Dec. 1. 1899.] THE TROPICAL AGRICULTURIST. 
415 
As a matter of fact, jiidp;ing' from all ordinary 
experience, the markets were proportionately over- 
slocked 15 years ago, than they are now. 
It is no "use hiding the fact, that the influence 
of the regular arrivals of Ceylon teas thronghout 
the year lias in a measure stopped the necessity 
of so largo stocks— a secure condition which, if 
less assured, would be more to the advantage of 
tea-growers. 
MARKETS. 
Probably buyers have noticed that tea has gone 
steadily down for the past 25 years and so do 
not care to stock against a falling market. 
'Reverse the order, even by the slightest degree, 
and the opposite will happen and this latter is 
urgently wanted. 
CLOSING THE MINTS. 
In spite of Great Britain's boast of Free Trade, 
the Indian and Geylon tea-growers have suffered 
from the arbitrary action of the Indian (xovern- 
ment, in protecting its own exchanges at the ex- 
pense of exporters, by closing the mints, which 
lias been disastrous to tea-growers. 
Without going unnecessarily into details, it may 
be considered that between the natural value of 
the rupee and its present forced value, that Id 
per lb is added to the cost of production, which, 
roughly speaking, is almost equivalent to 4 per 
cent profit on the average standing capital value 
of the tea property of India and Ceylon — a very 
serious loss of itself, but far more serious when 
regarded in its capitalized form. 
If trade were conducted free of undue influence, 
from either buyer or seller, these unsatisfactory 
relations would soon readjust themselves ; but 
with buyers becoming fewer in number, represent- 
ing larger collective capital and working on larger 
lines, there appears to be evidence that they have 
undoubtedly obtained some undue influence orer 
the market. 
Within the last twelve months it was mooted 
that further amalgamations and the offering 
to the public of certain large distributing Tea Com- 
panies was probable, which would still further re- 
duce the number of public buyers at sales. 
Indeed it is not necessary to hide the fact, that 
for this purpose capital is easily procurable, ex- 
penses of management saved, and additional power 
attained with every probability, that these con- 
ditions will increase rather than diminish in the 
near future. 
For, doubtless, in these large concerns with 
special organization, there arises a most careful 
scrutiny of where money can be saved or made ; 
they also command the most efficient and skilled 
men, and with their increasing magnitude, oppor- 
tunities in their dealings for keeping down prices 
will not be neglected. 
As compared with butter, bacon, sugar and 
other groceries, tea is sold at a much higher profit 
by retailers, further evidenced by the gratuitous 
offerings to those who will only purchase their 
teas. Growers, if united, might have something 
to say on this ; indeed they would actually 
posses a power right through the trade, which, 
even if not used, would at least exercise some 
control, 
PRICES OF TEA. 
Unlike wheat and other annuals, the production 
of which can stop at the close of any season, tea 
does not come into heavy yield until four years 
after planting operations have begun, by which 
time it has attained a value which necessitates 
continued cultivation ; couseciuently, from this 
cause among others, it is apt to arrive with con- 
siderable irregularity in the market and this 
produces falls in price, quite unexpected and un- 
provided for. 
There is also a time in each year, usually 
during June and July, when it may be expected 
that the London market will become inactive 
owing to the bulk of new Indians shortly expected • 
and it is at this period of the year that the heavy 
siiipments of Ceylon arrive. The consequent fall 
in prices, that takes place then, exercises its 
influence on prices throughout the remainder of 
the year. 
Those who have studied economics know that 
the measure of price of the first transaction has a 
most material effect upon those whicli follow, and 
this principle is acknowledged by all traders. 
If so, whai can be expected trom sellers in a 
market, who use no systematic and general mean 
of regulating the quantity of tea offered for sales 
and allow large and ordinary arrivals to take their, 
place indiscriminately without attempting tlieir 
regulation ? 
What would be tlious'ht of a man who rushed 
Company shares on the Share market without any 
regard, at the time, whether they were wanted or 
not ? What principle is right in an individual, 
must also be right in an industry, having similar 
pursuits and interests. 
Doubtless, the permanent price of tea, from year 
to year, is ruled more by the loivest price of the 
market at the beginning of the season than by 
any other cause ; and if these periods could bo 
tided over without any material fall, abetter price 
until these circumstances occurred again^ might be 
insured. 
IRRKGULAR ARRIVALS. 
The effect of these irregular arrivals being 
thrown thus upon the market is bad enough on 
produce ; Dut upon the capital value of property 
and upon the tea share-market, it may truthfully bo 
said that recognised stability is destroyed j and 
there is every reason to believe that, unless some 
permanent equalisingcontrolcan be brought to hear, 
this condition of things will most assuredly be more 
frequent m the future than it has erer been in 
the past. 
Owing to the small margin gradually remaining 
to tea-growers to go and come upon, the collapse 
«f prices, which takes place almost yearly, assumed 
a very serious as|)ect during the early part of last 
and also this year. This, however, niight hare all 
been moderated by the slightest equalisation of the 
quantities of tea thrown upon the market^ from 
both Ceylon and India. 
No fair critic would allow that, in the public 
auction sales, the buyer and seller are upon equal 
terms. The buyer can, at any sale, buy or not, 
just as he chooses ; he claims the right of re- 
bulking, objects to non-sampling breaks, claims 
right of objection on every conceivable point, not 
the least of which is a regular outcry of " quality 
f alling-off," whenever the market becomes a little 
over-supplied, leading to endless, and often use- 
less, correspondence between London and the tea 
gardens. 
Against these the individual seller has b.ut one 
redress, a futile one ; if the bid be unsatisfactory, 
he can withdraw his teas, but as, under the present 
condition of the market other .sellers are easily 
found, he is no better-off. Individually, he is 
powerless, on the other hand ; combined grower* 
woirld have it practically their own way. 
The buyer can always arrange his purchases so 
as to obtain a marginal profit pn his re sales, 
