November 2, 1891] THE TROPICAL AGRICULTURIST. 34,1 
remarks that it seems strange in view of tho fact that 
the shipowners of Liverpool are the largest carriers 
by sea of auy port in the world, that Liverpool mer- 
chants should buy their teas iu London. It is un- 
doubtedly strange. Indian and Ceylon tea planters 
would, howeTer, be very glad if the idea suggested in 
the Joitrnal of Comni'Tce were acted upon, anything 
tending to increase the sale of tea iu the north of 
England and iu Wales being greatly to their advantage. 
London brokers and dealers, no doubt, see the matter 
in a very ditfereub light. 
A Pat on the Back. — Oeylon planters have no c^use 
to complain of tho amount of advice gratia showered 
on them. Tho Financial Nexvs eajs : " Since we last re- 
ferred to Ceylon and Indian teas the new season's 
imports have assumed large proportiour', the (xoess 
over last year of the Oeylon product alone beicg 50,000 
puckages, and the increased shipment from Calcutta 
30,000 packages. The hopes of British tea planters, 
and those of Ceylon particularly, must rest less upon 
a large output thnu an improvement iu the quality 
and 'keeping' properties of the leaf; and from thst 
point of view it is satisfactory to find that the 
more recent shipments are marked by an advtiijce in 
quality, and are realising better prices than the earlier 
parcels." 
Last Week's Tea Mahket. — Discussing last week's 
tea market, the Grocer siijs :— The market is suffer- 
ing from a state of uuctrtaiuty. Supplies from Indie 
up to date have been soma 4,000,000 lb over last 
seasoD, and the total outturn for 1891-92 is estimated 
to reach some 10,000,000 lb more. China export up 
to date is also some 400,000 lb over kst year, but there 
the season has been earlier, and we are t^ld that 
the total expert from China will bo from 10,000,000 lb 
to 15,000,000 lb less than last jear. The present state 
of the market is most unsatisfactca'y, and ruinous lof ses 
are ulroadj beicg faced, but such a state of ailaird 
must materially affect the ultimate supply. Ceylcus 
are at last beginning to come iu iu moderate quantity, 
and as the quality is improving, so are prices, aud tliere 
is no getting away from the fact that Oeylon Uo. is 
carrying everything before it. We are si ffering greatly 
from the want of an export demand in the open 
market — yet export figures are good up to date. 
Dealers say they are doing no trade, yet tho weekly 
deliveries are splendid, aud continue to show increase 
upon increase. The general position is a puzzle, and 
it makes one come to the conclusion that the trade 
is going into a few hands. Supply and demand holi 
the key to the position — two or three millions too 
much may lower pricfs pence per lb. and vice versa. 
The bulk of the supplies from all parts are of poor aud 
undesirable quality. Taking into consideration the 
circumstance that this has been another week of 
excefsivoly heavy supplies, and that the trade re- 
quires more Dreathing time to work off the extra 
large quisnlities that have, as it were, been forced 
upon tnem of late, it must be admitted that the 
market for Indian tea has niaintainod great steadi- 
ness since our last report, for no less than 31,966 
packages Assam aud other kinds have been offered 
at public sale, and have b.en nearly all cleared. 
The common qualities, as usual, have been the sorts 
to Buffer more from the effects of over-supply than 
most other descriptions, aud as even some of these 
have been rather worse than belter than the ordinary 
run of New Season's teas, their disposal has not been 
completed without holders occasionally Eubmittiug to 
lower prices; otherwise the almost too numerous auctions 
have passed off fairly well Supplies of Oeylon teas 
coming forward are getting smaller, and the market is 
firm. Fiuesl grades are scarce, and sell at hardeniiig 
prices. Low and common kinds continue to sell at 
very low rates. Much of this tea would be eorcely 
saleable if it was not OeyL'U, and proves what a hold 
in has in the country. The depression in tho market 
has been due to the almost entire absence of tine 
grades. The Produce Markets' Review says: — Tho 
largo imports have amply supplied ihj market with 
a good general asfcortment ot Indian tea. The 
demand for most gr-des is active, and prices, ex- 
cepting for the commoner Eorls, have on tho whole 
beeu maiutaiued. l''or thg lowest grades the marke 
has now touched a point which will enable them to 
bo more generally used in the commoner blends, and 
buyers have purchased more freely, as these teas nov? 
compare favourably with the values of the lower 
kinds of Cej Ion growths. However, as the proportion 
of the lower grades bids fair to be large, and quite 
BufRoieut to meet any reasonable increase in the con- 
samptioD, the market will no doubt continue favour- 
able to buyers for some time to come. For the med- 
dium kinds there has been a good enquiry, and 
excepting for teas giving a poor infusion, which sold 
at easier rates, prices have remained steady, 
Tlie fine and finest descriptions continue to meet 
with brisk competition, especially the Assam and 
Darjeeliug growths. The supplies of Oeylon Teas have 
pgaiu been comparatively small, and prices have been 
v.ell maintained; there is, however, so far, no 
appearance of a repetition of the large advances in rates 
which took place last and the preceding year, and 
buyers have not apparently purchased in advance of 
requirements, except, perhaps, of the lowest grades, 
and these not to any great extent. The shipments 
for the present month bid fair, however, to be small, 
aud the stock at the end of the mouth will probably 
be reduced some two million pounds. The quality of 
the present supplies still maintains the late improve- 
ment, aud the demand for the country is consequently 
quite aatisfactory. — H. and 0. Mail. 
.> 
SPEOULATION IN TEA. 
To the Editor of the Home and Colonial Mail. 
Sir,— In your article entitled " Speculative donlings 
in Indian Tea," in last week's issue, you suggest the 
necessity of " combined action " on the part ot tea 
importers to avoid an " undue disturbance of value," 
You do not discuss the moral difference between a 
" bull " purchase and a " bear " sale ; but your readers 
will, I should think, fuil to note any nice distinc- 
tion. You invite importers to lay their heads together 
to regulate supplies, but you reflect on what you call 
the " bear yame." I uhould say (hat one transaction 
is as moral as another. If 1 have reason to believe 
that prices will be lower this day month I can make 
plana aooordiugly. If another man thinks that by 
holding back his tea he can affect the (irice let him 
do so. As tho rumours for aud against the market 
they count for nothing. Statistics are open to all 
and each must judge for himself. Any number of 
argnmeuts about regulating the supplies will not a&ect 
the law of supply aud demand. It is impossible to 
" bull " the te i market to any appreciable extent 
althougli as you say an attempt is occasionally made 
to " bear " it. 
Tea, iko the other produols dealt iu in Mincing Lane 
must take its chance. It is part of an importer's 
business to study the market and do the best he can 
with hia produce ; but I doubt if he will effect much 
by endeavouring to regulate the supplies. My opinion, 
OS a constant reader, is that your Journal has done 
much for tea planters, but I do not see how the latter 
are to gain by taking your advico in this instance. 
—I am, Sir, jours obediently, Obsehver. 
[We publish the above letter, but decline to 
discuss the speculative operations in (oa from 
their mor.il standpoint, although we should give a 
"bull" operator tho best of it on a question of the 
kind. Our argument in the interests of Indian aud 
Ceylon tea growers was that a "bear" of either stocks 
shares, or pioduco does his best to depreciate the mar- 
ket, and that this, so far as tea is concerned is an 
important matter to planters and importers who rely 
upon disinterested odvioe from Louden as to tho state 
of the market. In the interest of the tea grower we 
deeply regret that tea baa been introduced into the 
game of specidation. Our correspcndent's contention 
that t o useful purpose is served by regulating the sup- 
plies placed on the market must be taken for what it 
is worth, and in our opinion this is very little. It 
does not require the exercise of ren:arkable wisdom to 
arrive at the conclusion that if a commodity is rashly 
hurled on a market already overstocked, the effect ou 
prices is not stimulating, i.or is it calculated to give 
I them an upward tendency.— Ed. H. and 0. Mail] 
