,  to  show  the  exact  annual  con- 
sumption of  quinine  or  the  “ normal  yearly  yield  of 
cinchona — i.e.,  the  true  yearly  crop/’  We  do  not 
quite  gather  what  is  meant  by  the  latter  expression, 
but,  whatever  it  may  be,  the  directors'  first  duty  will 
be  to  find  it  out.  The  result  of  their  investi- 
gations in  this  direction,  it  is  expected,  will  be  to 
show  that  the  existence  of  the  present  excessive 
production  is  due  either  to  temporary  or  to  per- 
manent causes  a conclusion  which  seems  ob- 
vious. But,  having  ascertained  what  unit  price 
will  permit  the  cultivation  of  a rich  bark,  whilst 
leaving  that  of  a poor  bark  unremuuerative,  the  As- 
sociation will  regulate  their  transactions  accordingly. 
If,  for  instance,  present  cinchona  supplies  shall  be 
found  to  be  one-third  in  excess  of  the  demand  and 
that  such  sales  may  be  made  notwithstanding  present 
stocks  then  the  Association  will  sell  out  of  each  of 
their  three  years  arrivals  two  third  parts  at  a gross  pro- 
fit of  38  33  per  cent.,  and,  at  the  end  of  the  three  years, 
would  have  a stock  equal  to  one  year’s  purchases  on 
hand  costing  nothing.  This  would  be  on  the  assump- 
tion that  holders  of  outside  stock  were  selling  at  the 
same  time  as  the  Association,  but  if  the  formershould  be 
allowed  to  realise  first,  the  result  would  be  so  much  bet- 
ter for  the  Association.  The  calculations  are  said  to 
be  made  on  the  worst  possible  assumptions  which  the 
Association  can  have  to  deal  with. 
In  arriving  at  the  proportion  of  profits  to  be  paid  to 
the  planters,  the  Association  will  not  attempt  to  trace 
particular  parcels  of  bark,  but  will  pay  each  planter  on 
the  basis  of  the  proportion  which  the  money  value  of  the 
sales  he  will  have  made  to  the  Association  during  the 
year  at  5|  cents  (one  penny)  per  unit,  shall  bear  to  its 
total  purchases  of  the  year,  but  for  public  sale  purposes 
the  identity  of  the  parcels  will  be  preserved,  and  file- 
names of  the  importers  and  brokers  made  known 
as  at  present. 
All  traders  who  shall  introduce  planters' offers  are  to 
be  entitled  to  preferential  allotment  of  ordinary  shares 
to  a face  value  equal  to  the  full  amount  which  shall  be 
paid  by  the  Association  for  such  cinchona  so  in- 
troduced by  them.— Chemist  and  Druggist,  May  7th. 
BARK  AND  DRUG  REPORT. 
(From  the  Chemist  and  Druggist.) 
London,  May  12. 
Coci-iEivss.-Seveii  bales  good  stout  green  and  brown 
mixed  Huanoco  leaves  were  bought  in  at  2s  per  lb.  today. 
One  small  bag  of  small  dark  leaves  from  Ceylon  was 
bought  in  at  Is  Gd  per  lb. 
Essential  Oils.— For  twenty-one  cases  Cinnamon  leaf 
oil,  each  of  36  bottles,  there  was  no  bid  at  lid  per  oz, 
ifirce  tanks  brown  Citronella  sold  cheaply  at  Ud  per  lb. 
