391 
Bales of property, and is used now to bring new- 
acreage into cultivation. The Assam Company, whose 
dividends in the past four years have been nine and 
a-quarter per cent ou the average, the last two being 
ten, has twenty per cent of its capital in reserve, 
but of the others quoted in London none beats the 
Jokai in this respect." 
The Eetuens— " Few investments of such regularity 
in the past and suoh promise for the future as 
the Jokai Tea Company," the writer goes on to 
say, " can be brought to yield £6 ISa 4d per cent, yet 
their £10 shares changed hands this week at £15. As- 
sam shares yield £6 9s at present prices, Darjeeling 
£5 14b 3d, Jorehaut £6 5s, and Leboug £6 per cent, 
the average dividends in the past four years in these 
oases being 9i, 6J, Hi and 6i per cent. Thus nearly all 
the leading tea shares on the London market can be 
bought to return over 6 per cent per annum. Of course 
the industry is one exposed to considerable risks, both 
from meteorological and economic causes, but the point 
that must be insisted on is that, through admirable 
management both in India and at home, and through 
the establishment of reserves, these vioisaitudes have 
been robbed of most of their influences on dividends. 
Hence, for those who desire 6| per cent industrial in- 
vestments — in companies whose . administration is be- 
yond suspicion, and whose position may very easily be 
seen at a glai ce through the mtdium of such tables iis 
Mr. Esrushaw's and Mr. Setoa's — there isnotfaiug better 
in the list than the Indian tea compaoies." 
Last Week's Tea Makket, — The Froduce Marlets' 
Heview says : — The demand for the Indian continues 
active, the moderate prices having stimulated the con- 
sumption and a large business has been transacted. The 
changes in values have been unimportant, except for 
the common and undesirable grades, which are slightly 
cheaper, and difficult of sale even at thu lower quota- 
tions. The good medium teas, on the other hand, have 
been keenly sought after, especially Pekoes, which 
continue moderate in price, and so.long as they can bo 
obtained at present rates an increasing use of them 
may be expected. Pekoe Souchongs of good quality 
and giving a strong, brisk infusion have sold readily 
at previous values, and as the supply of these will 
probably not exceed the demand, the present level 
of prices uppears safe for holding a good working 
stock. The finest descriptions, which are not so 
liberally represented in the Inter arrivals, continue to 
meet with a good reception at steady rates, while 
any breaks vnth exceptional quality command extreme 
prices. At the public sales 38,190 packages were 
brought forward, and mostly sold at firm to steady 
prices for all excepting the commooest kinds, which 
were easier. The late rise in piices of Ceylon teas 
has rather diminished the demand, and as the quantity 
offered at the sales this week has been somewhat 
larger, competition has been rather less keen, and 
prices in some cases are slightly easier. The quality 
of the teas still maintains the late improveme'it, and 
the greater care in cultivation and manufacture 
accounts lor the fact that many gardens now easily 
obtain Is per lb. against about the SJd to 9d 
procured with difficulty in July.* At the moment 
the statistical position is improving, as the imports 
for this month will undoubtedly be very small, and 
tho end of October will in all probability see 
the slock reduced to 15,000,000 lb. Of Indian teas 
the Orocer says: — "The market this week has been 
almost overdone with supplies, which have aggregated 
38,300 packages, and have caused continued languor 
to prevail. The samples, as may be imagined, have 
been so multifarious that tastings of the entire offer- 
ings have been physically impossible by a single 
vainer for a series or set of sales by auction, and 
Bovcral invoices have been passed over aa ntt suit- 
able to tho existing demand. This accounts for the 
frequency with which many lots were retired in 
silonoo aH the auctions progressed, and when the only 
bids elicited wore much below the valuations, As it 
* Tlu' real reason was improved meteox'ological con- 
ditions, loading to leas-luxuriant ^flushing and better 
ability to wither the leaf proporfy, — Bu. 2'. A. 
was, all undesirable and thin liquoring sorts were 
realised without spirit at barely previous rates — 
low pekoes down to 6d per lb. — and a feeling of 
inertia was plainly evident in most of the biddings 
that were made. Teas with quality alone engaged 
attention deserving tho name, and these were chiefly 
taken off at full prices. 
Brazil Coffee Pkospects. — Messrs. C. J. Leech 
& Co., in their weekly circular, say : — "The in- 
crfase in the world's visible supply, amounting to 
26,000 tons, or, roughly speaking, 450 000 bags, 
during one month means that the stock will soon 
be considerably augmented, and with three more 
months of Brazil receipts on a magnitude equal to 
those of September, the famine period will have 
passed away altogether. Notwithstanding the heavy 
shipments, stocks in Brazil ports are increasing fast, 
and the extraordinary course of the exchange thia 
season is totally against any holding power on the 
part of tho Brazilians. It is, therefore, of para- 
mount importance to watch the course of receipts 
and exchange. So far only some 1,500,000 hags of 
the crop have been disposed of, leaving still 6,500,000 
bags to find a market. A recovery in the exchange 
would go far to stem the declining tendency, 
but if, as we hear, the weakness in exchange is 
owing to fear of a further issue of paper money, 
there would appear to be little hope of a permanent 
recovery. In our circular of May 8th last we men- 
tioned that a decline in the exchange to 15 was quite 
possible. This week it has been as low as 141, but 
closes at 15 again." Blessrs. Norton, Megaw, and Oo. 
cable that flowering ia good in Rio and Santos. Messrs. 
John Bradshaw and Co., of Rio, cable • — " Coming crop 
reported in a favourable condition. Blossom indicates 
a large crop." Messrs, C. W. Gross and Co., of Rio, 
cable: — "The September flowering is almost nil; that 
of October promises well." Messrs. Holworthy, Ellis, 
and Co., of Santos, cable: — "flowering good." Messrs, 
Gustav, Frinks, and Co., of Rio, oab'e :—" Flowering 
irregular ; expect moderate crop — perhaps 3,000,000 
bags." Messrs. Wil on, Smithett, nnd Co., in their cir- 
cular of tho 13th inst., says: — Notwithstanding the 
moderate available supplies of this article as compared 
with former years, the heavy decline reported in oar 
last, has as yet received little check. The trade are 
nnwilling buyers, as they hold a fair supply at a much 
higher range of pric, and can only with ditficulty 
efi^ect sales. At the same time the lower level now 
reached renders the position more stable, and with 
a return of confidence, some reaction seems inevita- 
ble. The fortnight's supply in auction was extremely 
moderate, and consisted mainly of Guatemala and 
Colombian. These mfit lower offers, but as importers, 
as a rule, were willing sellers, a fair proportion 
changed hands at a decline of 28 to 48 from previous 
prices. Undesirable lots of various growths in second 
hands were sold "without reserve " at very low rates. 
Very heavy fluctuations have again taken place in the 
ppeculative markets, and quotations have fallen con- 
siderably, near months fully 5a ; December delivery 
was quoted at 48s. 6d at one time, but a rise in values 
is established, at the close, based ou rnmours dis- 
advantageous to the bloesming of the next Brazil 
crops. 'The latest auctions also showed signs of greater 
steailineas and prices rather above vuluationa were 
obtained. Kio aud S,'sntos shipments for the first three 
months of the season amonnt to : — 1891, 88,440 tons ; 
1890, 71,040; 1889,56,390; 1888, 81,180 ; 1887, 24,460 : 
18S6, 84,730.—-??'. and 0. Mail. 
' 
Nedun as a Cabinet Timber. — To show how 
high in quality this timber is wo may mention 
a ciioumstanoB within our knowledge. The occu- 
pants ol a bungalow upcountry received a present 
of a mirror, handsomely framed in dark walnut, 
which they placed above their drawing room fire- 
place. A friend gave them a design for a handsome 
chimney pieoo to form a base for the mirror. This 
was made of nedun, which, polished and varnished, 
cannot be distinguished from the walnut unlosa 
dose attention ia inviteJ. 
