tub 
Vol.  XII.  COLOMBO,  SEPTEMBER  ist,  1892.  [No.  3. 
THE  LONDON  TEA  AUCTIONS  AND 
THREE  MONTHS’  PROMPT. 
T is  but  very  few  months 
baok  that  the  whole  of  the 
London  brokers,  conjointly 
with  all  those  other  numerous 
parties:  who  are  concerned 
with  the  sale  of  Ceylon  tea, 
bestirred  themselves  most 
energetically  to  secure  for  the  sale  of  our  pro- 
duce a greater  amount  of  accommodation  than 
had  been  previously  conceded.  The  attempts 
then  made  were  suocesBful,  and  we  practically 
obtained  for  the  sale  of  Ceylon  tea3  in  Mincing 
Lane  twice  the  time  that  had  hitherto  been  at 
our  disposal.  On  this  result,  we  naturally  felt,  all 
concerned  might  well  be  congratulated.  But  we 
are  now  informed  that  in  praotioe  the  advantage 
anticipated  is  nullified  by  a consideration  whioh 
had  not  before  come  into  view.  This  is  a some- 
what singular  one,  and  certainly  one  which  was 
soaroely  likely  to  strike  outsiders,  even  if  it  might 
have  been  thought  to  be  probable  that  it  would 
osour  to  the  minds  of  those  who  are  daily  engaged 
with  the  selling  and  purchase  of  tea.  It  appears  that 
owing  to  the  custom  of  the  trade,  now  a long 
established  one,  the  dale  from  settlement  of  ac- 
counts is  always  made  to  reckon  from  a Saturday, 
three  months  from  that  day  of  the  week  being 
calculated  as  the  period  over  whioh  oredit  is 
taken.  As  is  known  to  all,  the  Ceylon  tea  sales 
take  place  now  on  every  Tuesday  and  Thursday 
in  eaoh  week  ; and  for  some  reason  unknown  to 
us,  but  presumably  beoause  accounts  oannot  be 
made  up  in  time,  the  sales  effected  on  the  second 
of  those  days  are  not  included  in  the  returns  made 
up  on  the  succeeding  Saturday.  The  consequenoe 
is  that  moneys  due  for  purchases  made  on  the 
Thursday  do  not  reokon  for  their  three  months 
prompt  until  the  Saturday  week ; and  as  the 
result  to  this  on  every  sale  effeoted  at  Thursdays’ 
auctions  there  is  the  loss  of  a week’s  interest. 
It  would  not  at  first  sight  seem  that  this  loss  would 
be  sufficiently  serious  in  amount  to  warrant  the 
assumption  that  Tuesdays  are  selected  in  pre- 
ference to  Thursdays  for  offering  teas  for  sale  in 
consequence  of  it.  And  yet  it  may  possibly  be 
that  the  delay  of  a week  in  settlement  may  be  of 
some  considerable  importance  to  sellers  who  have 
a large  amount  of  tea  in  the  market.  At 
all  events  we  are  assured  that  this  cause  is  operat- 
ing to  nullify  the  advantages  of  late  seoured  by 
the  multiplication  of  the  days  available  for 
the  sale  of  Ceylon  teas.  Tuesday’s  lists  are 
still  almost  overcrowded,  while  those  of  Thursday 
are  nearly  barren  of  offerings.  The  result  is  that 
we  are  almost  where  we  were  before  the  charge  in 
system  was  made,  and  that  time  is  deficient  for 
the  due  and  proper  examination  and  tasting  of 
the  many  samples  submitted  in  connection  with 
the  sales  of  Tuesday.  It  is  evident  from  this  fact 
that  some  further  ohange  of  arrangement  must  be 
needed  in  order  to  enable  us  to  fully  reap  the 
advantages  to  secure  wh'ch  such  strenuous  efforts 
were  lately  successfully  made.  We  have  suggested 
that  it  seems  unlikely  that  the  amount  of  loss  due 
to  a week’s  delay  in  settlement  could  have  had 
such  a result.  But  there  is  the  fact  an  lit  oannot 
be  set  aside  Something  must  bo  done  to  over- 
oome  the  difficulty,  and  we  should  think  it  ought 
not  to  be  insuperable.  Surely  Friday  and  Satur- 
day— the  latter,  however,  a short  half-day  in  all 
business  at  home — should  afford  ample  time  for 
the  registration  of  claims  upon  the  three  months’ 
list.  If  it  is  not,  some  means  must  be  found  to 
simplify  existing  prooedure,  and  we  do  not  doubt 
that  the  subjeot  will  receive  the  fullest  considera- 
tion by  the  Tea  Committee  of  the  Ceylon  Associa- 
tion in  London,  and  that  some  means  of  full  relief 
will  be  suggested  and  obtained  by  it, 
FROM  THE  METROPOLIS. 
London,  July  1st. 
A DEPRESSED  TEA  MARKET 
in  Minoing  Lane  is  not  good  news  to  send 
to  Ceylon.  I was  in  the  Lane  and  round 
the  City  on  Beveral  business  calls  on  Tuesday 
and  heard  nothing  encouraging  about  tea  prices 
—brokers  had  not  even  got  their  valuations,  and 
the  prospect  was  a large  importation  of  good 
China  teas  at  moderate  prices.  I must  leave  others 
to  judge  how  far  this  inoreased  business  in  “Chinas” 
is  due  to  the  anticipation  so  eagerly  insisted  on 
both  in  Ceylon  and  the  City,  in  certain  quarters, 
that  our  tea  exports  for  1892  were  only  to  be  a 
very  little  in  excess  of  those  in  1891.  Of  course, 
if  suoh  prove  to  be  the  case,  there  is  no  more 
to  be  said  than  to  give  oredit  for  sagacity  and 
oorreot  information  in  the  quarters  referred  to, 
but  if  (with  the  monthly  export  latterly  exceeding 
7 million  lb.)  it  proves  that  the  total  outturn 
approaches  to  (if  it  does  not  exceed)  80  million 
lb.,  then  it  will  appear  to  have  been  a great 
pity,  to  say  the  least,  that  a cry  of  “ exaggerated 
estimates”  had  been  raised,  encouraging  English 
buyers  to  go  more  freely  into  “ Chinas.” 
Notwithstanding  this  faot,  however,  and  the  re- 
