Jan. 1, 1900.] THE TROPICAL AGEICULTURIST. 
501 
COFFEE AND TEA. 
It is always a pleasure to see Mr. Fairhurst, 
of Shanghai, on one of his periodical visits 
to Ceylon, where he has held estate property 
for many years. It was in 1877 — when "coffee" 
in Dimbiila was supposed to be at the height 
of its prosperity- that Mr. Fairhurst became 
Proprietor of Ferham plantation with over 
10 acres of colfee. Proprietors at that time 
reckoned their wealth— by counting young 
colfee in healing as worth from £60 to £80 per 
acre in the favourite districts— at many 
thousands of pounds sterling, but only a 
few years later, many found themselves 
ruined. Mr. Fairhurst was fortunate enough 
to have in Ferham an exceptionally good 
place where colfee continued to give crops 
longer than on most places ; but still the 
change in 26 years may be represented by 
1,350 cwt. of a coffee crop dwindling down 
year by year until now it is but 50 hushels ! 
Still, tea more than makes np the defi- 
ciency, and Mr. Fairhurst sees no reason to 
dread " blights " so long as cultivation is 
carefully and liberally attended to. Low'- 
country tea has been scoring for prices lately 
— just <as in the case of China tea, 6d a lb. 
is given by the large blenders and dealers 
for tea intrinsically worth 4d, while really- 
good teas do not fetch within 3d of their 
actual value— but in the long run, Mr. Fair- 
hurst has faith in tea from the higher ele- 
vations. He I'ecalls the time when it was 
said that Ceylon teas at a lower average 
than Is or lOd a lb. would never pay, and 
here we are with more tea than ever at less 
than eight pence average ! The first effect 
of an advance in the imperial tea duty— say 
from 4d to 6d a, lb. — must inevitably be to 
check consumption as well as to bother the 
blending dealers : whether tliat would give 
a good chance for independent retailers 
to cut in, it is difficult to say. Un- 
doubtedly, it was urged during the extra 
Parliamentary Session that the cost of the 
war should be provided as soon as possible, 
and this can only mean a rise in income-tax 
as well as in tea duty ; but it would only be 
temporary, and allowing for the amount to 
be levied in South Africa itself, if, as most 
people expect, the war is over by April or 
May next, the outlay should speedily be 
covered. 
Mr. Fairhurst leaves for Eui'ope by the 
Japanese steamer " Awa Maru " on or about 
Tuesdaj' next. 
CEYLON AND INDIAN TEA SHARES— THE 
MARKET FOR 1899. 
The unfavourable features which characterised the 
year 1898, so far as tea property was concerned, 
became intensified at the close oiE that year, and 
with restricted business in the shares, values — with 
some few exceptions — dropped and closed at about 
the lowest point. With the opening of the New Year, 
1899, a reaction took place. A belief that the 1898-99 
crop would prove short of requirements, owing to the 
large deficiency, especially in Cachar and Sylhet, 
caused a smart rise in values of all common teas 
during the spring, and this resulted i'l a rebound, 
upward, in most of the shares. When, however, 
accounts came to be balanced up it was found that, 
, in many cases, results were much less favourable than 
63 
had been expected. A few of the larger Ansam com» 
panies did as well as, or better than 1897-98 ; but th« 
Assam < ompany and others panned out much worse» 
The Dooars district gave satisfactory results ; but the 
Cachar and Sylhet concerns, notwithstanding tte 
help they got from the rise in price at the end of 
the season, made, for the most part, a very dis- 
appointing showing, and the Darjeeling gardens like- 
wise. Owing, however, to certain economies which 
had been effected, and to a considerable curtailment 
in extension programmes, the overhead results were 
not so very much behind those of 1897-98, though 
very little surplus was carried to reserve. As a con- 
sequence, values of shares, from the middle of the 
year onwards, had a dull and drooping tendency, and 
the market for them was restricted. In the late 
autumn a more cheerful feeling supervened, helped 
by a fairly good market for the produce, and by a 
smart recovery in the output from the Cachar and 
Sylhet districts — the strichen field of the past two 
years ! 
A feature of the year was the dispute between bnyera 
and sellers in July last regarding the conditions of 
sale, full particulars of which have appeared in our 
columns. Though the smooth working of the trade haa 
been interfered with, it is believed that benefit will 
eventually result to all concerned by the ventilation 
of abuses, and that means may ultimately be found to 
abolish some of the evils connected both with the ware- 
housing and Customs systems. 
The opening up of new fields of consumption of 
Indian and Ceylon tea progresses slowly, but steadily, 
Russia and the European continent generally now, 
at last, showing an advance in this respect in addi« 
tion to the Australasian, American, and African con- 
tinents. 
The Indian rupee question has, in great measure, 
ceased to trouble the minds of tea planters, and the 
decision of the Indian Government to adopt a gold 
standard has been tacitly acquiesced in. There are 
indications that the tea industry will be able to adapt 
itself to the altered currency conditions. 
There has been no further flotation of new com- 
panies, but some minor additions to already existing 
capitals. The Consolidated Tea and Lands Company, 
besides making an issue in August of £550,000 of 
4 per cent. Debentures, called £2 per share from 
its shareholders, amounting to £120.060, and the 
Amalgamated Company obtained £95,000 by a 
similar call on its ordinary capital. The Ceylon 
Land and Produce Company made a call of lOs. per 
preference part paid share, amounting to £3,200, and 
also issued £10,750 of new fully-paid 6 per cent pre- 
ference capital, while the New Dimbula Company 
reconstructed its old complicated £86,000 of capital 
by an issue of £79,000 of new £1 shares (a slight reduc- 
tion !) 
A marked feature in the Share Market has been tha 
disfavour into which the issues of the two large Glas- 
gow companies have fallen, owing to the fresh issues 
and calls (above alluded to) being made at an inop- 
portune moment, when shareholders did not wish to 
increase their commitments in tea. 
Another feature has been the great restriction in 
dealings in the shares of a large number of the 
Ceylon companies, other than the bare dozen of 
lea ing ones. 
Closing prices of shares show, for the most part, 
a moderate rise from the lowest point, though, as 
compared with a year ago, they show some irregularity. 
The financially strong companies and the Sylhet con- 
cerns show the most recovery. 
CEYLON SHARES (for Comparison). 
Year 1899. 
Company. Jan. Top. Bot. Dec. Riae.Fall, 
Ceylon T Plant Ord. 24 27 23^ 25 1 
CevlonT Plant Pief. 16| 18 16i 17 i 
Dimbula Valley Old. 5| 6i 5 5| i . . 
Eastern Produce Co. 5^ 6| 5| 5i . . j 
Standard £6 pd 12 12| 11 11| .. \. 
