894 
THE TROPICAL AQRI0ULTURI8T. 
[June i, 1892. 
brokers cf late years, and a cousiderablo proportion of 
(hem appear nowadays to consider themselves no longer 
bonnd to act within the old and settled lines of trade. 
Itis the aommonest thing in the world for a bioker to 
act in one or all of the capacities of importer, nur- 
chant, wharfinger, dealer, or exporter, obtaining a profit 
in each capacity, though signing contracts as a 
broker, end charging a commission which is supposed 
to disclose the whole umount of bis profits. In addi- 
tion to this, there is, of oourse, a large pawnbroking j 
department in almost all leading brokers’ ofBcea, nut 
this may bo regarded aa quite a legitimate develop- 
ment of their buainoss as they make an open ebarage 
lor their servioea in this lino. It is here, in fact, that ^ 
the division lino may bo found. There is no objection i 
whatever to a man, who generally cilia himself a 
broker, and sots aa snob, obtaining any profit ho seus 
lit, so long aa be disoloses the fact, at the time of the 
sale or purcliaae, that ho is buying or selling on liia 
own aooaunt, and that in addition to bis commission 
be is making a gain wbicb he does not desire to 
disoloee. To such a course there can be no 
moral or legal objection; but it is very ditforent 
when an iutermediata profit is obtained without 
Buob disclosure. The question would certainly, 
Devrn in snob a case, still remain whether it is 
desirable for a person who is pnrporting to aot for 
A or B, or for both of thorn, to be in the posit on 
of a profeseional man accepting a fie for dis- 
interested advioo, when he was really all the time 
looking after camber one, and acting io bis own 
interest. But if A and B chose to agree to bis 
doirg so, it could only bo their judgment that could 
be questioned, and not the propriety of the action of 
the broker." 
BboKRBS who DKAL ABE NOT DISINTERESTED. — 
'• It is nowadays a very ordinary occurrence to hear 
the so-called brokers in the prodace markets state 
that it is impossible for them to U\e by 
their brokerage, that prices are so low that they 
could not exist on half or ore por oont,, while ox- 
pensea are increasing ; ao that the only melhod by 
which they can keep their beads above water is 
to oblain a protil beyond their brokerage. This 
state of things cannot be too widely koown especially 
among buyers in the country, who imagine 
that by going to people who call ibemselves 
brokers, they can get at the fountain-bead, 
ass by intermediate profits and buy as cheaply aa tho 
eslers who have hitherto snpplied them. To those 
acquainted with the working of the produoe markets, 
such a delusion wonld be so ludiorona that it could 
never occur. This is only one aspect of tho matter, be- 
cause the question arises of bow tho interest of the 
importers of commodities can be promoted by snoh a 
state of things. If a broker is baying on his own ao. 
conut, ho cannot be a disinterested adviser as to 
markets. Consoiously or unoonseionsly, his advice to 
the importer must be governed by the state of hi 
own stock, and by ths opportunities he sees of making 
■ profit for himself, beyond what ho disoloees. 
From the importer’s point of view, it is Bufiioiontly 
undersiable that a oommission could be jointly paid 
by tlie buyer as well as by the seller, but this sinks 
into iosignifioanoe by the sido of the fact that the 
nominal broker is, in many oases, the aotnal piirchsser 
on bis own account.” 
The SiLVBB Question. — It is the special plea of the 
bi.metalisls, aajB the Fimnoial News, that their theo- 
ries, oaried out in practice, would produce stability 
between silver and gold. It is notour intention to dia- 
ouBB the advantages ox demerits of a doable standard 
today; but it is worth pointing out that llie relative 
value today ef auouuoeof gold and an ounce of silver 
is, roughly, as 23 to 1, which is slightly different from 
the formerly-aocepteil ratio of 16 to 1. It is, however, 
of the highest importauoe that some approach to 
stability should be maintained between the two 
metals, and we understand that a oommittes 
has been formed with the spooial object of im- 
pteiaing npoo Mr. Gosoheu tho necessity of trying to 
create some stability between tlie two onrrenoios 
9f tbs Empire. What can bs done to pexmauently 
remedy the difficuiy is a problem wbicb iias long 
troubled the wisr St heads ; but until some solution be 
found there willbe an unavoidable element of speou- 
lation in the ordinary business of banks with Indian 
ooiineotiona, which is as undesirable fur the pnbiio ns 
itis for tho hanks themselves. If the manager in 
London carry on his liaeiuttss on ordinary lines he 
must Hustsiu a loss by a rontiuued fall in the lupee. 
On the other baud, it might be thought that the 
loss in London must be to the profit of the Eastern 
branches ; but, uiifoiinuately, experience provCa that 
this is nut by any means always the case. Aa a 
resnlt, nearly every Indian baok macager finds 
himself oompelled in self-defence to *' take a view,’’ 
and the bank has, againtt its will, to speculate in order 
to try and nv. id tho speculative risk* of con- 
nlantly lluetuatiug eiohauge. A considerable fall 
has taken place lately in the shares of some of the 
Indian banks, presumably on the ground that they 
must lose heavily by tbe fall in the rupee, which 
yesterday was only Is 2 15-l(3tha d. Apart fr m the 
special oirounistances of (he Moog Kong and Shang- 
hai Bank, it does not follow that any part of the 
capital of any of them is permanently gone. Mo doubt 
if their resources bail to be brought over from India 
to this conntry tomorrow, there would bo a serious 
loss; but tbe depisits of these banks are nearly all 
for fixed terms, and much is retained in London to 
disoonut Eastern trade bills and practically never 
leaves this country. — Jl. and C. J/ail, April Ist. 
SERMO SINENSIS. 
(Communicated.) 
“Wtdl, Awai, what's the news and how are pros- 
pects f” I enquired, as I took a proffered scat in tho 
great teaman’s sauotum. 
“Allow that tea news b’long welly bad, London 
market h’long welly oulio, that Mincing Lane man 
have got that tnferlenza, Loo-sha * man no got lioo 
(rather a bold Statement, I thought), and Melioau man 
welly sick along that silver pidgin. Plospix ! no got 
plospii.” 
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 oared to disclose of them, 
upon the present position and prorpcols of a trade 
with wbicb bis name bas been identified for tbe past 
thirty years, and ot which he peraouslly bas been tho 
bnroing and shining light for the last quarter of a 
century. 
Here a preliminary eraotatiou appeared to have the 
double effect of oloniing his throat and of freeing his 
ingenuous thoughts of that pidgin Eoglish dress with 
which he usually delights to clothe them, and bo de- 
livered himself of his views of tho situation much as 
follows 
“ There is no doubt about it that the China tea 
trade is in a bad, nay in a very critical positian, Itis 
fashiona' le at the present moment— but fashions 
happily change or they wouldn’t be fashions — ta place 
nothing but Injun and Saylong teas before the London 
pnbiio. To decry Obiiia lea, in fact to cry stinking 
fish, is tbe silly inspiration of (ha moment. And those 
most guilty of this defamatory practice are the very 
ones who have fattened and battened upon the profits 
of China loaf, for many a long year past. 
“ Perhaps there never was a time in tho history of 
the trade when the publio got such good value in 
China teas for their money as they are getting 
today, clean, pure, innocuous, and yot they 
prefer tho coarse, strong, astringent staff 
which India and Ceylon turn out by the ship- 
load. Well, if this isn't fashion, and a velly culio, 
fashion, too, I should liko to know what itis.” 
“ But you don’t think the British publio will take 
to China tea again, do you ?” I asked. 
"Can «eo, can savej. This year will present one 
of the last ohanoes of reviving our trade. If we send 
• ChiiiOBO form of “ Kooshia," of coarse. — Eu. 2'. .i« 
