540 
THE  TROPICAL  AGRICULTDRIST. 
[Feb.  I,  1897. 
are  as  under  ; — 1895-96,  6'80d  ; exchange,  Is  2d  *, 
rupee  cents,  48i  ; 1894-95,  7'.84d  ; exchange,  Is  Ijd  ; 
rupee  cents,  55^  ; 1896-94,  6'77d  ; exchange.  Is  2H  ; 
rupee  cents,  46^.  The  total  outturn  of  all  tea,  in- 
cluding tea  made  for  others  and  that  made  from 
purchased  leaf,  being— 1895-96,  1,286,000  lb  ; 1894-95, 
1,033,000  lb  ; 1893-94,  950,000  lb.  The  yield  per  acre 
• — 1895-96,  446  lb  ; 1894-95,  384  lb.  To  indicate  the 
progress  made  during  the  current  year,  I may  say 
that  to  November  15,  1896,  the  crop  totalled  256,000  lb. 
against  229,0001b.  to  same  date  last  year. 
Cocoa. — The  crop  for  1895-96  was  2,335  cwt.  com- 
paring with  an  estimate  of  1,905  cwt.  The  crop  for 
1894-95  was  2,840  cwt ; 1893-94,  1,211  cwt.  The  net 
price  realised  for  1895-96  was  60s  6d  (estimated); 
1894-95,  52s  9d  ; 1893-94,  58s  4d. 
Coffee. — The  crop  for  1895-96  was  865  bushels, 
against  an  estimate  of  875  bushels ; 1894-95,  618 
bushels;  1893-94,  986  bushels.  Net  price:  1895-96, 
76s  per  cwt.  (estimated) ; 1894-95,  82s  9d  per  cwt. ; 
1393-94,  86s  lOd  per  cwt.  I conclude  by  placing  be- 
fore you  the  estimates  for  the  current  year.  The 
company’s  own  tea,  686,0001b. ; total  tea,  1,096,0001b.; 
cocoa,  2,316  cwt.;  coffee,  415  bushels. 
Mr.  T.  J,  Lawrence  congratulated  the  directors 
upon  the  favourable  state  of  things  as  disclosed  in 
the  report,  and  remarked  that  there  was  certainly 
no  need  of  writing  the  properties  down,  but  rather 
that  they  might  ne  written  up  considerably.  He 
was  very  glad  to  see  the  litigation  in  Ceylon 
brought  to  such  a successful  issue,  and  thought 
that  the  directors  deserved  the  thanks  of  the 
shareholders.  He  criticised  the  action  of  the  board 
in  making  a call  of  10s  upon  the  ordinary  shares  ; 
but  the  Chairman  explained  that  for  years  many 
of  the  shareholders  have  given  opinions  that  it  would 
be  better  if  the  whole  of  the  uncalled  capital  could 
be  gradually  paid  up,  thus  making,  in  time,  all  the 
shares  fully  paid.  This  view  had  commended  itself 
to  the  Board,  and  it  was  hoped  that  the  dividend  of 
15  per  cent,  would  still  be  continued,  with  a bonus 
added  in  prosperous  time. 
The  Report  and  Accounts  having  been  adopted,  divi- 
dend and  bonus  declared.  Sir  Nathaniel  A.  Staples, 
Bart.,  re-elected  a director,  and  Mr.  James  B.  Laurie  as 
auditor,  the  Chairman  moved  a cordial  vote  of  thanks 
to  the  company’s  superintendents  in  Ceylon,  of 
whom  he  spoke  in  the  highest  terms. 
Mr.  T.  J.  Lawrence  seconded  the  motion,  which 
was  carried  unanimously. 
Mr.  L.  A.  Lewis  proposed  a hearty  vote  of  thanks 
to  the  chairman  and  directors  for  their  careful, 
prudent,  and  economicivl  management  of  the  com- 
pany’s affairs,  which  was  seconded  by  Mr.  W.  E. 
Thompson  Sharpe,  M.P.,  and  carried  neni  con. 
U.  cC  C.  Mail,  Dec.  25. 
♦ 
THE  PUBLIC  SALES  OF  TEA. 
The  monotony  of  life  with  those  who  frequent 
Indian  tea  sales  has  been  somewhat  relieved  lately 
by  a few  gentlemen  lighting  their  cigarettes  whilst 
the  sale  was  proceeding.  The  non-smokers,  of  course, 
resenting  this  invasion  of  their  old  customs,  and  a 
considerable  discussion  has  been  the  outcome  of  it. 
The  following  circular  from  one  of  the  leading  buy 
ing  brokers  has  been  extensively  circulated  in  ‘‘  the 
Lane” : — 
PUBLIC  SALE  OF  TEA 
IN  THE 
LONDON  COMMERCIAL  SALE  ROOMS, 
MINCING  LANE. 
December  1896. 
The  sale  of  tea  in  public  sale  does  not  constiiute 
a right  for  the  public  in  general  to  bid  for  tea  in 
that  public  sale.  For  public  sale  is  simply  ‘‘  publi- 
city” in  contradistinction  to  sale  of  tea  by  private 
contract. 
The  assembly  of  members  of  the  tea  trade  in  public 
sale  is  di.e  to  the  fict  that  those  members  find  it 
convenient  to  meet  in  a given  centre  to  compete 
and  bid  (or  each  successive  lot,  and  facilitate  the 
(isle  of  the  enormous  mass  of  tea  to  be  sold  in  a 
quick  and  expeditious,  and,  at  the  same  time,  fair 
and  public  bid  for  each  lot,  by  which  the  merchant 
may  know  that  the  best  has  been  done  for  his 
interests. 
Under  the  old  system  of  private  contract,  still  in 
use  for  re-sale  of  tea  and  also  for  some  class  of 
merchant’s  tea,  it  would  be  impossible  to  deal  with 
the  daily  sale  of  500  to  800  breaks  of  different  teas 
except  in  public  sale. 
In  the  course  of  twenty  years’  attendance 
in  public  sales  in  Mincing  Lane  Commercial 
Sale  Rooms,  I have  never  known  an  instance 
of  one  of  the  general  public  bidding  for  any  lots 
offered  in  public  sale,  and,  in  fact,  the  conditions 
of  sale  and  customs  of  the  trade  render  this  pro- 
ceeding on  the  part  of  the  general  public  im- 
possible. 
Before  anyone  outside  of  the  trade  can  sample 
any  lots  of  tea  advertised  for  sale  in  public  salct 
it  is  necessary  that  two  brokers  shall  certify  that  that 
person  is  a fit  and  proper  person  to  draw  the  sale, 
and  with  this  certificate  ceases  to  be  of  the  general 
public  and  becomes  a member  of  the  tea  trade,  the 
secretary  of  the  Tea  Brokers’  Association  issuing 
on  that  certificate  a sampling  card,  without  whicli 
card  as  permit  no  one  can  draw  tha  tea  lying  in  the 
wharves  and  warehouses. 
Supposing  that  one  of  the  general  public 
obtains  a sample  of  tea  on  show  at  the  broker’s 
office  on  the  morning  of  the  sale,  the  stipulation  of 
the  selling  broker’s  catalogue  that  he  does  not  hold 
himself  responsible  for  the  correctness  for  any  such 
sample  on  show,  together  with  the  fact  that  dry  tea 
requires  an  admirably  trained  mind  and  a delicate 
palate  to  distinguish  the  value  of  such  tea,  and, 
if  this  stranger  did  bid,  so  many  questions  would  be 
asked  as  trantamount  to  refusal  to  accept  bis  bids, 
so  long  as  unguaranteed  by  some  well-accepted 
warranty  from  a broker  of  the  Lane  present  in 
sale. 
The  contention,  therefore,  that  the  public  sale  of 
tea  in  a public  room  to  which  the  general  public  is 
admitted  to  bid  is  untenable  for,  except  strangers 
who  are  curious  only  the  members  of  the  tea  trade 
ever  come  to  public  sale,  where  each  seat  in  the  pub- 
lic sale  room  is  appointed  in  name  to  the  several 
firms  in  the  tea  trade  who  compete  daily  for  the 
lots  sold  in  public  sale.  Such  apportionment  of 
seats,  so  as  to  be  with  uit  dispute  or  disturb- 
ance of  the  sale  (a  result  solely  due  after  great 
contention  to  your  humble  servant)  a contention 
that  we  are  members  of  a trade,  and  have  a business 
right  to  be  undisturbed  in  the  “ peaceful  carrying 
out  of  our  business,”  and  free  from  disturbance  or 
annoyance,  which  contention  was  eventually  admitted, 
and  fixed  seats  granted  and  appointed. 
The  warrant  and  weight  notes  issued  against  tea 
sold  in  public  sale  and  private  sale  stipulate  as  sold 
in  public  sale,  or  when  sold  privately  as  sold  by 
private  sale,  and  deliverable  to  the  several  parties 
concerned,  with  the  stipulation  of  public  sale  or 
private  sale  respectively — that  the  tea  was  sold  in 
market  overt,  either  with  publicity  or  privately,  and 
according  to  the  conditions  of  public  sale,  not  in 
any  case  that  the  general  public  were  concerned,  but 
solely  that  it  concerned  the  members  of  the  tea 
trade,  that  the  tea  in  question  on  the  face  of  the 
warrant  was  sold  w’ith  publicity  in  contradistinction 
to  sale  privately,  and  always  under  the  conditions 
of  market  overt. 
Up  to  the  present  time  the  possibility  of 
any  question  of  public  sale  of  tea  being  dis- 
turbed) and  annoyance  sprung  upon  the  mem- 
bers of  the  tea  trade  assembled  in  the  publi* 
sale  rooms  by  individuals  of  this  trade  who  wish 
to  contend  that  the  public  sale  room  is  a public 
rooms  and  that  therefore  the  persons  coming  into  the 
public  sale  rooms,  either  members  of  the  tea  trade  or 
otherwise,  were  not  bound  to  observe  the  accepted 
customs  of  the  public  sale,  room  for  sale  of  tea  by 
public  auction  is  absolutely  futile,  for  the  public  sale 
room  is  a sale  of  tea  to  members  of  the  tea  trade 
only,  assembled  in  public  to  buy  tea  in  market  overt 
by  public  auction  in  contradistinction  to  private  sal(j 
in  market  overt. 
