April  j,  1893.]  THE  TROPICAL  AGRICULTURIST, 
623 
city  of  tallow  and  other  animal  greases.  With 
tallow  eelliDg  in  Chicago,  at  date  of  writing,  at 
six  and  five-eighth  oents  per  pound,  Ceylon 
oil  may  be  considered  very  cheap  at  the  present 
price,  as  a soap-making  material.  Evidently  the  large 
soap  makers  hold  that  opinion,  for  instead  of  being 
frightened  ont  of  the  market  by  the  advance  in  values, 
they  appear  to  have  acoepted  the  situation  and  have 
bought  freely  of  spot  oil  and  oil  on  vessels  in  transit. 
Probably  a thousand  tons  spot  oil  to  arrive  have 
been  taken  by  them  within  a week  at  prices  ranging 
from  five  and  an  eighth  to  six  cents,  the  latter  being 
the  ruling  quotation  at  this  date  with  fair  prospeots 
that  a further  advance  is  not  far  off. 
If  predictions  made  by  those  who  are  thoroughly 
informed  os  to  the  position  of  tallow  are  verified, 
there  seems  to  be  no  good  reason  why  Ceylon  coco- 
nut oil  should  not  sell  from  store  within  say,  at  least 
one  half  cent  per  pound  of  the  predicted  price  of  seven 
cents  for  tallow,  as  in  spite  of  all  contentions  to  the 
oontrary  it  is  asserted,  by  those  in  a posi- 
tion to  know,  that  all  soap  makers  who 
know  their  business,  oan  with  advantage 
use  twenty-five  per  cent,  of  Ceylon  oil  in  the 
manufacture  of  various  grades  of  soap,  when  the 
present  relative  oost  of  the  oil  ana  tallow  are 
considered. 
In  view  of  the  faot  that  the  new  crop  of  copra 
will  not  be  available  at  Ceylon  muoh  before  the  end 
of  Maroh  there  seems  to  be  no  possibility  of  a 
reaction  in  market  prices  during  the  next  six  months 
as  the  advance  is  based  entirely  upon  supply  and 
demand  and  has  not  been  influenced  at  all  by 
speculative  operations.  It  is  generally  believed  that 
the  sharp  advance  in  lard,  tallow  and  other  animal 
greases,  while  it  may  have  been  contributed  to,  to 
some  extent,  by  speculative  manipulation,  is  well 
warranted  by  natural  causes  and  may  be  considered 
permanent,  while  those  conditions  continue  to  govern 
the  market.  If  this  is  proved  the  strength  cf  the 
position  of  ooconut  oil  is  unassailable,  and  the  predic- 
tion of  still  higher  prioes  will  be  no  doubt  be  fulfilled. 
In  passmg,  reference  may  b made  to  the  condition 
of  the  market  for  Ooohin  oil.  Prioes  for  that  grade 
have  also  sharply  advanced  of  late,  and  there  are 
now  very  few  sellers  and  they  are  only  willing  to 
dispose  of  small  lots,  at  six  and  a half  cents,  which, 
by  the  way,  maybe  considered  a low  price  compared 
with  the  average  for  a number  ol  years  past.  It  is 
impossible  at  this  writing  to  get  a quotation  on  ship- 
ments, for  the  next  six  months,  under  six  and  a 
half  cents,  and  from  direct  reports  from  Alieppy 
it  appears  that  very  little  oil  is  being  offered  there 
for  future  shipment. 
In  London  on  January  1st  the  entire  stock  of 
cooonut  oil,  inclnding  Ceylon  and  Ooohin,  amounted 
to  but  six  hundred  and  eighteen  tons,  whioh  is, 
perhaps, the  smallest  available  supply  in  that  market, 
at  the  corresponding  date,  in  many  years.  The  entire 
stock  of  both  kinds,  afloat  for  London,  on  January  1st, 
was  only  about  1,000  tons,  so  that  the  supply  for  that 
market  from  January  to  April,  inclusive,  is  only  a little 
over  sixteen  hundred  tons.  This  may  be  considered  a 
particularly  strong  feature,  and  another  argument  in 
favour  of  high  prices. 
The  advance  in  the  East  Indian  oils  makes  room 
for  a larger  production  and  consumption  of  the  pro- 
duct of  manufacturers  on  this  side  of  the  Atlantic. 
Doubtless  the  output  of  oil  in  the  United  States 
would  be  largely  inoreased  were  it  not  for  the  diffi- 
culty of  gettiDg  adequate  supplies  of  raw  material, 
for  reasons  already  cited.  The  West  Indian  output, 
whioh  has  not  had  mnch  of  an  influence  in  this  market, 
should  be  stimulated,  but  it  is  doubtful  if  the  Cuban 
manufacturers  oould  send  enough  oil  here  in  time  to 
get  the  advantage  of  the  comparatively  high  prioes 
ruling  in  this  market.  Before  they  oould  put  any 
considerable  supplies  into  the  United  States,  it  is 
probable  that  the  effeot  of  the  new  copra  crop  and 
the  fresh  output  of  East  Indian  oil  would  have  caused 
a downward  movement  in  prices,  sufficiently  marked 
to  make  the  importing  of  Cuban  oil  undesirable,  if 
Uot  unprofitable,— Oil  Reporter,  Jan.  23j 
INDIAN  TEA  COMPANIES. 
Calcutta,  Feb.  4th. 
Tea  Shares  have  been  much  out  of  the  running 
this  week,  and  there  has  hardly  anything  been  done. 
A number  of  good  companies  have  still  to  finally 
close  accounts  of  the  season,  and  submit  reports  to 
shareholders,  and  dividends  have  yet  to  be  looked 
for  in  a few  concerns. 
Singtom  Tea  Company  has  done  well.  The  crop 
weighed  out  1,452|  maunds,  which  realised  10-7J 
per  lb.  against  8-10£  in  the  previous  season.  Profit 
and  loss  account  is  R20,744  to  the  good,  and  a 
dividend  of  12  per  cent  is  recommended.  The  esti- 
mate for  the  current  year  is  1,500  maunds.  The 
shares  of  this  Company  are  nominally  quoted  110, 
but  none  are  to  be  had. 
Selim  Tea  Company. — The  accounts  for  1892  show  a 
profit  of  R16,481  available  to  meet  overdue  interest  on 
the  debenture  loan.  Owing  to  adverse  weather,  only 
5,847  maunds  were  made,  against  7,050  estimated  for. 
The  average  obtained  was  6'30  annas  against  5\58  annas 
in  the  previous  year.  For  the  current  year  finance  has 
been  arranged  on  same  terms  as  before.  Profit  and  loss 
account,  as  rendered,  shows  Rl, 50,819  to  the  bad,  in- 
clusive of  interest  to  31st  December  on  the  debenture 
debt,  which  the  Company  is  again  unable  to  pay. 
Taken  altogether,  the  concern  is  in  a worse  position 
than  at  the  close  of  1891. 
Ramgurh  Company  has  again  experienced  a disap- 
pointing season,  only  412  maunds  having  been  manu- 
factured, against  an  estimate  of  625.  The  average 
works  out  annas  6-1  against  annas  4-6  in  1891  During 
the  past  season  a net  loss  of  R4,283  was  made,  thus  in- 
creasing the  total  at  debit  of  profit  and  loss  account  to 
R36,126.  It  is  under  consideration  to  abandon  a part 
of  the  341  acres  of  cultivation  and  concentrate  energies 
on  about  250  acres,  the  idea  being  that  it  may  prove 
more  remunerative  to  do  so. 
Sinsbulli  and  Muhmah  Tea  Company.— The  out- 
turn for  last  year  was  1,945  maunds,  against  2,200 
maunds,  bat  quality  showed  considerable  improve- 
ment. Expenditure  was  about  R2,500  less  than 
estimate.  Average  was  1117  annas  on  sale  of  the 
_crop.  A dividend  of  8 par  cent  is  declared,  and 
*R6  000  added  to  reserve  fund.  Estimate  for  the  current 
year  is  2,000  gmaunds  at  a total  coast  of  R77,694. 
An  addition  of  15  or  20  acres  to  the  plant  on  Murmah 
division  is  intended,  and  the  cost  is  included  in  es- 
timate given  above. 
Central  Terai  Tea  Company. — Owing  to  unfavour, 
able  weather  and  blight,  outturn  was  1,867  maunds, 
against  2,200  anticipated.  Average  obtained 
was  6.41  annas  per  lb.  Profit  on  season's  working 
was  R6,186.  Profit;  and  loss  account  shows  R6,487 
to  the  good,  and  a,  transfer  of  R6,400  is  made  to 
reserve  for  payment  of  extensions.  Indebtedness  to 
the  bank  was  reduced  to  R13,445.  Estimate  for 
season  is  2000  maunds. 
Mohurgong  Tea  Company  made  a profit  on  season’s 
working  of  R234,  thus  reducing  to  R6,325  the  previous 
debit  balance.  The  crop  was  1,559  maunds,  realising 
an  average  of  annas  6-10  per  lb. 
Sfringside  Tea  Company  earned  R17,727  net] 
whioh,  with  previous  balance,  makes  R18,851  available. 
An  8 per  cent  dividend  is  recommended,  carrying 
R5,141  forward.  The  outturn  was  927  maunds,  that 
brought  in  an  average  of  annas  11-8  per  lb. 
Calcutta,  Feb.  18. 
Matelli  Tea  Company. — Revenue  Account  shows 
a gain  in  the  season  of  Rl,56,110  obtained  off  6-477 
maunds  of  tea  and  290  maunds  of  seed.  Inclusive 
of  balanoe  carried  over  from  previous  year  a total 
of  Rl, 62.596  is  seen  in  profit  and  loss  acoount  as  the 
profit  to  be  dealt  witb.  The  capital  of  the  concern 
is  only  2 lakhs,  and  an  ad-interim  dividend  of  50 
per  cent  was  deolared  in  November,  whioh  is  now 
supplemented  by  a further  25  per  cent,  making  in  all 
75  per  cent  or  the  season.  The  quantity  of  tea  sold 
includes  small  lot  manufactured  at  Matelli  off  leaf 
purchased  from  Moortee,  an  adjaoent  garden.  The 
average  prices  realised  were  annas  10-7  for  fine  tea 
and  annas  5-10  for  ooarse.  The  estimate  for  the 
current  year  is  7,000  maunds  for  an  outlay  of  R2,I8,850| 
