May 2, 1904.] THE TROPICAL AGtllCtJLTUKIST. 
777 
INDIAN TEA MAEKET REVIEW, SEASON 
190:^-04. 
{Bif Messrs Carntt Moran ct- Co ) 
Calcutta, April 1904. 
Season, 1903 04 has closed with au actual crop 
through Calcutta, and Chittagong of 198 millions, 160 
millions of which have been shipped to London. 
Last year's figures were 175 and 145^ millions res- 
pectively. The Calcutta market has handled about 50 
millions compared with 47§ millions last season. 
THE CHARACTER OF THE CROP, 
generally speaking has been only fair, and although 
not greatly inferior, has differed materially in some 
respects to that of the preceding year. As invariably 
is the case, some really good tea came from Assam 
and Darjeeling in the early months, but the supply 
was small and in August quality fell away more rapidly 
than usual ; by that time the best teas of the 
whole season had passed the local market. Cachars 
and Sylbets, as a rule, have been quite up to average ; 
Terais with few exceptions have been plain an d in- 
ferior to last year, and supplies from there have 
seldom gone beyond the plane of ordinary standard. 
The autumn crop was disappointing, niore particularly 
from the Dooars. The season has been singular in 
Erodncing a heavy weight of very ordinary tea which 
as had much to do with the movements of markets 
and comparative values, and the trade, certainly in Cal- 
cutta, has seldom handled a crop more consistently on 
A DEAD LEVEL OF UNATTRACTIVE QUALITY 
than that which came forward between September and 
the close. The unusually large proportion of plain tea 
may be attributed to exceptionally favourable weathe 
for yield in Assam during the latter part of the 
season, which was reflected in full outturns of in- 
different tea. The crop has been a full and plain one, 
bat it cannot be asserted that free-plucking has been 
resorted to generally ; at times, flashes liave been 
exceptionally prolific, and have perhaps got out of 
hand. A few Southern India teas have again been 
placed on the market, but supplies have been erratic, 
and with one exception only, uncertain and spon- 
taneons. The Calcutta market has room for more 
tea from these districts, but the supply must be 
regular and consistent throughout a season to get the 
real benefit of it, and to ensure a true test being 
made of its possibilities. Where this has been fol- 
lowed results have been satisfactory. The year has 
been one of unusual interest, growers and distributors 
having been confronted with 
NEW AND SOMEWHAT UNEXPECTED FEATURES, 
which are, doubtless, more or less of a problem to 
both. Results to producers have not been uniformly 
good or even satisfactory ; the inflated valr^e of coni- 
mon grades has immensely benefited quantity-pro- 
ducing gardens, but it has reacted on medium kinds 
in London to a serious degree, and Assam concerns 
more especially have felt the brunt of the movement 
which has been accentuated by the character of their 
crops. Distributors have had to face the difficulties 
attending an unduly high ond unnatural level of value 
of common tea which lower prices in recent years 
have compelled them fwith temporary benefit to the 
industry) to force into consumption ; they have in 
some measure foreseen the probable course of events 
and have endeavoured to create an improved demand 
for better tea, bat consumers, as a rale, are not dis- 
posed to respond at once to any advance in price, 
which at the moment is apparently ot more importance 
than qnality. The above has been the chief market 
feature during the past twelve months, it has been 
confined to London and it is inferred to be the result of 
over-regulation of supplies on that market. It would 
appear that restriction has cramped the home trade, 
forcing it into a groove of price consideration rather 
than of qualitii, and influencing a natural though un- 
foreseen retaliation in the unprecedently depressed 
position and low prices for all medium tea, Unfor- 
taoately the season has 
NOT OFFERED A FAVOURABLE OPPORTUNITY TO 
ADOPT A POLICY OF STRICT REGULATION ; 
^ heavy crop and an abnormally large proportion ot 
Plain tea have been no help but have tended to 
Aggravate the course of events. That a careful handl- 
'ng of supplies in London should have a steadying 
effect on prices is a reasonable anticipation, and had 
the crop been a normal one, particularly in respect 
of qnality, a more correct range ot value might have 
eventuated ; at the same time the comparative pos- 
tion of good as against common tea may be chiefly 
attributed by many to undue restriction. A fair 
supply for purposes of trade generally is necessary 
to ensure a proper range of prices which mast other- 
wise be distarbed, and it may be considered possible 
to reach a more accurate ratio of value with partial 
regulation, jadiciously arranged during the most needed 
periods. For a really healthy and sound trade, 
COMMON TEA HAS BEEN TOO DEAR ; 
apart from the adverse re-action seen in the value 
of the better kinds, large supplies of cheapest low 
class stuff have been attracted from various parts 
where they were probably unsaleable, or even rejected, 
and a partial resuscitation of trade in common 
Chinas has also been seen. 
THE AVERAGE PRICE OF ALL TEA 
sold in London to latest date is 7 64 d. which shows 
an advance on the previous year of "IS of a penny 
per lb, 
IN CALCUTTA, 
the market has not exhibited the adverse conditions 
of London ; the value of common tea has been simi. 
larly inflated, but the better grades have not suffered 
in consf quence, and a more correct range of price 
has existed. The market has not only shown remark- 
able activity and steadiness throughout the season, 
but it has worked more on its own lines, which have 
plainly indicated an increasing independence of Lon- 
don. Generally speaking, sellers, of medium kinds 
particularly, who on the local market are able to dispose 
of their entire crop and close their season by January, 
have reason to congratulate themselves, and it is a 
sign of the times to see that several of the largest com- 
panies, especially of Assam, have been induced to 
sell portions of their crops in Calcutta ; these teas 
have been much appreciated, and without exception 
all the offerings have been purchased for shipment 
to markets outside the United Kingdom. The con- 
tinued strength and expansion of trade between 
Calcutta and most of the important centres of the 
world have once more been emphasised during the 
past twelve months, and this market is quite capable 
of keeping pace with any reasonable increase in supply 
without adversely affecting prices. Not only have 
values been sustained practically throughout the season 
but the advance on last year's prices has in no way 
checked demands, their accumulated off take now 
reachep the substantial total of about 38 millions, 
and their worth is now recognised by producers 
generally. The average of all tea sold in Calcutta 
was 5/10 which shows an advance on the previous 
year of 7 pie per lb, The 
PROGRESS MADE IN BUSINESS WITH OUTSIDE 
MARKETS 
during the past eight years is shown by the following 
figures ; — 
Total Crop Offered iu Local Shipped to out* 
Markets. side Markets. 
1903 .. 198 millions 58 millions 38 milliona 
1902 .. 175 do 47i do 29^ do 
1901 .. 174i do 40i do 20i do 
1900 .. 187^ do 60 do 25 do 
18'J9 ., 174 i do 50 do 22 do 
1898 .. 1.53 do 49 do 17| do 
1897 .. 1481 do 46 do 13 do 
189C .. li i do ill do 13 dg 
