July 1, 1902.1 
THE TROPICAL AGRICULTURIST. 
53 
t-iried from 2 2 to 2-9 pcv cent., average 2.5 per cent ; 
the amount of ash varied from 0.27 to O M per cent, 
average O'-ll per cent. These figures cerUinly do 
not snpport Mr. Sari^enfs contention, but they would 
tend to show that the quality of fane Para has re- 
mained stationary. 
It is not easv to account satisfactorily for the reason 
of the g{-eat diiJerenoe between Mr. Sargent a con- 
tention and the above-quoted figures. The diiiiculty 
iu this respect is all the greater as the numerous cora- 
nlants, which have recently been made regarding the 
serious adulteration of fine Para, must have some, 
foandatiou in fact, although the writer has not suc- 
ceeded so far in obtaining a specimen of such an 
adulterated sample. Perhaps the washing losses 
quoted by Mr. Sargent were obtained with such adui- 
'^^The^fact^'that adulterated Para begins to appear in 
the market appears to us an ominous indication ot 
the state of affairs in the rubber d'stric s of he 
arrazou. It seems to us highly probable that as the 
distances which the rubber collectors have to travel, 
in order to find a sufficiency of trees worth bleeding, 
increases from year to year, at the same rate also 
increases the danger ot the rubber being adulterated 
If this is so, the determined efforts now put lortti 
iu all parts of the world to make the cultivation ot 
rubber trees a commercial suoess come none too 
Boon— Inida Rubher Trades Journal, April 28th. 
TEA IN THE 
UNITED STATES. 
New York May 7. 
The market continues favourable to sellers of 
both Moyune and Pingsuey greers winch bring 
full price?. Young Hy.^ou firsts Moyune, 32c to 
35e • Pin^suey Gunpowder firsts 31c to S.ia ; 
Blacks bai^ely steady ; Formosa superior, 26c to 
07c Japan steady. Today at noon the Mont- 
gomery Auction and Commission Company hold 
their re-nilar auction sale of teas. The offering 
compri'.es 3,571 packages as follows : 62 pack- 
aaes Moyune, 47 half-chests Japan (basket-fared 
and dust), 839 half-chests and boxes Congou 
273 packages India, Java and Ceylon Pekoe, 6.53 
half-chests Foochow, and 1,697 half-chests and 
boxes Formosa. — American Grocer. 
CEYLON TEA COMPANIES IN 1901 
A year ago many of those interested in tin 
Ceylon industry had come to the conclusion that 
althouoh theoilicial scheme for reducing the outpu* 
had fallen through as unworkable, much might 
be done in the way of improving the prospects 
by individual effort in the way of more careful 
selection of the leaf. This, however, as we 
pointed out at the time, was not enough iu it.self 
to bring about a recovery in price sufficient to 
conipen"sate the planters for their smaller output, 
and the policy of reckless extension of the planted 
area would also have to be abandoned in favour 
of a more conservative plan which would regulate 
the increase in the acreage by the growth of 
the demand. Apparently this has been done 
to .some extent during the year _ but 
the companies have had to .mti'er for their folly 
in the past, and nearly all of them show an en- 
largement of their plucking area. In spite of this, 
however, the efforts to restrict production evidently 
made some headway, although the heavy decrease 
in crops cannot be altogether ascribed to the fore- 
thought of the planters. Much of it was due to the 
adverse climatic conditions which prevailed at the 
Winning of the plucking §^ason wheu the bad 
weather ana heavy hailstorms experienced did con- 
siderable damage to tlie bushes, and necessitated the 
exercise of even greater care than would otherwise 
have been the case to avoid permanent injury. 
Several of the coiiipaniss venture to estimate their 
jjioduction for the current year, and these appeal 
to have learnt little or nothing from past experi- 
ence, as they are apparently preparing to increase 
their outlurn again with little thought for the 
probability or otherwise of a commensurate im- 
provement in the demand. 
Prices in the first six months of the year 
continued poor, but in the second half there was 
a decided recovery, due no doubt to the market 
having by that time realised that supplies would 
be reduced by the causes mentioned above. The 
public, however, turned its attention chiefly to the 
poorer qualities and for that reason the average 
prices secured, although higher than those for 1900 
in most instances, could not be said to be 
altogether satisfactory. Several of the larger 
companies were unable to do more than maintain 
the 190fJ level, while others, notably the Diinbula 
Valley and Standard, experienced serious reduc- 
tions, the first of 0'87d., and the second ot O'SOd., 
an I among the smaller companies, producing less 
than 500,000 lb.; the Highland showed a decline of 
fd to 7i-d. Tlr? Alliaace, Eastern Produce and 
Estates, and General Ceylon on the other hand 
realised moderate gains of 0-15'] ^o0"40d. 
Tiiese higher values were insufficient in 
many instances to help the undertakings to 
secure larger revenues, partly because they 
were realised on smaller quantities of tea 
marketed but also because working expenses 
were proportionately heavier. The Ceylon Tea 
Plantations and the Standard of Ceylon managed 
to maintain their dividends at 15 per cent., 
but in both cases it was at the expense of the 
allocations to reserve and depreciation, which in 
the lirst-named were reduced by half and in the 
latter abandoned entirely. By the same plan of 
reducing the depreci.itioii allowance from £62g 
to £300 the Ederapolia contrived to increase its 
distribution to the shareliolders by 2 percent, to 
5 percent. The Imperial Ceylon Coinpauy with 
an increase of over " £700 iu its net profits, again 
transferred £500 to depreciation account and 
increased its dividend by 4 to 3i per cent,, the 
Bandarapola paid 6 per cent, against nil in 1900 
and the Kangalla paid 4 per cent in each year, 
in addition to doubling its depreciation allowance, 
These, however, were tiie o'lly companies to im- 
[jroVe or even maintain thsir pievious record 
and all the- otiiers were forced to ont 
down their return to the shareholders from 1 to 2 
per cent , notwithstanding the fact that most of 
tliein at the same time dc/oted less to depreciation. 
The Nuwura Eliya was perhaps the most promi- 
nent example of this unfortunate state of affairs, 
and v/asonly able to pay 6 per cent, compared with 
7 per cent, a year ago, after setting aside £4,653 
less, but the Portinore was still more to be pitied, 
as it could not afford to make even the same small 
provision of £207 as in 1900 in its effort to keep 
up the dividend, and even then had to be content 
with paying 12 against 13 per cent. Such a record 
as our tables display are not calculated to induce 
any great hopefulness for the future, especially 
as the results of the over-planting have not yet 
been felt to thfii full extent, and there is every 
prospect that the trade will have to face a still 
great excess ot supply ovei' demand uuless tli^ 
