Sept. 1, 1898.] 
THE TROPICAL 
AGPJCULirPJST. 
181 
21st June, 1895; but it omits one essential of the 
scheme tLen propounded, viz.. that " they (the 
rupees) must be convertible into gold coins either 
■vviihout payment of preniium or ou paym-nt of a 
triliing premium wlienever any peison wishes for 
gold Coins in exchange for silver coins." If an 
effective gold standard can be introduced into an 
Empire like that of India in such a simple 
manner as is now suggested at almost no cost 
at all, it is strange that other countries, Kussia 
for instance, should h.ave req^uired many millions 
to achieve the same end. 
If achieved in India in the manner nov,- sug- 
gested, the real cost would 1 believe soon be ap- 
parent in the strangulation of trade and diminution, 
if not extinction, of the favourable balance. I 
do not question that, a^; tlie Indian Government 
states, ''redundancy is a relative term," but I 
submit that the standard should be the needs of 
the people, and not that necessary to give a coin 
a scarcity value in foreign eyes. 
So far as the needs of commerce and the people 
go, there is far from being a redriudancy even 
at present, before the destruction of the currency 
medium has commenced. 
It is much more easy to criticise than to sug- 
gest, and I am unable to propose any alter- 
native scheme which I consider satisfactory. The 
least tinsatisfactory plan would be, I think, to 
re-open the mints with a rather heavy seignor- 
age and the imposition of an import duty on 
silver to about the same amount per rupee. If 
the whole of the artificial value be placed on the 
selgnorage the temptations to illicit coining will 
remain very great, and, on the other hand, if 
it were alf placed in an import duty, the value 
of silver in the country would be raised too much, 
and probably for some time to corne there would 
be little outside silver imported, and consequently 
the revenue to Government would be small. 
The unqualified re-opening of the mints is what 
cue would like to be able to recommend, but 
alth.>ugh strongly opposed to their closure, I 
consider that a stidUen drop in the rujipe to 
bullion value, even allo\\ing that silver would at 
once rise somewhat, would be too revolutionary, 
and it would leave the Government in a position 
of anxiety as regards their sterling payments. I 
may say, however, that I wouli prefer to see the 
mints re-opened without qualitications, and bear 
the cyclonic disturbance which would result, 
rather than continue the present v/holiy intolerable 
position. THOS. >;OKTH CHKIrfTIE. 
18th June, 1898. 
^ 
Tea Prospects ix Ixdia.— The following is 
from the Calcutta conespondent of the Pioneer 
(July 19th; :— 
In tea shares there has been & strong demand for 
Central Cachars at 59 and 60, Dehing at 44 and 
Singell &i SO and SI. The prices obtained at Friday's 
tea auctiuu were again very satisfactory and high 
prices were paid for quality. Prices in most cases 
were over last year's rates in spite of the adverse 
exchange, which makes fully ]j annas difference. 
The faliiug-off in oatturn of Cachar and Sylhet 
gardens is becoming serioas, as the gardens do not 
seem to be making up leeway. The redaction in out- 
turn in this direction helps the other districts con- 
siderably and there ought to be a stronger market 
for tea when London fally realises the extent of the 
deficiency in crops. A very encouraging feature is 
the active demand for Bombay and the Persian Golf — 
two markets which have just opened to Indian teas 
but which promise to take off a very large part of 
what London calls the surplus outturn. 
THE MAYFIELU (DlilBULA) TEA COM- 
PANY OF CEYLON, LIMITED. 
The following is from the report of the directors, 
submitted at the first annual ordinary general 
meeting : — 
. The yield of tea from the three estates during the 
period covered by the report was 417..32.3 ib. of which 
393,268 lb were sold in London, and 19,0.5-5 in Colombo, 
at an average of 6"92d gross for the combined sales. 
The yield of cardamoms was satisfactory, and a -mall 
quantity of cinchona was also produced and sold 
Du'ing the season a small este sion of sis acres of tea 
was made, the total area now under that product being 
1,159 acres. To provid for some farther planting out 
a supply of high-class Indian tea seed, -Jetinga T alley, 
was purchased, sufficient for about 30 acres esrensicn, 
and this will be planted up during the next three 
months, as well as an additional clearing of 25 acres 
cardamoms. The estates have lately been visited by 
the chairman, who went over each most carefoliy, 
and reported on the prospects as being highly satis- 
factory, although some extraneous outlay will be 
necessary to bring Chalmers into the same condition 
as the others. In the transfer of the estates to the 
company a large amount of labour was lost, and the 
crop consequently suffered, but as that is now re- 
medied and full supply is working, a very much in- 
creased yield is estimated for the current season 
After taking over the gardens certain improvements 
were foimd to be necessary, and this was represented 
to the vendor, who agreed to bear a portion of tbe 
cost, to the extent shown in the revenue account. The 
profit and loss account, after providing for general 
expenses and writing off one-third of the preliminary 
expenses, shows a gain of £2.215 14s 2d out of which 
£1,204 13s Id has already been paid as dividend on 
the preference shares up to December .31, 1897. Out 
of the balance £ '■- ,011 Is Id, the directors recommend 
the payment of a dividend ou the ordinary shares at 
the rate of 5 percent, per annum, to be calculated 
from the date of the payment of the final call, which 
wiU absorb £965 Ts .5d, and that the balance of £45 
13s 8d be carried forward to next account. The com- 
pany's along with all other tea estates have suffered 
severely financially during the pas: year from the 
higher rate of exchange, highpriceof rice and thefall in 
the price of tea, a combination ycur directors could 
not avoid. The estima«^e for this year i£4J:5,0C01b of 
tea, 5,000 lb cardamoms. — H. and C. Mail, July 8. 
TEA AND CACAO ESTATES COMPANY, LD. 
COOPEE; COOPEPv & JOHSSON, LllIITED. 
Share capital f.340,C0O 
(Incorporated under tJie Cornjpanies Acts, 1862 
to 189.3.) 
Being an Amalgamation of Cooper, Cooper & Coi 
Limited, .Johnson, Dodds & Co. (llanchester and Lon- 
don), the Ceylon and Oriental Estates, Co., Limited; 
the Pailikelle Ceylon Estates, Limited, and other 
valuable Estates in Ceylon. 
Divided into 170,000 six per cent preference shares 
and 170,000 ordinary shares of £1 each. The prefer- 
ence shares rank in priority to the ordinary shares, 
both as regards dividends and the repayment of capi- 
tal. Of the above shares, 20,000 preference shares, 
and .30,000 ordinary shares are reserved for allotment 
in part payment or purchase money. Subscriptioi a 
are now invited for the balance of the preference 
and Ordinary shares, viz., 150,000 preference shares & 
120,000 ordinary shares, and for £250,000 £5 per cent 
First Mortgage Debenture Stock. 
TRUSTKES FOK THE DEBtXIUEE SIOCE HOLDZES. 
"WOUam Howard, 21 Lombard Street, E.G. Thomas 
Chandler, 7, Angel Conit, liirogmorton Street, E.C. 
DIEECIOBS. 
Mat:hew P. Evans, 39, Lime Street, E.G., Director 
of the London CommercialSale Eooms, Limited. Count 
Max Holleiider, 97, Westboume Terrace, London, W, 
Charles Brook Dpbson, 72. West Cromwell Road. S. W , 
Director of theV.'enlock Brewery Company, Limited. 
Alfred A. Clark, Duector of WUkinson, Heywood, li 
Clark, Limited, of London, Bombay, Hong Kong, au(^ 
