January i, 1892.] 
THE TROPICAL AGRICULTURIST. 
473 
NOTES ON PRODUCE AND FINANCE. 
Indian Tea in Fbance. — In another column we 
reproluce a report of the first statutory mcetiug of 
tne Pala's Indien Tea Houees, liimited, which vraa 
held at the registered oeSce, under the preeidency 
of Mr. R. B. Magor. Wo would eall the attention 
of our readers to the excellent work which is being 
done by this company. It ia with regret that wo learn 
that tha company has received but very limited sup- I 
port from the members of the tea industry, and that for 
this reason it is in contemplation to appeal for further 
snbaoriptions, reither to the outside public or to the 
Oeylon tea growers. It would manifestly be of immense 
advantage to the Indian tea community to keep, more or 
leas, in its own handa this enterprise, and utilise it for 
its own purposes. If it is allowed to drop into the 
hands merely of a circle of shareholderp, who may 
wish to utilise it solely for profit, or into the hands 
of the Oejlon industry, its special raison (Titre, namely 
the pushing of the interests of Indian tea only, will 
disappear, and it may ultimately descend, some day 
into a mere Congou-selling establishment, or, at any 
rate, altogether lose its original and much to be de- 
sited character. We urge on our readers— -those who 
have been tardy in supporting it — to obtain a share- 
holder's footing in the company, either as debenture 
holders or as preference shareholders. The Board of 
the company is a thoroughly representative one, the 
secretary is a gentleman whose interest is altogether 
bound up in Indian tea planting, and should any one 
fail to be satisfied with what is known of the com- 
pany's work, ho has only to present himself at the 
offices of the company at 138, Leadenhall Street, to 
be furnished with the full information regarding the 
whole working of the Paris business from its commence- 
ment to the present time. Our readers will observe 
that the next forward movement of the onmpany is to 
make a creat show of Indian tea at the forthcoming 
Chicago Exhibition, an opportunity which, undoubtedly, 
Bhoald no*, be neglected, 
Losses in the China Tea. Teade.— As many im- 
porter-i of China tea supposed to have been losing 
money for years it can only be imagined that either 
the sums lost are not very large, or that the said 
importers can thrive on them. There are now ru- 
mours in the " Jjttne " that further heavy losses have 
been made in the China tea trade. Those who know 
most about this business speak of £750,000 as a mini- 
mum of the amount of loss to be made up between 
now and the end of the year. It is quite evident that 
the game of 1 , ting money cannot go on for ever. In 
the obeence of any other result the present state of 
afiairs should at least lead in sooue interesting informa- 
tion being given on the subject of "how to continue to 
trade on reputed losses." 
Ceylon Tea Sale Days.— The large supplies 
of Oeylon tea which have recently been placed 
on the market have been the means of again rais" 
ing the question aa to whether some alleration in 
present arrangements could not ho made for n gulatiog 
supplies. A ttieeting of the Te.i Brokers' Association is 
to be held today, when the question will be considered. 
At the last meeticg of the Tea Ooicmitteo of the Cey- 
lon Association the matter was under consideration, 
and the following resolution was adopted : — " That a 
letter be addressed to tbe chairman of the Wholetale 
Tea Dealers' Association enquiring if he has any special 
suggestion to make on the subject, and nsbing if it 
would tend to lessen the pressure if in each vfoek two 
entire days were devoted to Ceylon sales." As au 
instance of the large increase, it may be pointed out 
that the sales for the ten months of the current year 
have exceeded those of the some period in 1890 by 
16,000,000 lb. 
Tea Sales without Reserve.— It used to bo the 
custom, when the words " without reserve " were 
printed in a catalogue, that lea was sold in the Ci'm- 
mercial Sale Rooms, Mincing Lane, to the highest 
bidder, but oomplaiute, saya the Grocer, havo been 
freely made reoe.itly of the inconsistency of im- 
porters putting up their te.is for sale with the intima- 
tion referred to, and yet either attending the public 
aale themselves aud buying the tea iu, or protecting it 
60 
by the bids of their representatives. Of course, every 
man has a right to do what be likes with his own. I( 
he puts a tea up for sale by public auction in the ordi- 
nary way, and the bids do not reach the prices he wishes 
to obtain, no one can object to his either withdrawing 
the tea or making a higher bid, either directly or in- 
directly ; but when the words " to be sold without re- 
serve" are printed in the catalogue aa an inducement 
to buyers to attend the sale, the buyer has a right to 
1 expect the importer or his broker will accept the high- 
est bid, and thus fulfil one of the conditions upon which 
the sale is attended and an offer made. There can only 
be one end to such an inconvenient and irregular 
proceeding ; buyers will abstain from attending the 
sales of any broker who misleads the public by having 
such words printed on a catalogue and does not carry 
them out faithfully. We can hardly think importers 
have luUy considered the consequence of adopting such 
an ill-advised course, for they cannot wish to drive 
away their best supporters, and that they will assuredly 
do unless they maintain the correct principle of 
selHng teas strictly in accordance with the terms of the 
catalogue. The recognised conditions of public sales 
are already drawn up almost entirely in favour of 
the seller, and require amendment in several parti- 
culars. In the interests of the importers we advise 
them not to provoke buyers in the manner indicated, 
or they may have to consider the whole subject of 
the public sale condition?, and this, without doubt, 
would not be to their ultimate advantage. 
Last Week's Tea Sales— The Produce MarTcets' 
Review says : — " There has been a considerable falling, 
off in the quantity of Indian tea brought forward, 
but the demand for all good grades remains steady, 
with a hardening tendency in some cases. Well- 
selected teas of any grade continue to meet with 
good competition, and have probably now touched 
the lowest point ; they are in many cases cheaper 
than at any time last season. The excellent value 
offering, especially for really good liquoring sorts under 
Is, ia shown by the increasing consumption, and 
although the exports from Calcutta will probably be 
8,000,000 lb. more than last year, most of this increase 
has already been disposed of. At the public sales 
39,369 packages were offered, against about 43,000 
last week, of which 3,500 were withdrawn. There was 
a good enquiry for all good medium and fine descrip- 
tions !it Steady prices, while the finest eorta fetched 
lirm rates. About 20,000 packages of Ceylon teas 
were offered at Tuesday's sale, but the denlers showed 
1 little inclination to buy, except at lower prices, and 
I a reduction of from jd to Jd was established in 
j common to medium teas. A strong impetus has thus 
I been imparted to the country demand, and most of 
I the tea eold has probably already passed into the 
I hands of country buyers. Good teas, however, con- 
I tinue to be enquired for at fully late rates, and for 
fi fine liquoring Pekoes at from lOd to Is Id there has 
I been increased competition. The quality of the teas 
j shown has n-gaiu been disappointing, and it is to be 
I hoped it will improve. The arrivals for the week are : — 
I The "Oleu Sirclair," " City of Edinburgh," "Dictator," 
j and Scindia" from Calcutta;" Yorkshire, "Massilia," 
j and "Clan McKiuuou," from Colombo ; Sutlej " and 
I "Gaekwiir" f rom < 'alcutta and Colombo; " Keemun," 
I from Yokohama Shanghai, Foochow, Hong Kong, and 
Colombo; "Glonfallocli," from Shanghai, Foochow, Hong 
Koug, cod Colt inl'o; and the "Kadnorshire" from Hong 
Kong, The Grocer says : — " Quite alow range of prices 
is now 'ceiug e'^tablished in Indian as well as other 
branches of the tea trade, and the only question 
left undecided is whether the reduced values ruling are 
attributable to a deterioration in the quality or to a 
feeling of heaviness iu the market. We are inclined to 
think that; both these facts may be urged as a reason 
for the present fheapness of Indian tea, which is likely 
to continue so long as the plethora of supply exists, or 
at leasf until importers cease to press forward their 
consiguniants to such an extraordinary degree as they 
have dono o£ late. Aa an outcome of the increasing 
pressure to sell Oeylon tea on two days of the week, it 
is uuc'er stood that a meeting will shortly be called to 
consider the expediency of having different arrange- 
meats for holding public sales in the future." 
