THE TROPJCAL AQRICULTURrST. [August i,'^jSgt. 
about l^d) per lb. Manufacturing barks in quills, 
broken quills, »nd chipi", realised from 9 to 57 cents 
(equal to IJd to lOd^ per lb. ; ditto fine root, from 
7 to 43 cents (equal to Ijd to 7|'l). Druggists' barks 
in quills, broken quilla, and chips, 17 to 139 oect? 
(equal to 3d to Us Id) ; ditto root, 11 to 15 cents 
(equal to 2d to 3d). The priucipal buyers were Mr. 
Guatav Briegleb, the Brunswick Quinine Works, and 
the Auerbach Quinine Works. — Chemist and Bnigyist, 
June 13th. 
, ^ 
NOTES ON PKODUCE AND FINANCE. 
A Splendid Kesult. — The shareholders and direc- 
tors of the Brahmapootra Tea Company, Limited, 
may congratulate one another upon the excellent result 
of the year's working atd the handsome dividend 
earned. Mr. Robertson, who presided at the meeting, 
stated plainly that " the policy of the board was not to 
stint where good cause for sppnding was advanced," 
and so long aa this policy, coupled with that of plaeins 
complete confidence to the local management, is pro- 
ductive of such a result as a 20 per cent, dividend, 
there will scarcely be two opinions as to its wisdom. 
The affairs of the Brahmapootra Company are ex- 
cellently administered at home and in India, and 
allowing that this year's results are exceptional, the 
dividend just declared by this company is cot only a 
source of satisfaction to its shareholder/", but should 
prove encouraging to the tea industry generally, infis- 
much as it establishes the fact that, given a good garden 
and capable management, there are few better and safer 
investments than Indian tea shares. Shareholders have 
been slow to recognise this, but it is beginning to dawn 
on them. — U. k G- Mail^ 
INDIAN AND CEYLON TEA. 
38, Minding Lane, June 1891. 
Messrs. Tnoui'soNa' Annual Review, 
If the course of the paet season— though full of interest- 
has been unmarked by incideLts wfcich specially disliuguish 
It from the years precedioK, the fact may perhaps find 
an explanation in the assured position as a gr eat indimtry 
which Indian [and especially Oejlon.- Ed. T. --i.] Tea boa 
attained, and the now well-Oiaiured experience on which 
that position is based. 
As in the past so now, there have been difficu'ties to car- 
tend with; disappointments to encounter; competition to 
face; but these uotwitbstanding, the Indu-try thi ives and 
Indian tea contiuues to make its way in the marlieis of 
the world, justifying the enterprise of those who liave made 
its interests their own. 
The sanguine estimates of the crop— which we observe 
again prevail for the coming season — unfortunately were 
not realised ; and the shortfall of 9 million lb., attributed to 
untoward weather at the beginning, aud the early closing of 
the season, left the total supply but little larger than that of 
1889 to meet the growing wants of the world. 
In point of quality the crop was not altogether satis- 
factory : for -while some districts, c. g.. Upper .Issam and 
Nsowgong, did exceedingly well, others fell below their 
usual standard until late in the soasoi;, when a general 
improvement took p'ace. The Darjeeliug crop wilhafew 
exceptions was a disappointiug one ; but under such con- 
ditions as prevailed nothing else could be expected, and 
its lowered value must not be taken to indicate any fall- 
ing off in the estimation of good Darjeeling tea, which 
is far from the fact. Dooars and Sylhet have again sup- 
plied a kind well suited to the needs of the great retailers, 
for whom the large breaks, uniform in character, thick 
and plain in cup, and purchasable at a moderate price 
liave a special attraction. The produce of the gardens 
in Travancore, though still limited in quantity, is grow- 
ing, and promises to develop into a considerable item, 
now that tea is being planted succesistully on the lower 
levels, and yields a quality which finds favour with con- 
Bumers. 
Throughout the greater part of the year the market 
•was favourable to producers. From the increased eon- 
f-umption which followed the reduction in duty, India 
derived Hpecial benefit, felt not only in heavy deliveries, but 
also in a more general demand for the better qunlities. 
During the early months rates were maintained without 
much variation at a level low enough to encourage con- 
Humption, yet not ho low as to oaiise apprehension to 
producers; but beforu the end of tho year prices gave 
•way under the combined influence of the financiii criHca 
^ear money, and the inevitable pressure of supply. The 
lowest point was reached about the beginning of Decem- 
ber, but before the market closed a reaction set in, when 
it was teen that the cro ; was likely lo weigh out far 
short of the estimate, aLd that supplies would be light 
from China. The movement initiated in December by 
substantial trade buying, fully warranted by the low 
prices and steadily increasing rate cf consumption, was 
accelerated in January by speculative transactions, aod 
the eagerness of those who held Insufficient stocks to 
acquire them, with tho result that iu the space of a few 
weeks quotations for the lower grades advanced 25 to 
3U per cent., and for medium grades 10 to 16 percent, 
from the December level. Tlie excellent quality of the 
latter portion of the crop also encouraged purchasers, 
and kept up prices without much tiuctuation until the 
end of April, when the market began to feel the influence 
of the large supplies coming in from Ceylon, selling at 
gradually receding rates, and by the evidence which figures 
gave that the higher tcale of price (Vaa reducing the per- 
centage of Indian tea consumed. 
Analysis of the Board cf Trade Returns for the United 
Kingdom shows the fluctuation to have been as follows 
VIZ. ; — ' 
Percentage 
consumed, 1890. Dec. Jan. Feb.— April May. 
1890. 1891. 1891. 1891. 
per cent, per cent, per cent, percent, percent 
Indian 52| ,57 63^ 51 45 
Ceylon 18 17| 18^ 20 28 
China & Java 29J 25^ 28 29 27 
While ordinary qnalities have been -subject to these 
movements, the value of the finer desoriptious has been 
suppcrtiid more or less tteadily throughout, which is due 
iu tome measure no doubt to the smaller quantity pro- 
duced, bu more, we think, to a growing appreciation of 
the merits of good tea ; and tj the fact, of which evidence 
accumulates, that formidable as the competition of Ceylon 
is,it does not affect the ;i/if'6-t grow: hs of India. The position 
indeed, is one tlint may well encourage those who have proved 
their g.ardeiis capable of producing fine tea, to make that 
their aim ; and the more so at the present time, as the 
reeeut rales paid for the lower sorts will probably tempt 
many to work for heavy crops without special regard 
to quality. Should this be «euerally the case, a low 
runye of price for common and medium sorts may even- 
tually result, as it will be diiii;ult to put into consump- 
tion another 10 Or 12 million lb., wanting the attraction 
of qualitj, except by the process of underselling some 
other kind. 
Reviewing the year's trade iu its broadest features it 
appears that, allowing for difference in quality, growers 
have received more for their produce than iu the two 
pre.-:eding seasons. As the average price lo the consumer 
has not been raised iu the intirtval, the intirence is 
either that producers have received part of the remitted 
duty, or that theie has been a shrinkage in the inttr- 
medi:it6 trade-profits. As teyards this, we liave uuLho- 
rity for saying that a porl;ion of the p.juiic elect lo pay 
the price they did before duty ^vjs lowered, and to 
have a better tea: while it is the case th^i; the trade 
of the country is finding its way into new channels, and 
is gradually passing from the small retailer into tliu 
hands of a class of large distributors, who iu order to 
make end keep their business are compelled to submit to 
some sacrifice of profit. The extensive scale of their 
operations enables them to do this ; and the proJuoer benefits. 
The rapid advance in January, on the mere possibility of 
a short supply, has also afforded the trade a useful object- 
lesson on the contingent risk of ihe modern system of working 
on short stocks. 
The extension of trade with other markets has pro- 
greised s-lowly, owing to the comparatively high prices of 
the kinds called for, but the increased demand from 
Australia promises well fcr the future ; and tho work 
which has been done in Canada and the States only 
waits to bear fruit until the Kinds which suit them can 
be shipped at the rates they will pay, Whilst the United 
Kingdom absorbs nearly all the Indian tea produced, much 
expansion in other quarters cannot well be looked for. 
CEYLON. — The fortunes of this industry are now closely 
interwoven with those of India ; the same influences shape 
the course of events, and movements in the one market 
are quickly reflected in the other. The later mcnths of 
1590 were inirked by few events calling for comment, 
production and consumption progressing on parallel lines' 
while values were maintained at a fairly remunerative 
level, and as high as could be expected for a crop not 
plentiful in fine tea, the highest point being reached iu 
October. In the upward movement which took pUce in 
January, Ccylou part'Oipated, the lower grades rising to a 
point which carried the average value above the best iu 
October, where they romaliied until it was seen that 
consumption was not ai'owing fast enough to take off the 
large increase in supply. The gradual lowering of rates, 
however, has placed Ceylon in a belter position with 
respect to other growths, which is of the utmost impor- 
tauco to producers, even though attained at the cost of 
price— and until more plentiful supplies of Indian are avail- 
