Oct.  r,  i8g6.] 
thp:  tropical  agriculturist. 
253 
CEYLON  TEA  IN  IlUSblA. 
Evidence  lias  been  [ilentifnl  that  iJie  eflbrts 
made  liy  Mr.  liogivne  and  his  partners  to  intro 
dnco  C'oylon  teas  into  tiie  empire  of  the  White 
Tsar  liave  not  lieen  without  result.  It  is  dilticult 
ti)  say  witli  precision,  however,  the  e.xact  extent 
of  this.  Tlie  returns  available  thronph  Messrs, 
(row,  Wi  Ison  A Stanton,  admirable  as  these  ai’e, 
would  not  seem  to  atlbrd  an  exact  indication  ot 
the  (piantities  of  our  teas  that  lind  their  way  into 
Russia.  It  is  believed  that  a large  pro[)ortion 
of  the  re-exports  from  (treat  Britain  to  Germany 
are  destined  for  Russia  and  eventually  lind  their 
way  there  by  routes  that  cannot  be  reported  upon. 
Anyway,  the  latest  accounts  are  to  the  ell'ect 
that  J\Ir.  Rogivne  feels-  well  satis.Hed  with  the 
progress  achieved.  It  is  aihlitional  evidence  to 
that  available  by  customs  returns  that  the 
Russian  tea  dealers  now  feel  coerced  into  keep- 
ing stocks  of  our  teas.  But  we  are  told  that 
their  doing  so  arises  out  of  no  friendly  feeling 
towards  Ceylon,  liuleed,  it  is  asserted  that  while 
meeting  any  demand  for  our  island  jiroduction, 
they  endeavour  to  weaken  that  demand  by  more 
than  insinuating  comparison  disadvantageous  to 
it  between  their  well-beloved  (diina  teas  and  those 
of  Ceylon.  This  need  not  surprise  us.  The  same 
thing,  we  know,  has  been  experienced  in  America,  in 
which  country  the  tea  vendors  have  also  felt  them- 
selves compelled  in  self-defence  to  bo  ready  to  sup- 
ply our  teas  to  their  customers,  But  time  has  ap- 
parently broken  down  much  of  their  ])ractice 
of  dissuading  these  from  the  purchase  of  Ceylons. 
It  may  well  be  expected  that  the  same  result 
will  ere  very  long  be  apparent  among  the  tea 
fraternity  in  Russia.  Indeiiendently  of  this 
parallelism  another  is  to  be  found  between  the 
two  countries  mentioned.  Both  are  vast  in  ex- 
tent, and  the  areas  to  be  fought  upon  are  so 
large  as  severely  to  tax  the  energies  of  those 
engaged  in  the  struggle.  But  Russia  is  even 
more  dilHcult  to  attack  on  this  special  ground 
than  is  America.  In  the  United  fStates,  at  all 
events,  as  in  a considerable  degree  also  through- 
out Canada,  railway  communication  is  widely 
spread.  In  Russia  this  is  not  the  case,  and  it 
may  readily  be  understood  how  exceedingly 
difficult  it  - must  be  to  foster  and  supply  the 
very  many  distant  agencies  established  by  Mr. 
Rogivue’s  eilbrts.  He  is  lighting  our  'battle 
even  under  greater  disadvantages  therefore  than 
have  been  experienced  in  America.  \Ve  under- 
stand that  on  this  ground  he  asks  for  further 
assistance  from  here.  AVe  do  not  pretend  to  say 
how  far  this  should  he  granted  ; but  it  is  easy 
to  realise  how  great  are  the  diHiculties  he  has 
to  surmount  in  a country  so  spar.sely  supplied 
with  rail  A'ay  facilities  as  is  Ru-ssia. 
NOTES  FROAI  THE  METilOPOLlS. 
London,  Aug.  14. 
The  Financial  Times  on  Tuesday  this  week  had 
an  important  article  on 
“ INDIAN  TKA  COMTANIKS  AND  TROSPECT.S  ” 
—sure  to  attract  much  attention,  which  I send 
you 
INDIAN  TEA  COMPANIES’  PROSPECTS. 
It  is  not  surprising  to  find  that  with  the  present 
demand  for  sound  commercial  investments,  the  at- 
tention paid  to  Indian  Tea  Companies’  sliaro.s  con- 
ti'  ues  to  show  an  increase.  Even  now,  it  may  be 
said  without  hesitation  that  people  on  the  look-out 
for  an  industrial  lock-up,  yielding  what,  in  these 
days  of  low  interest  upon  capital,  may  be  described 
as  a handsome  return,  might  with  advantage  devote 
some  attention  to  tho  attractions  afforded  by  this 
market.  Tho  results  certainly  compare  very  favour- 
ably with  those  of  other  industrial  investments,  and 
as  we  have  pointed  out  previously,  it  is  possible  by 
making  a good  selection  to  secure  substantial  divi- 
dends and  at  the  same  time  to  reduce  to  a minimum 
the  amount  of  risk  attaching  nece.ssarily  commercial 
holdings.  A purchase  of  Assam,  Jorchaut,  Chargola, 
or  Le'ooug  ordinary  shares  at  present  prices  would 
show  a return  of  fully  seven  per  cent  ; Jokai, 
Dooars  and  Doom  Dooma  bring  in  six  per  cent,  or 
thereabouts  ; while  newer,  and  therefore  more  specu- 
lative, varieties  offer  still  greater  temptations  in  the 
way  of  interest.  When  in  February  we  dealt  with 
Indian  Tea  Companies’  Preference  shares  we  ventured 
to  predict  that  the  next  few  months  would  see  a conti- 
nue.! appreciation  of  prices.  Although  a slightly  easier 
tendency  is  now  apparent,  our  forecast  has  been  none 
tho  less  borne  out — not  to  a sensational  degree,  for  the 
very  circumstances  of  the  case  render  advances  by 
leaps  and  bounds  extremely  improbable,  but  by  steady 
advances  that  indicate  healthy  conditions.  And  the 
increased  activity  has  not  been  confined  to  shares  of 
well-known  and  old-established  companies,  but  has 
been  apparent,  too,  in  the  recent  outburst  of  industrial 
promotions.  During  the  past  mouth  or  two  new  com- 
panies whoso  aggregate  capitals  runs  well  into  millions 
have  been  pub'ioly  floated  ; aiid  tho  aucess  with  which, 
as  a rule,  tho  issues  ha,vo  been  made  indicates 
not  only  that  this  field  of  enterprise  is  coming  into 
favour,  but  that  befor-o  long  the  market  is  bound  to 
show  a wider  teudeney,  and  t’nat  the  greater  popu- 
larity will  in  all  probability  tend  to  raise  the  level 
of  prices  all  round. 
The  large  amount  of  this  class  of  share  capital  now 
quoted  in  the  “ Official  List”  will  before  long  be 
swelled  to  five  or  six  millions  as  a result  of  the  re- 
cent promotions  ; and  in  addition  there  are  unquoted 
securities,  consisting  largely  of  Ceylon  descriptions, 
accounting  for  another  couple  of  millions.  Under 
these  circumstances  it  is  the  more  satisfactory 
to  find  that  the  present  position  of  the  industry  is  very 
satisfactory'  and  that  the  prospects  for  the  current 
year  are  decidedly  favorable.  In  1895,  as  we  stated 
some  time  ago,  the  results  were  not  quite  so  good 
as  those  of  the  previous  twelve  months,  when 
the  conditions  were  particularly  good.  The 
trend  of  prices  was  in  the  downward  direction, 
and  competition  was  much  keener,  but  in  spite  of  these 
adverse  circumstances  dividends  were  on  the  whole 
well  maintained.  The  current  year,  according  to 
present  expectations,  will  probably  witness  a partial 
return  to  the  prosperity  of  1894.  The  early  pickings 
of  the  new  crop  that  are  now  coming  to  hand 
indicate  that  the  season  will  be  one  for  quality 
rather  than  quantity  of  produce.  The  anticipations 
of  an  excessive  supply  are  therefore  not  likely  to 
be  realised,  and  the  consequent  improvement  in 
prices  should  have  an  important  effect  on  the  net 
earnings  of  the  companies.  Not  only  is  the  out- 
look satisfactory  in  this  direction,  but  other  favour- 
able influences  are  at  work.  Tea  plantations,  like 
Kaffir  mines,  have  their  labour  difficulties,  and  if 
the  repoits  that  the  rice  and  other  crops  in  some  of 
the  most  important  agricultural  districts  of  India 
are  likely  to  prove  very  poor  be  correct,  the  tea  xilau- 
tatious  in  Assam  will  find  less  difficulty  in  obtaining 
labour,  and  will  secure  it  at  less  expense,  xbnother 
reason  for  encouragement  is  supplied  by  tho  fact 
that  the  demand  for  Indian  and  Ceylon  / tea  is 
constantly  growing,  owing  largely  to  tho  comparatively 
low  prices  now  ruling,  and  there  is  no  si^n  of  a 
reaction  from  the  phenomenal  advance  of  the  past 
few  years.  The  increase  is  not  confined  to  this 
country,  for  planters  are  showing  great  enterprise  in 
their  efforts  to  open  up  fresh  markets.  Vigorous 
steps  have  been  and  are  being  taken  to  stimulate  the 
trade  with  the  United  States,  and  the  Ceylon  traders 
are  also  devoting  special  attention  to  the  cultivivtion 
of  Russian  custom.  f 
Tea  companies,  like  all  other  concerns,  mus^have 
their  critics,  and,  of  course,  like  all  other  coiSoerus, 
are  not  always  invulnerable.  The  article  fitself, 
taken  in  largo  doses,  is  generally  understood  tL  pro- 
mote dyspepsia,  and  the  same  effect  seeiis'  to 
have  been  brought  about  in  some  quarters  by 
i 
