THE  TROPICAL  AGRICULTURIST.  [March  r,  1893. 
I64 
also  probably  a strong  factor  in  substituting  Indian  and 
Ceylon  teas  for  those  of  China.  The  change  in  the 
public  taste  has  been  very  rapid  during  the  past 
twelve  months  ; and  the  consumption  of  Chinese 
tea  has  in  consequence  fallen  from  52,000,000  lb.  in 
1891  to  34,000,000  lb.  in  1892,  while  the  use  of  Indian 
tea  increased  from  99,000,000  lb.  to  109,000,000  lb., 
and  Ceylon  teas  from  51,000,000  lb.  to  64,000  000  lb. 
in  the  same  period.  The  increased  consumption, 
combined  with  more  remunerative  prices,  due  to 
the  crop  barely  equalling  that  of  last  year,  is  cer- 
tainly encouraging  to  planters,  while  the  danger  of 
over-production  is  for  the  present  indefinitely  shelved. 
The  Consumption  of  Vanilla. — In  view  of  the  ex- 
tended use,  and,  so  far  as  household  consumption 
is  concerned,  the  frequent  abuse,  of  vanilla,  some 
statistics  as  to  its  consumption  are  interesting.  A 
few  years  ago  it  was  estimated  that  the  world's  con- 
sumption of  vanilla  was  about  230,0001b.  per  annum. 
There  has  probably  been  little  increase  in  the  re- 
quirements, as  vanillin,  the  synthetic  product, 
has  usurped  the  place  of  the  natural  drug  in 
many  branches  of  manufacture.  But,  assuming  that 
the  consumption  is  now  250,0001b.  per  annum,  the 
depreciation  which  vanilla  lias  uuderg>  na  during  the 
last  two  or  three  years  appears  fully  justified  by  the 
increased  output;  for  the  crops  of  Bourbon,  Mauri’ius, 
and  the  S ychelles  alone  are  es'iraated  at  about 
260,000  lb.  in  1891,  200,000  lb.  in  1890.  150,000  lb  in. 
1889,  150  000  lb.  in  188»,  aid  350,000  lb.  in  1S87. 
And  to  this  the  Mexican  product  on,  which  in  good 
years  is  perhaps  100,000  lb.,  and  it  will  be  seen  there 
is  probably  a sufficiency  of  old  stock  in  the  various 
centres  to  enable  us  to  do  without  the  40,000  lb.  a 
year  or  so  which  may  be  expected  from  Mauritius. — 
H.  and  C.  Mail,  Jan.  6. 

TEA  COMPANIES. 
The  writer  of  the  article,  which  appears  below, 
has  taken  a very  superficial  view  of  the  situa- 
tion of  India  and  Ceylon  Tea  Companies,  though 
that  no  doubt  is  natural  enough.  He  has  failed  to 
notice  the  facts  that  whilst  the  date  of  Indian  Com- 
panies go  some  way  back,  most  of  the  1 eylon  Limited 
Liability  investments  are  but  of  yesterday.  On  more 
than  one  occasion  we  have  remarked  in  these 
columns  on  the  small  number  of  undertakings  of  this 
kind  in  the  island,  as  compared  to  the  total  capital 
invested  in  the  enterprise.  Gradually  all  this  has 
been  changed,  and  for  some  time  insular  Tea  Com- 
panies have  been  launched  to  a large  extent,  many  of 
them  having  their  office  and  agency  staff  in  the  island. 
The  method  adopted  by  the  local  promoters 
of  many  of  these  companies  is  to  begin  by 
the  purchase  of  one  single  property  ; having 
started  it  on  its  own  basis  of  capital  and  working 
staff,  the  proceeds  of  crops  are  employed  in  its 
gradual  extension,  either  by  planting  up  spare  land 
or  by  the  absorption  of  some  adjacent  estate,  which 
can  of  course  be  worked  under  the  same  supervision 
thus  reducing  that  item  of  expenditure.  The  share- 
holders of  these  locally-formed  Companies  being  to 
a large  extent  resident  in  the  colony,  are,  as  a rule, 
tolerably  well  informed  as  to  the  value  of  their  ac- 
quisition and  take  care  to  keep  themselves  well  posted 
up  in  all  that  relates  to  the  property.  They  are 
mostly  within  easy  reach  of  their  estates  and  herein 
they  have  an  advantage  over  those  individuals  who 
are  chiefly  resident  in  Europe  or  Calcutta,  in  any 
case  a long  distance  from  Assam. 
No  doubt  all  these  conditions,  as  well  as  the 
opening  of  new  land,  go  towards  ensuring  the 
success  of  Ceylon  Tea  Companies,  nearly  all  of 
which  are  returning  good  dividends  to  share- 
holders; some  few  being  remarkable  instances  of 
dividend-earning  properties.  The  generality  of  these 
small  companies,  “limited”  in  more  than  one  sense, 
are  found  most  acceptable  means  for  the  investment 
of  savings  of  persons  of  moderate  means,  who  could 
not  have  taken  up  shares  to  any  large  extent,  and 
thus  would  have  been  debarred  from  becoming  estate 
proprietors  on  any  scale  such  as  prevails  in  India. 
We  suppose  none  of  the  investors  in  the  more  for- 
tunate Companies  of  Ceylon,  anticipate  a continuance 
of  recent  dividend  earning  exploits,  but  there  is 
room  for  a sensible  reduction  on  some  late  pheno- 
menal distribution  of  profits,  and  at  the  same  time 
leaving  a very  satisfactory  account  of  profit  and  loss 
at  the  close  of  the  year’s  operation.  In  India 
a return  of  12  per  cent  is  considered  a re- 
markably good  dividend,  whereas  in  Ceylon 
i lie  amount  ueclared  ou  e*sh»r-B  r»i  ge  from  ten  to 
thirty  per  ceDt.,  one  favoured  Company  having  divided 
fifteen  per  cent,  in  six  successive  years  with  every 
prospect  of  a ccn’iEiuance  of  the  rate. — “ Ceylon 
Advertiser.” 
INDIAN  AND  CEYLON  TEA  COMPANIES. 
Of  Indian  companies,  perbsps  some  of  'he  best 
known  are  th«  A-sam,  Dsjeelmg,  I'oosrs,  Jorehmt, 
Lebony  and  Upper  Assam.  The  £20  shar.-s  of  the 
first-m-med  are  now  q oted  at  29  to  30.  The  Company 
has  9,341  aires  under  cultivation,  and  afLr  the  pay- 
mem  o'  6 per  cent,  on  the  Deben’ur' s,  the  distribution 
on  the  O' dit  arv  capital  baa  been  10  per  cent,  for  1890 
and  1891,  and  6 per  cent,  for  1892 — the  yield  at  the 
present  price  being  ratber  more  than  4 p r cent.  The 
Darjeeling,  with  a cultivated  ana  of  2,094  acres,  has 
p»i  ' 6 per  ceDt  in  1890  «nd  1891,  and  5 per  cent,  in 
1892.  Its  £20  sh  ires  stand  at  IS  to  20  and  ti  e return 
at  this  quotation  is  5 per  cetr.  The Dooars,  with  5,178 
acres,  after  thepajtmnt  7 per  cent,  on  the  p’e  erred 
espi  al,  lias  distributed  10  p<  r cent,  on  the  Ordinary 
shares  tor  three  cotsecutivo  years,  and  at  tbo  pres-nt 
price  the  latter  yield  £7  11s  6d  per  cmt.,  and  the 
Preference  £5  17s.  The  Jorehaut,  with  a ra'her 
smaller  cultivated  ncrengp,  has  paid  dividends  at  a 
similar  rate  for  1890,  1891,  and  1892,  and  at  30  to 
32,  the  price  now  quo'ed,  the  return  wou'd  exceed 
6 per  cent.  Two  properties,  the  shares  of  which  are 
at  a considerable  discount,  are  reported  to  be  on  the 
improve,  viz.,  the  British  India  and  Eastern  Assam. 
The  former  is  likely  to  pay  5s  per  Bbare  shortly,  and 
it  i-  deemed  prola'le  that  the  other  may  al-o  come 
to  the  front  again  as  a dividend-earning  concern. 
Nothing  has  been  paid  since  1887.  The  Ordinary  capi- 
tal of  toe  Briiish  In  lia  Tea  Compsnr.  which  originally 
was  £240,000,  has  been  redu  ed  to  £60.800,  its  market 
va  ue  at  present  quotations  being  not  much  more  than 
£18,000.  There  are,  however,  £11,000  of  Debentures 
bearing  10  per  cent,  interest.  O''  the  Ceylon  tea  com- 
panies, that  of  the  Ceylon  Ten  Plantations  (Limited; 
stands  high  in  public  estimation,  a dividend  of  15  per 
cent,  having  b=“en  paid  each  yar  since  1887.  The 
£10  shares  stand  at  15,  and  yield  a return  of  10  per 
cent  ; while  the  Saoiti-h  Ce\  Ion  Tea  Oompam  ri  stri- 
bnted  15  per  cent,  in  1890,  18  per  cent  in  1891,  and 
has  paid  an  interim  dividend  of  10  per  cent  tor  the 
current  year,  tho£10  shares  b'  in°  quoted  16  o 17,  amt 
giving  a return  at  that  prioe  of  £11  5s  per  rent.  The 
results  given  above  are  good  enough  to  'impt  investors 
in  this  kind  of  security,  l nt  it  must  be  borne  in  mind 
that  sooner  or  later  the  supph  may,  ard  probably  w ill, 
exceed  the  demand;  irnu  if  the  ni-rket  pr  ce  of  tea 
gets  down  below  a certain  level,  many  estates  not  only 
cannot  be  advamageously  worked,  but  dividend  wi  l fall 
off.  Anyone,  tin  refore,  eleeti'  g to  buy  shares  in  tea 
onmpai  ies  should  bo  especially  careful  to  select  those 
which  are  of  the  highest  class,  and  whore  tea  is 
thoroughly  appreciated  in  the  Mincing-Lne  market. 
Cellulose  is  being  used  as  a protective  covering 
for  bottles.  It  is  intended  to  take  lbe  place  of  the 
straw  cases  at  present  in  verygenetal  u;e.  Sheets 
of  common  cellulose  are  stamped  wt'h  fairly  deep 
indentations,  oval  in  shape,  about  one  inob  long 
less  than  half  inch  wide,  and  about  the  same  dis. 
tance  from  each  other.  The  sheets  are  then  out 
into  strips  of  the  length  of  a wine  bottle,  and  suffi- 
ciently long  to  go  twic  round  it.  They  are  then 
rolled  round  the  bottle  with  the  hand,  so  as  to  form 
a double  Bhell,  and  are  fastened  together  near  the 
top  and  bottom  with  a metal  spring,  so  that  there 
is  double  protection  to  (he  bottle. — Electrical 
Trade  Journal, 
