THE  TROPICAL  AGRICULTURIST. 
569 
Feb.  i,  1896.] 
in  1895,  and  makes  some  very  pertinent  remarks  re- 
garding the  importance  of  adjusting  the  par  values 
of  capital  to  actual  market  values,  and  it  quotes  the 
case  of  Armstrong,  Mitchell,  and  Co.,  which  com- 
pany has  lately  followed  this  course  with  great  advan- 
tage to  its  shareholders. 
Fuesh  Issues.— The  directors  of  the  British  Assam 
Co.,  we  learn,  acting  under  the  powers  coulerred  on 
them  by  the  “ Article,”  have  issued  323  new  Ordinary 
shares  of  £10  each  (£3,230).  They  also  announce  an 
issue  of  £15,000  of  6 per  cent.  Cumulative  Prefer- 
ence shares  of  £10  each  in  substitution  of  that 
amount  of  the  6 per  cent.  Debentures  which  fall  to 
be  paid  off  next  month. 
Mincing  L.\ne  though  quiet  keeps  very  steady,  with 
Indian  Teas  rather  firmer  at  the  close. 
Ceylon  Shares.— C.  T.  P.  Co.  Ordinary  are  wanted 
at  24i  upwards,  but  holders  ask  25  the  Prets  aie 
inquired  for  but  not  more  than  16  to  possibly 
16i  would  be  given  for  them. 
Ceylon  and  Oriental  Estates  Ordinary  shares  aie 
in  inquiry,  and  par  value  might  be  paid  for  £3  paid 
shares. 
Eastern  Produce  and  Estates  Co.  s Ordinary  £5 
shares  are  also  wanted  at  or  near  44,  with  holders, 
however,  asking  more  money. 
Lanka  Plantations  are  also  inquire  for. 
New  Bimbula  B’s  are  said  to  have  changed  hands 
as  high  as  £17. 
Oriental  Estates  Debentures  (Six  per  Cents.)  ai;^e 
being  asked  for,  but  they  are  not  at  present  avail- 
able.— Iloine  and  Colonial  Mail. 
THE  AVYNAAD  PLANTERS’  ASSOCIATION. 
From  the  annual  report  we  take  the  follow- 
ing  : — 
I said  in  my  last  annual  report  that  the  coming 
years  would  be  most  important  ones  in  the  j 
of  Wynaad  and  this  prophecy  is  now  being  fulfalled. 
The  tea  industry  is  developing  slowly  but  steadily. 
The  results  of  the  sales  of  the  first  shipments  of 
tea  have  just  been  received  and  give  average  of  9d 
and  9id  per  lb.,  which  though  not  so  good  as  Assam 
and  not  so  good  as  w’e  were  led  to  expect,  from 
valuatidns  of  samples,  still  leaves  the  ample  margin 
of  at  least  4d  per  lb.  profit,  which  in  conjunction 
with  the  fact  that  the  yields  off  the  young  acreages 
have  been  abnormally  large,  should  lead  to  the  more 
rapid  planting  up  of  land.  We  have  lately  seen  a 
great  deal  written  in  the  papers  about  our  Wynaad  and 
all  in  praise  of  it  with  the  exception  of  what  appeared 
in  the  columns  of  a paper  purporting  to  be  written 
by  planters  for  planters,  and  we  may  trust  that 
this  is  merely  the  friendly  rivalry  of  brother 
planters  less  favourably  situated.  At  any  rate 
the  district  has  lately  been  visited  by  enterprising 
planters  from  Ceylon  many  of  whom  I am  glad  to 
he&r  are  going  to  settle  here.  But  I sincerely  trust 
that  the  advantages  of  the  situation  will  not  be  left 
entirely  with  them;  and  that  the  scheme  so  often 
advocated  by  this  Association  of  small  acreages  under 
different  proprietors  with  central  factories  may  at  last 
be  put  into  force,  and  that  the  old  residents  may 
share  with  the  new  comers  in  the  prosperity  that 
is  to  come.  Anyhow,  those  of  us  who  are  fortunate 
enough  to  hold  reserves  of  land  may  congratulate 
themselves  on  its  greatly  increased  value. 
Arabian  coffeenotwithstanding  the  continued  ravages 
of  leaf  disease  continues  to  give  handsome  profits  in 
certain  parts  of  the  district ; and  it  remains  to  be 
seen  what  will  result  from  the  large  acreages  of 
Liberian  which  will  shortly  come  into  bearing.  In 
conclusion,  gentlemen.  I beg  to  lay  the  accounts  on 
the  table  and  my  resignation  in  your  hands.  It  is 
with  very  true  and  genuine  regret  that  I resign  this 
office  which  I have  now  held  off  and  on  for  ten  years, 
and  I thank  you  all  most  sincerely  for  the  friendly 
support  and  sympathy  which  yon  have  always 
accorded  to  me  and  without  which  my  work  would 
have  been  a toil  to  niyeelf  and  o£  uo  avail  to  the 
4iitricti 
THE  OUTLOOK  b'OR  CITRONELLA  OIL. 
The  present  position  of  oil  of  citronella  is  a very 
strong  one,  especially  as  it  is  baaed  on  natural 
rather  than  artificial  conditions,  AVe  reviewed  the 
situation  in  our  issue  of  July  22nd,  1895.  as  it  then 
existed,  and  predicted  higher  prices,  which  have  since 
been  realized.  The  general  price  in  single  drums  is 
about  fifty  cents,  and  dealers  are  buyers  up  to  forty- 
five  cents.  In  fact,  some  purchases  have  been  made 
at  this  price.  The  present  level  of  values  would  have 
been  reached  ere  this  had  everybody  interested  in 
the  article  allowed  the  market  to  take  its  course 
but  some  dealers  had  made  contracts  at  low  prices' 
without  having  entirely  covered  thier  wants, ‘hence 
they  were  desirous  of  preventing  any  advance  un- 
til they  had  secured  themselves  against  loss,  it  if  was 
possible  for  them  to  do  so.  It  is  safe  to  say  that  with 
the  price  at  twenty-five  cents  per  pound,  which  it  was 
a year  ago,  and  which  had  been  the  average  price  for 
several  years, dealersgenerally  were  not  belivers  in  higher 
prices.  Even  when  the  price  commenced  to  advance 
later  on,  many  were  loath  to  believe  in  the  perma- 
nency of  values.  Some  dealers,  however,  purchased 
liberally  in  Ceylon,  as  they  were  persuaded,  from  the 
information  in  their  possession,  that  the  advance  was 
warranted  by  conditions  existing  at  the  source  of  supply. 
As  the  market  continued  its  upward  movement  they 
again  bought  liberally,  and  subsequent  events  have 
proved  the  soundness  of  their  judgment.  It  appeurs 
that  there  was  serious  damage  to  the  grass  by 
drought,  hence  a short  yield  was  the  result.  There 
is,  and  it  is  held  at  high  prices,  and  is  only  avail- 
able for  January-March  or  JanuaVy-July  shipment, 
at  the  option  of  the  seller.  The  price  quoted  is  equi- 
valent to  about  fifty  cents  per  pound,  cost  and 
freight  New  York.  The  stock  in  the  various  consum- 
ing markets  is  also  light,  and  London  has  more  than 
once  been  a buyer  here  since  last  Spring,  at  high 
prices,  but  the  goods  were  not  obtainable,  except  in 
one  instance  last  May,  when  a small  quantity  was 
exported. 
It  is  very  evident  that  at  twenty-five  cents  pet 
pound,  the  Sinhalese  are  satisfied  to  produce  oil. 
As  we  have  stated,  this  was  the  average  price  for 
several  years.  Under  it  the  demand  increased  enor- 
mously during  the  year  fiom  July  1st,  1894,  to  June 
30th,  1895.  The  imports  into  the  United  States  for 
the  last  six  years  were  as  follows : — 
July  1st  to  June  30th  Pounds. 
1889- 90  174,4.57 
1890- 91  355,735 
1891- 92  477,623 
1892- 93  411,151 
1893- 94  274,279 
1894- 95  743,663 
Leniongrass  oil  is  included  in  these  figui'es,  except 
the  last  year,  but  the  imports  of  this  variety  have 
been  light. 
Consumers  will  doubtless  continue  to  use  oil  of 
citronella,  inasmuch  as  they  would  run  considerable 
risk  in  changing  the  odor  of  their  products,  parti- 
cularly  of  soaps.  As  a little  oil  goes  a long  way  in 
perfuming,  they  will  scarcely  feel  the  enhanced  cost 
of  the  oil. — Oil,  Painl  and  Jjrug  Reporter,  Jan.  6. 
-«i 
THE  NEW  YORK  OIL  MARKET  IN  1885. 
COCONUT  OILS. 
The  year  was  ushered  in  by  an  exceedingly  light 
demand  for  both  Ceylon  and  Cochin  oils,  and  values 
denoted  weakness  despite  the  favorable  statistical 
situation.  This  was  induced  principally  by  the  de- 
pression in  the  price  of  tallow  and  other  competing 
articles,  supplemented  by  the  fear  widely  enter- 
tained that  a large  stock  of  Ceylon  oil  held  here 
for  advance  made  to  a local  dealer  who  had  recently 
failed  would  be  thrown  upon  the  market.  It  was 
generally  thought  that  until  the  status  of  this  oil  was 
definitely  defined  its  influence  would  be  detrimental  to 
the  stability  of  prices,  and,  accordingly,  operators 
became  rather  timid  and  business  dragged  along  in  a 
perfunctory  manner,  with  only  slight  variations  iq 
quotations  throughout  the  earlier  months  of  fhe 
