Oct. i, 1901.] THE TROPICAL AGRICULTURIST. 
devote half their thoughts to devisirg schemes for 
injnriEg their crmpetitoi s. Unfair compelition (in- 
cluding printed and veiba) i ui hum, we f;ht with 
package, and eharlatanu m) is the loot ol all evil iu 
trade, and is more rsmpi nt in tea than in mobt 
businesEes. We can write cn this subject of secret 
sales withont bias, as our trade is not in oiigintils." 
The "Daily Express," in ccmmenting on these sales, 
is rough on the 
TEA BROKEr, 
without regard to the question that some brokers are 
opposed to these seciet mfibodp. It fa3s : — Failure 
appeals to have attended the tfforts of the London 
tea brokers to withhold the market price of tea 
from countiy groceis. Some of the inner rea- 
sons for the bad ' secret sales ' system were 
given to an ' Express ' representative jesterday by 
a member of the trade. ' The attempt to conceal 
prices,' he said, ' maiks another stage in the down- 
fall of the middlempn, the broker who has stood so 
long between the importer end the retailer. The 
first step was the astault m^de upon the maiket by 
big firas like Lipton's, the Heme and Colonial Stores, 
and the International Tea Stores, who are now re- 
presented at the public sales by their own buyers. 
After ihese came the man who gives you a teapot with 
your potirid of tea, or a pension for your widow, or a 
quarter of a pound ovei weight. All these people are 
taking lots of tea off the mai ket without troubling the 
dealers. As a natural const quence the latter have 
endeavoured to make up their losses hf extra piofit 
out of their sales to country grocers. But the country 
grocer is too wide aw^-ke to pay more than a fair per- 
centage on the market price, and, with the help of 
his trade journals, and a list supplied by the Market 
Prices Company, has managed to hold his own. To 
demonsirate the possibility of doing business a fair 
and equitable basis, the Market Pi ices Company has 
now cffrred to supply groceis with teas bought at 
public sale, the only charge being a 5 per cent com- 
mission, the company always handing over the original 
weight notes, invoices, or contracts to verify the 
actual piices paid." 
With reference to the letter of " Kar Gnzar " to the 
Financial Times, on the question of 
TEA COMPANIES, 
which we printed last we< k, .Mr. George Seton, 
writing to our contemporary, Favs : ''The htter of 
your correspondent, ' Kar Gi.zar,' cn Irdian tea com- 
panies comes at an opportune mcment, and his 
suggestions are well worthy of considerat'oo. Yuur 
own editorial remaiks also are very much to the point. 
I would only add to them that shareholi ers in tea 
companies would gain much by kteping & close eye on 
yout editorial columns. Theie is no doubt that the 
issue of a half-yearly interim report, or, even better 
still, the holding of a half-yearly meeting of 
Ehareholder."!, would be a gi-eat gain to share- 
holders both in the case of tea companies 
and, indeed, if any similar industrial undertakings 
which, like tea, are subject to suiiden and great 
change in the degree of their prosperity. Your sug- 
gestion for an association of shateholders i< one that 
has occurred to me, and Ithinktt.e present moment 
would be a favourable opportunity for cieating such 
a body. Such an association would, of course, be of 
little use unless it embraced a laige majoriiy of the 
shareholders in these companies, and it would also 
be necessary that it should ha-, e some official or 
representative us a centre round which shaieholdeis 
might gather for mutual protection, »nd if you, Mr. 
Editor, oould in any way assist in bringing about 
the formation of such an association yon would do a 
great benefit 'o the industry. The difficulty would 
be in drawing in all the scattered shareholders, both 
large and small, throughout the country. In advo- 
cating the idea, I wish it to be clearly understood 
that it is not deeirQCl to interfere any yray with the 
ordinary administrative duties and obligations of 
directors and managing agents. The chitt object of 
the association si ould be to control the general 
policy of the companies whenever, iu the minds of 
the majority of the chief shareholders, it appeared to 
bfc Criftiug into a wiong chainel. As a case in point, 
I would merely instance tlie recent excessive garden 
exiensicns, which, by causing an abnoimal increase of 
production, has brought about the great full in the 
price of lea that has occasioned the present unfortunate 
and disastrous state of the teaindusti y." 
Another correspondent, who signs himself "An 
Impo-ter," seys : "In lefeience to a letter signed 
' K.ar Guzar,' as I have considerable experience of 
LIMITED COMPANIES, 
I tinst that a few remarks may not be out of 
place. I quite agree that reports sbonld be 
issued within three months of closing of »c- 
counts, and in many cases it would be desir- 
able to publish interim half-yearly repoite. 
I question, however, the expediency of publishing or 
sending to shareholders the confidential reports made 
to the directors by managers or visiting agents. If 
such a custom were to obtain, there is a danger of 
reports being made merely with a view to publica- 
tion. With all defence to the shareholders generally, 
I venture to state that comparatively few understand 
the business of tea planting, and it is highly prob- 
able that, if they were fed with continual reports 
as suggested, they would be misled, simply because 
they are not experienced in the matter. Moreoveri 
I think such a system would lead to much more 
speculation in tea companies' shares, and that is 
most undesirable. Of course, any enterprise depending 
on corps is largely speculative, but I hold that those 
who are interested in tea companies' shares should do 
so with the idea cf holding, and not of selling when 
there is a rise. We must expect occasionally to hare 
depression in the tea trade as in every other trade, 
but, if investors are judicious in their selections, 
they ought not to lose their heads because of the 
present crisis, but ' wait till the clouds roll by.' " 
" A feature of the tea trade in Toronto," says the 
Canadian Grocer, " is the samples of 
INDIAN GHEEN TEAS 
that are being submitted to the trade this week. 
They are from the Dooars and Sylhtt districts, and 
they are being tffered at a most favourable price. 
But their chief recommendation is their quality. 
Those who have tested them say they aie beantifol 
in style, and in cup quality exceptionally good. One 
dealer declares they aie the finest he e>er saw. 
Hitherio gieen teas of India shown here have not 
been properly made. But, however excellent the quality 
of the Indian teas may bf, the attention of the 
public mu^t be diawu to thtm if they are to become 
an impoitant factor in the maiket, either in Canada 
or the United States." 
It is but a poor coneolation to tea planters to hear 
of the trcubles of those who grow oiher prodocts, 
but just at present it is difficult to discover auytbiog 
very iuspiiiiing about the position of either 
TEA, COFFEE, 
or sugar. The latter we know has been under a cloud 
for years, and so far as the West indies is concerned; 
the planter of cane sugar, or what there is left of 
him, is endeavouiing to imagine that the silver lining 
is somewhere about, even though he cannot see it. 
Ccfiee planting in India is not a pursuit which re- 
cruits the raLks of millionaires, nor does it satisfy 
the aspiration of those who engage in it elsewhere. 
In Biazil coffee planters are suffering from depres* 
sipn, wtiile iu less favoured climes there are various 
caUfes operating against ihe grower of coffee. The 
latest Consular report from Costa Rica shows that 
planters are making grievous complaint, notwithstand- 
ing the prices ^hicb prevailed here last ;pear. Cofie^ 
