30 
THE TKOPICAL 
AGEICULTUHiSt. [July 1, 1903. 
«18. Lieutenant-Colonel S J Eennie, r.a.m.c. (re- 
tired).— 18, The Dehra Dun Planters' Association, b 
a 19. A Grey, Esq., I3ar-at-Law, Lahore.— W, The 
Kangra Valley Planters' Association. i 
a 20, The Hon'ble Mr G L Acworth— 20, The Uni- 
ted rianters' Association of Southern India, h 
The General Committee were requested to ar- 
range for a meeting of the -new Committee at 
an early date to elect a Chairman and Secretary, 
and to establish an office at which nieetin^^s should 
beheld, accounts kept, and all business transacted, 
lu accordance therewith, a meeting of the Cess 
Coraraiktee had been convened for the 1st June. 
H. C, Begg, Chairman. 
H. M. Haywood, Acting Secretary. 
— /. T. A, Minutes, May 19th. 
PRODUCE AND PLANTING. 
From the figures supplied by Mr George Seton, 
relating to 
TEA COMPANIES, 
it is shown that the market value of the shares of 
the forty-five representative companies, chosen by him 
for particular observation, has again risen aubstautially 
during the month of April, and now stands at over 
a million pounds sterling higher than on January 1 
last. The improvement has again extended nearly 
"all along the line"; — 
Face value of 45 companies' shares £9,500,000 
Market value July 1, 1897 (highest) 12,000,000 
Do April 1, 1902 6,745,000 
Do Sept. 1, 1902 (lowest) 6,050,000 
Do January 1, 1903 6,600,000 
Do April 1, 1903 7,175,000 
Do May 1,1903 7,650,000 
As the grand total of the share and debenture capital 
of the 170 (or thereabouts) tea companies registered, 
with sterling capital, in the United Kingdom, 
amounts to about £19,000,000, the fl actuations of the 
entire volume, based on these figures, may thus be 
approximately estimated: — 
Face value of (about) 170 companies £19,000,000 
Highest market value, July 1; 1897 24,000,000 
Lowest market value, September 1, 1902 12,100,000 
Present market value. May 1, 1903 15,300,000 
Taking 100 as representing the top value, the lowest 
level would be represented by just above 50, and 
the present value by nearly 64. The feeling among 
investors in, and holders of, these shares is still, 
Mr.Seton observes, optimistic— this optimism, how- 
ever, being based less upon the expectations of any 
immediate large increase in profits than on a belief 
the industry has now entered upon a cycle of renewed 
prosperity, owing to production being kept more within 
the capabilities of the world's consumption. 
With reference to the imports of 
TEA INTO THE UNITED STATES, 
a Consular report states that the quantity of tea re- 
ceived shows an increase of over 40,000,0001b over 
1891, when the imports were very low, and 12,000,0001b 
over 1900, which year is taken as a basis of com- 
parisons, Japanese tea shows an increase of a little 
over 1,000,000 lb, China 6,000,000 lb, the United King- 
dom 3,000,0001b, and Bast Indies 2,500,0001b. In 1900 
the United Kingdom and liast Indies, which presum- 
ably includes Ceylon, together were credited with 
6J per cent, of all tea importation, while in 1902 this 
has increased to over 10 per cent. This is a much 
more satisfactory return than had been expected, and 
shows that the position is improving. To Chicago 
the direct importations of tea have fallen off, and are 
the lowest for the five years of which there are records 
to hand, while the imports from the United Kingdom 
have (idvauoed, and tire the highest. F9r the first 
time tea merchants speak hopefully of the outlook, 
but tea merchants and growers are warned not to 
rush in slocks on speculntiou, as the increase must 
be gradual, and any attempt to force sales or to leave 
large stocks in the bonded warehouses will result in 
a fall in prices and heavy losses to speculators. 
THE HANKOW TEA MARKET 
for the new season's Monings opened on Thursday 
last, and the Qrocer, discussing the outlook, says ; 
" Speaking from the experience gained in 1902, it is to 
be hoped that the Kintucks will turn out to be a better 
crop than the last one, which was proQonnced by the 
experts in tasting to have been very bad indeed. The 
admission of this dismal fact has put China tea yet 
more out of favour with the few old-fashioned firms 
who still sell the finer qualities of that growth ; and 
the badness of last year's crop has also driven away 
nearly all the orders that importers here usually get 
fpr China teas the Continent, Denmark, and 
Sweden. To produce and ship inferior tea to these 
countries will only drive consumers there all the more 
on to Ceylon tea, to which they are already taking 
very kindly. The Ningchows last year were, on the 
contrary a fine crop, but, unfortunately for holders, 
they are but little wanted by the home trade. As if 
to make up for so serious a loss, it has so happened 
that, near the end of the old season juat closed, about 
l,5OO,O001b very fair Monings were imported into the 
United Kingdom. These at first had been kept back 
expressly for the Eussian buyers; but it was afterwards 
discovered that the latter did Lot want them, and the 
teas were disposed of in London cheaply in 
consequence. Thus, when a sharp rise subse- 
quently took place in the common grades of Indian 
and Oeylon, the wholesale dealers quickly absorbed 
them and got good value for their money ; but at the 
game time it must be borne in mind that, if the above 
kinds of tea had not been dear they would have found 
no buyers in our market, where the demand is getting 
less and less every year. It has long been a notice- 
able habit with the London houses that after they 
have picked over and bought in July just enough of 
the first China crop for their year's wants, they 
altogether cease to operate in the true sense of the 
term, and business in the article from November until 
the following June invariably falls into a low rut being 
simply for the completion of retail purchases at most 
depressed if not ruinous rates. Yet for all this, a 
good crop of Kintucks, and especially if a small 
average one would find a brisk market here, and bring 
more satisfactory prices. Foochow teas, on the other 
hand, are not really used in England, as the bulk of 
what is landed at this port is by-and-by transhipped 
to the Continent, and particularly where portions 
consists of the crack chops of Soo Moos. Panyongs are 
likewise dealt with in the same way, and during the 
past season their quality has been very good and 
the value excellent ; but as Continental 
purchasers had bought direct from China, it 
has been difficult to get rid of them here at 
any price. Luckily, no common red teas were 
made or sent hither in 1902, and none have been 
asked for, making it appear as though Foochow de- 
scriptions were dying out, so far as their consumption 
in the United Kingdom is concerned. As each year 
other countries are buying more and more from 
Oeylon direct, it looks — at the moment — as if the 
aggregate supplies in future will not he sufficiently 
large for dealers' wants here, and if no the price of 
common tea may keep at a higher level than usual. 
It follows, then, that there may be more demand in 
the coming season for sweet low-priced Monings at 
about 4Jd to 5d, as the great blenders are now getting 
them into their blends, and, once in, they may continue 
to use them in small quantities. China, therefore, 
will have to watch the Indian and Oeylon markets, and 
be guided in shipments accordingly ; for it must not 
be forgotten that China teas, even at ihe best, are now 
quite an SKclusive and fancy trade, as not many 
