December i, 1891.] 
THE TROPICAL AGRICULTURIST. 
391 
B»)es of property, »n(3 is used now to bring new 
acreage into ciiltiTOlion. The Assam Company, whose 
dividends in the past four years liuve been nine and 
a-quarter per cent on tile average, tbe last two being 
ten, has twenty per cent of its capital in reserve, 
but of the others quoted in London none beats the 
Jokai in this respect.” 
The llETURNs. — “ Few investments of such regularity 
in the past and such promise for the future as 
the Jokai Tea Company,” the writer goes on to 
Bay, “ can be brought to yield £S 13s Id per cent, yet 
their £10 shares changed bands this week at £16. As- 
sam shares yield £0 9a at present prices. Darjeeling 
£5 143 3d,Jorehaot £8 5a, and Lebong £C per cent, 
the average dividends in the past four years in these 
cases being 9i, fii, HI and 6i per cent. Thus nearly ail 
the leading tea shares on the Loudon market can be 
bought to return over 6 per cent per annum. Of oonrso 
the industry is one exposed to considerable risks, both 
from meteorolrgioal and economic causes, but the point 
that must be insisted on is that, through admirable 
management both in India and at home, and through 
the establishment of reserves, theae vicissitudes have 
boon robbed of most of their influenoes on dividends. 
Hence, for those who desire 8i per cent industrial in- 
vestments— in companies whose adminielration is be- 
yond suspioiou. and whose position may very easily bo 
seen at a glaroe through the mi dium of such tables ns 
Mr. Esrusliaw’s and Mr. Soton’s— there is nothing tetter 
in the list than the Indian tea conipanie".” 
Last M'eek's Tea Market. —The I'toduce Marleta 
Itevim says The demand for the li.dian continues 
active, the moderate prices having stimulated the con- 
snmption and a large business has been tranaaoted. The 
changes in values have been unimportant, except for 
the oomrooD and undoAirabln gratfos, which are slightly 
oheaper, and diflicutt of sale oven at th*‘ lower quota- 
tions. The good medium teas, on the other hand, have 
been keenly sought after, eepecially Pekoes, which 
continue moderate in price, and so.loiig as they can ho 
obtained at present rates an increasing use of them 
may be expected. Pekoe Souchongs of good quality 
and giving a atroog, brisk infugiou have sold readily 
at previous values, and as the supply of these wifi 
probably not exceed the demand, toe present level 
of prices appears safe for holding a good working 
stock. The finest descriptions, which are not so 
liberally represented in the liter arrivals, continue to 
meet with a good reception at steady rates, while 
any breaks with exceptional quality oommuud extreme 
prices. At the public sales 38,190 packages were 
brought forward, and moslly sold at firm to steady 
prices for all excepting the commone.st kinds, which 
were easier. The late rise in p.ices of Ceylon teas 
has rather diminished the demand, and a.s the quantity 
offered at the sales this week has been eomewhat 
larger, competition has been rather loss koen, and 
prices in some cases are slightly easier. The qnallty 
of tho teas still maiijtains the late improvemc' t, and 
the greater care in cultivation and maunfacturo 
accounts fot the fact that many gardens now easily 
obtain Is per lb. against about the 8}d to 9d 
procured with difficulty in July.* At the moment 
the atatistical position is improving, as the imports 
for this month will undoubtedly be very small, and 
tho end of October will in all probability soo 
the stock reduced to 15,000,000 lb. Of ludiau teas 
the Qyocpt says:— “The maiket this week has been 
almost overdone with supplies, which have aggregated 
38,300 packages, and have caused oontinned langnor 
to prevail, 'fho samples, as may bo imagieed, have 
been so multifarious that tastings of tlie entire offer- 
ings have been physically impossible by a single 
vainer for a series or set of sales by suction, mid 
several invoices have been passed over as nit suit- 
able to tho existing demand. This accounts for the 
frequnicy with which many lots were retired in 
sileiioe as the anotious progressed, and when the only 
bids elicited were mncii below the valuations. As it 
The real reason was inipvoved meteorological con- 
ditioiis, leading to loss-luxuriant flushing and hotter 
ability to withor tlio loaf pi'oporly.— Kn, y. .1, 
was, all undesirable and thin liquoring sorts were 
realised without spirit at barely previous rates 
low pekoes down to (id per lb.— and a feeling of 
inertia was plainly evident in moat of the biddings 
that were made. Teas with quality alone engaged 
attention deserving the name, and these were eliiefiy 
taken off at full prices. 
UiiAXiL CiiFEEK Prospects.— Messrs. C. J. Leech 
k Oo., in their weekly oiroular, say:— “The in- 
crease in the world’s visihie supply, smouuting to 
28,00(1 tons, or, roughly speaking, 450 000 bags, 
during one mouth means that the stock will soon 
be considerably augmented, and with three more 
months of Brazil receipts on a magnitude equal to 
those of September, the famine period wiU have 
passed away altogether. Notwithstanding the heavy 
shipments, stocks in Brazil ports are increasing font, 
and the extraordinary course of the exobange this 
season is totally against any holding power on the 
part of tho Brazilians. It is, therefore, of para- 
monnt importanoe to watch the course of receipts 
and exchange. So far only some 1,500,000 bogs of 
the crop have been disposed of, leaving still 6,5(X),000 
bugs to find a market. A recovery in the exobange 
W' Uld go far to stem the declining tendency, 
but if, as wo hear, the weakness in exohango is 
owing to fear of a further ireue <,f paper money, 
there would appear to bo little hope of a permanent 
recovery. In oar oiroular of May 8th last we men. 
tioned that a dccliup in the exchange to 16 was quite 
possible. This week it has been as low as 14j, but 
oli'scs at 15 again.” ilessrs. Norton, Megaw, and Oo. 
cable that tloweriug ia gooil in Kio and Santoa. Messrs. 
John Bradshaw and Oo., of Kio, oablo " Ooming crop 
re ported in a favourable condition. Blossom indicates 
a large crop.” Messrs. C. W. Gross and Oo., of Kio. 
rs September flowering is almost nil-, that 
j well.” Messrs. Holworthy. Ellis, 
and Oo., ot Santos, cable: — ‘‘flowering good." Messrs 
Gustav, Frinks, and Co., of Kio, cab o:—“ Flowering 
irregular; expect moderate crop — perhaps 3,000 OCO 
bags.” Messrs. Wil (in, Smithett, and Co., in their oir- 
oular of the 13th inst., says: — Notwithstanding the 
moderate available aupplies of this article as compared 
with former yosra, the heavy decline reported in onr 
lint, hi.s ns yet receive 1 little check. The trade are 
nuwill ng buyers, as they hold a fair supply at a much 
higher range of price, and can only with diflioultv 
effect sales. At the same time the lower level now 
reached renders tho position more stable, and with 
m oonfidence, some reaction seems inevita- 
ble. Tho fortnight’s supply in auction was extremely 
moderate, ami consialcd mainly of Guatemala and 
Oolombiau. These met lower offers, but as importers, 
SB a rule, wore williug sellers, a fair proportion 
changed bunds at a dfelino of 3a to 4s from previous 
prices. Undesirable lots of various growths in secuiid 
hands were sold “ without reserve " at very low rates 
Very hesvy fluotuations have again taken place in the 
fpeculattvo markets, and quotations have fallen con- 
siderably tiosr months fnlly 5a ; December delivery 
wss quoted at 4*s. b 1 at one time, but a rise in values 
IB csliiblisbed, at tbe oloso, based ou romourB dia- 
advaiitageons to the blossming of the next Brazil 
crops. The latest anolioua also sliowcd signs of greater 
•teadiiifss and prices rather above vsluationa were 
obtained. Kio and Ssiitos shipments for the first three 
months of the season sraonnt to ;—18'.)l, 88,440 tons • 
1890, 71,040; 1889,58,390; 1888, 81,180 ; 1887, 24,480 : 
1886, 84,730. — J/. and ( Mail. 
Neiiun as a Oabinkt Timoer. — To show liow 
high in quality this timber is we may mention 
a oiioumstanoa within our knowledge. Tho ooeit- 
pants of a bungalow upoountry received a present 
ol a mirror, handsomely framed in dark walnut 
which they placed above their drawing room Are- 
place. A friend gave them a design for a handsome 
chimney pioee to form a base for tho mirror. This 
was made of nediin, wliioh, polished and varnished 
cannot bo distinguished from the walnut unlesi 
close attention is mvilod. 
