894 THE TROPldAL AQflieULTURiST. [June t, 1892. 
brokers cf late years, and a coueiderable proportion of 
them appear nowadays to consider theoiselves no longer 
bound to act within the old and settled lines of trade. 
It is the oommoneat thing iu the world for a bioker to 
act in one or all of the capscitios of importer, mtr- 
chant, wharfinger, dealer, or exporter, obtaining a profit 
in each capacity, though signing contracts hb a 
broker, and charging a commission which is supposed 
to disclose the whole amount of his profits. In addi- 
tion to this, there is, of course, a large pawnbrokiog 
department in almost all leading brokers' offices, but 
this may ba regarded as quite a legitimate develop- 
ment of their business as they make an open charage 
(or their services in this line. It is here, in fact, that 
the division line may be found. There is no objection 
whatever to a man, who geoorally calls himself a 
broker, and aots as such, obtaining any profit he sees 
fit, so long as he diBoloses the fact, at the time of the 
sale or purchase, that he is buying or selling on his 
OWE account, and that in addition to his commission 
lie is making a aain which he does not desire to 
disclose. To such a course there can be no 
moral or legal objection; but it ia very different 
when an iniermediate profit is obtained without 
such disclosure. The question would certainly, 
eeven in such a case, still remain whether it is 
desirable for a person who ia purporting fo act for 
A or B, or for both of them, to be in the position 
of a professional man accepting a fee for dis- 
interested advioe, when he was really all the time 
looking after number one, and acting in his own 
interest. But if A and B chose to agree to his 
doirg BO, it could only be their judgment that could 
be questioned, and not the propriety of the action of 
the broker." 
Bbokehs who Deal aee not Disinterested. — 
It is nowadays a very ordinary occurrence to hear 
the Bo-calied brokers in the produce markets state 
that it is imposeible for them to live by 
their brokerage, that prices are bo low that they 
oould not exist on half or one per cent,, while ex- 
penses are increasing ; so that the only method by 
which they can keep their heads above water ia 
to obtain a profit beyond their brokerage. This 
state of things cannot be too widely known especially 
among buyers in the country, who imagine 
that by going to people who call themselves 
brokers, they can get at the fountain-head, 
pass by intermediate profits and buy as cheaply as the 
dealers who have hitherto supplied them. To those 
acqusinted with the working of the produce markets, 
such a delusion would be so ludicrous that it could 
never occur. This is only one aspect of the matter, be- 
cauEO the question arises of how the interest of the 
importers of commodities can be promoted by such a 
state of things. If Q broker is buying on his own ao- 
count, he cannot be a dieinlerested adviser as to 
markets. Consciously or unconsciously, his advice to 
the importer must bo governed by the state of hi 
own stock, and by the opportunities be sees of making 
a profit for himself, beyond what he discloses. 
From the importer's point of view, it is sufHoiently 
undersiable that a commission could be jointly paid 
by the buyer as well as by the seller, but this sinks 
into insignificance by the side of the factth'it the 
nominal broker is, in many oaees, the actual purchsser 
on his own account." 
The Silyeb Question. — It is the special plea of the 
bi-metalists, sajs the Financial Neivs, that their theo- 
ries, caried out in practice, would produce stability 
betvfeen silver and gold. It is notour intention to dis- 
OUBB the advantages or demerits of a double standard 
today; bat it is worth pointing out that the relative 
value today cf an ounce of gold and an ounce of silver 
is, roughly, as 2.3 to 1, which is slightly different from 
the formerly-accepted ratio of 10 to 1. It is, however, 
of the highest importance thst some approach to 
Btability should be maintained between the two 
motalH, and we understand that a committes 
has been formed with the special object of im- 
pressing upou Mr. Onsohen thi necessity of trying to 
cr«»ie some etsbility between the two ourrenoies 
©f the Empire. What can bo done to pormanently 
remedy the difficuly is a problem which has long 
troubled the wisest heads ; but until some solution be 
found there willbe an unavoidable element of specu- 
lation iu the ordinary business of banks with Indian 
connectionf, which is ss undesirable for the public os 
it is for the backs themselves. If the manager in 
London carry on his business on ordinary liuea ha 
must sustain a loss by a continued fall iu the rupee. 
On the other hand, it might be thought that the 
loss iu London must be to the profit of the Eastern 
brauches ; but, unfortunately, experience proves that 
this is not by any means always the case. As » 
result, nearly every Indian bank manager finds 
himself compelled iu self-defence to " take a view," 
and the bank has, againU its will, to speculate in order 
to try and avi,id the speculative risks ot con- 
stantly fluctuating exchange. A considerable fall 
has taken place lately in the shares of some of the 
Indian banks, presumably on the ground that they 
tnust lose heavily by the fall in the rupee, which 
yesterday was only Is 2 15-16tli5 d. Apart from the 
special circumstances of the Hong Kong and Sharg- 
hai Bunk, it does not follow that any part of the 
capital of any of them is permanently gone. No doubt 
if their resources had to be brought over from Indi» 
to this country tomorrow, there would be a serious 
loss; but the deposits of these banks are nearly all 
for fixed terms, and much is retained in London, to 
discount Eastern trade bills and practically never 
leaves this country. — B., and C. Mail, April Ist. 
. ^ 
SERMO SINENSIS. 
( Communicated. ) 
"Well, Awai, what's the news and how are pros- 
pects ?" I enquired, as I took a proffered seat in the 
great teaman's sanctum. 
"Allow that tea news b'long welly bad, London 
market b'long welly oulio, that Mincing Lane man 
have got that inferlenza, Loo-sha * man no got lice 
(rathera bold statement, I thought), and Melican man 
welly sick along that silver pidgin. Plospix ! no got 
plospix." 
In such not very encouraging manner did the Napo- 
leon of the tea trade commence what subsequently 
proved to be a rather interesting statement of his 
views, or so much as he cared to disclose of them, 
upon the present position and profpeots of a trade 
with which his name has been identified for the past 
thirty years, and of which he personally has been the 
burning and shining light for the last quarter of a 
century. 
Hore a preliminary eructation appeared to have the 
double effect of oieariug his throat and of freeing his 
ingenuous thoughts of that pidgin English dress with 
which he usually delights to clothe them, and he de- 
livered himsalf of his views of the situation much as 
follows : — 
" There is no doubt about it that the China tea 
trade is in a bad, nay in a very critical position. Itis 
fashioca'jle at the present moment— but fashions 
happily change or they wouldn't befasbions — to place 
nothing but Injun and Saylong teas before the London 
public. To decry Ohiua tea, in fact to cry stinking 
fish, is the silly inspiration of the moment. And those 
most guilty of this defamatory practice are the very 
ones who have fattened and battened upon the profits 
of China leaf, for many a long year past. 
" Perhaps there never was a time in the history of 
the trade when the public got such good value in 
China teas for their money as they are getting 
today, clean, pure, innocuous, and yet they 
prefer the coarse, strong, astringent stuff 
which India and Ceylon turn out by the ship- 
load. Well, if this isn't fashion, and a velly oulio, 
fashion, too, I should like to know what itis." 
" But you dou't think the British public will take 
to China tea again, do you ?" I asked. 
" Can see, can savey. This year will present one 
of the last chances of reviving our trade. If we send 
■* Chinese form of " Rooshia," of course.— Ed. T, 4, 
