5* 
THE  TROPICAL  AGRICULTURIST 
[July  i,  1892. 
of  the  deterrent  influences  we  have  mentioned,  the 
capital  necessary  to  enable  it  to  start.  Those 
Bhifts,  as  reoorded  in  the  report  of  the  case 
mentioned,  will  be  found  to  be  particularly 
instructive  and  cautioning  to  those  who  have  a 
tendenoy  to  invest  in  speculative  companies.  We 
can  only  say  that  we  do  not  believe  similar  ex- 
pedients had  to  be  resorted  to  in  the  case  of  any 
of  the  gemming  enterprises  formed  to  develop  the 
mining  capacities  of  our  own  island.  These,  we 
believe,  stood  upon  their  own  merits,  and  their 
promoters  had  not  to  seek  to  bolster  up  their 
concerns  by  any  such  questionable  measures  as 
had  to  be  descended  to  in  the  case  of  the 
Montana  Company.  It  is  reported  that  an 
honorarium  of  £2,000  (bet  us  give  it  a oonsolatory 
name)  was  offered  to  oertain  individuals  if  these 
secured  responsible  people  to  underwrite  £75,000 
worth  of  shares  in  the  Company  at  a charge  of  15 
percent!  Now  this  means  that  £13,250  was  to  be 
sacrificed  in  order  to  obtain  a guaranteed  balance 
of  capital  of  £62,750  wherewith  to  float  the  under- 
taking. The  total  nominal  capital  of  the  Company 
was  £450,000,  and  if  the  whole  of  this  was 
eventually  subscribed,  it  was  no  doubt  largely  due  to 
the  incentive  afforded  by  the  outlay  of  the  above 
mentioned  sum  of  £13,250.  We  have  no  disposition 
to  wish  anything  but  good  to  undertakings  of  this 
character,  wherever  the  scene  of  their  operation  may 
lie.  In  Ceylon,  at  all  events  as  yet,  suocess 
cannot  be  said  to  have  attended  efforts  made  in 
the  same  direction,  although,  as  we  have  above 
pointed  out,  the  capital  for  these  was  raised  with- 
out having  reoourso  to  expedients  which  we  believe 
must  be  injurious  to  the  reputation  of  any  en- 
terprise. We  are  quite  aware  that  it  has  been  long 
the  praotioe  to  give  a fillip,  so  to  speak,  to  the 
investing  public  by  obtaining  the  underwriting  at 
a considerable  monetary  sacrifice  of  a large  amount 
of  oapital.  Suoh  a course  is  not  regarded  among 
financial  men  as  at  all  dishonourable  ; though  we 
suspect  every  effort  is  made  to  insure  that  the 
fact  that  a proportion  of  subscribed  capital  is 
largely  “bogus”  is  withheld  from  the  general 
investor.  It  is  plainly  to  be  seen  that,  if  collapse 
follows  with  respeot  to  undertakings,  a consider- 
able amount  of  the  capital  of  which  has  been 
underwritten  at  heavy  rates  of  discount,  the  private 
investor  must  suffer  heavily  in  proportion.  We 
are  thankful,  therefore,  that  in  the  oase  of  those 
gemming  companies  whioh  commenced  work  in 
Ceylon  such  a method  of  stimulating  public  sub- 
scription has  not  had  to  be  resorted  to.  Whether 
the  Montana  Company  has  better  prospeots  before 
it  than  those  which  have  resulted  in  failure  in 
Ceylon,  we  do  not  pretend  to  say ; but  if  not,  the 
lightness  of  loss  which  has  followed  in  our  own 
oases  cannot  be  anticipated  for  shareholders  in 
the  Montana  scheme. 
THE  CHINA  TEA  TRADE. 
The  N.  C.  Daily  News'  Hankow  correspondent 
writing  on  the  12th  inst.,  mentions  the  opening  of  the 
market  on  the  7th  by  Russian  buyers  and  gives  tbs 
following  comparative  fignr  s for  the  same  number  of 
days  from  the  opening  : — 
Season  1892-93.,  Season  1891-92. 
|-cheslB.  ...  ^-chests. 
Arrivals  52,412  ...  112,785 
Settlements  11,209  ...  56,934 
Stock  41,203  ...  55,851 
‘ Quality  of  the  teas  hitherto  shown  is  decidedly  dis- 
appointing, generally  being  very  dull  and  sloping  great 
want  of  charaoter.  Of  the  Kinkiang  teas,  Ninychows 
are  the  only  description  yet  to  haLd,  and  these  on  the 
whole  seem  very  badly  made,  being  in  many  c aes  very 
choppy  and  dusty  and  in  liquor  decidedly  flat.  Hankow 
e»a  have  soarcely  arrived  in  sufficient  quacii  y to  udgo 
oF  their  quality  with  the  exception  of  Towyueus  and 
Oanfas,  the  first  packs  of  these  having  all  been  offered 
and  with  one  or  two  exceptions  been  purchased  for 
Russia.  The  remainder  s em  likely  to  be  fettled  for 
the  same  market  during  tho  course  of  the  next  few 
days.  These  kinds  though  of  very  goo  1 leaf  show 
great  want  of  point  in  liquor,  Icing  for  the  most  part 
thin  and  dull.  Of  Kokews  some  30  chops  have  been 
on  offer  and  seem  very  much  out  of  favour,  the 
majority  being  very  rough  in  leaf  and  tarry  in  cup. 
Sbantams, — The  first  packs  ot  these  seem  inferior  in 
quality  to  last  year.  Quantity  is  very  difficult  to 
estimate  as  yet,  though  natives  are  trying  to  raise  the 
market  on  the  usual  rumours  of  a very  short  crop.’ 
In  a postcrip*,  dated  the  13th,  ha  adds  ‘ This 
afternoon  we  have  had  some  200  musters  on  the  market, 
including  the  first  arrivals  of  Kermun.  These  alsoaro 
somewhat  disappointing  showing  in  many  cases  great 
want  of  ttrength.  A few  offers  are  being  made  of  from 
Tis.  32  to  Tls.  36,  but  nothing  has  yet  been  settled.' — 
China  Mail,  May  2Gth. 
NOTES  FROM  PEERMAAD. 
May  1892, 
In  the  early  part  of  March,  we  had,  after  months 
of  drought,  one  day’s — and  most  unfortunately  only 
one  day’s — heavy  rain.  This  brought  out  a very  pro- 
mising spike,  but  I regret  to  say  tba’ during  the  very 
hot  weather  that  followed,  a large  proportion  got  burnt. 
This  burst  of  hot  weather  was  followed  by  s hurricane 
that,  in  violence  though  fortuna'oly  it  ODly  lasted  a 
few  hours,  has  seldom  if  ever  been  exoeeded,  at  any 
rate  with  n the  memory  of  the  proverbial  oldest  in- 
habitant. Fortunately  no  damage  was  done  to  build- 
ings, though  more  than  one  felt  .one  anxiety  for  tho 
safety  of  their  tbree-tt  ried  factories  which,  by  the 
way,  are  by  no  means  uncommon  now-a-days  owing 
to  the  ever-inerra'  ing  yield  of  tea. 
Early  in  April,  and  more  or  less  ever  since  we  have 
been  favoured  with  delightful  rsins,  never  heavy,  and 
all  the  coffee  in  the  districts— alas  I that  it  should  now 
be  such  an  insignificant  item — has  blossomed,  and  set 
(fairly)  well  ; crops  will,  on  the  whole,  bo  well  above 
the  average.  Of  course  it  iB  ytt  early  to  prophesy, 
as  there  is  always  the  off-chunce  that  July  and  August 
will  develop  a “go  ” of  leaf  disease  ; so  far  there  are, 
however,  no  signs  of  it,  and  as  all  the  coffee  is  in 
particularly  good  heart,  even  if  we  should  have  a 
touch  of  it,  the  trees  have  strength  and  vigour  enough 
to  resist  it  aud  ripen  the  crop.  One  estate  at  the 
Periar  is  reported  to  have  a magnificent  crop  on,  and 
u friend  has  gone  so  far  as  to  prophesy  that  the  crop 
will  nearly  reach  the  number  ( in  tons)  of  the  joint 
ages  of  the  two  proprietors! 
Tea  isa-doing  as  well  as  ever,  if  not  better.  In  my 
last  notes,  I alluded  briefly  to  the  Kudawa  Karnun 
Faotory  ; 1 am  glad  to  report  that  the  outturn  of  made 
tea  for  March  and  April  just  exceeded  40,0001bs.;  at 
this  rate,  wo  shall  soon  be  estimating  the  ouFurn  from 
this  district  in  millions.  Fresh  clearings  are  being 
opened  up,  tea  nurseries  are  to  be  seau  all  over  the 
districts,  and  if  prices  improve  a bit— by  the  way  the 
averages  of  Fairfield  and  Arnakel,  both  Peermaad,  10J, 
at  the  auctions  of  the  last  week  in  April  are  not  bad 
— and  exchange  keeps  more  or  less  in  statu  quo,  the 
Tea  Planter — on  I’eermuad  at  any  rate — has  little  tc 
fe-r. — M.  Times,  June  1st. 
<4j 
BARK  AND  DRUG  REPORT. 
(From  the  Chemist  and  Druggist.) 
London,  May  19. 
iNCHONA.— At  the  cinchona  auctions  on  Tuesday  a 
derate  quantity  of  bark  wa3  offered  for  sale,  the 
alogues  comprising  : — 
Packages.  Packages. 
617  of  which  652  were  sold 
885  „ 789 
30  ,,  30 
ylon  cinchona... 
st  Indiau  cinchona 
va  cinch.- na 
uth  American 
cinchona 
sst  African  cinchona 
246 
454 
2,232 
207 
454 
2,032 
