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THE CHINA PROVIDENT LOAN AND] MORTGAGE COMPANY, LIMITED. The eleventh ordinary general meeting of shareholders in the Chins Prevident Loan and Mortgage Company, Limited, was bold at the offices of the General Managers, Messrs. Shawan, Tomes & Co., yesterday morning

THE HONGKONG DAILY PRESS, THURSDAY, JANUARY 30TH, 1908,

**COMMITTEE,

HOME-TRADE.

WHISKY

about 274,000,0001b, which is 4,000,000lb more

The quantity cleared for home use will be KING EDWARD VII LIQUEUR than in 1906, and 16,000,00015 more than in 1905. The kuoroase upon last year's high total is surprising in view of the dearness of the grades that form the bulk of so many retailers Bales. After the advance in the spring it

WHITE LABEL.

Shewan says, we have not got our capital sunk

There have been several changes in the Com- In some particular businəmi with large stocks and machinery which one day might become 'ussione mittes. Mr. W. A. Cruickshank left for homo, owing to improvements. I personally think and Hon. Mr. Henry Keswick bas taken his this is a company in which the widow and orphan place. The Committes now consists of Mr. might put their money and fool fairly seanre, and A. G. Wood, (Chairman), Hon. Mr. Honry I am very pleased Mr. Showan has rather opened Keswick, Hon. Mr. E. Osborne, Mosur. D. became se diflemalt to make a sufficient profit on PERFECT IN MELLOWNES, AGE AND Mr. R Shewan presided, and there were out in his remarks as it will give shareholders Law, G. H; Medhurst, H. E. Tomkins, and A.1, them that everything in stook was used before

FLAVOUR, present Mr. H. P. White, Dr. J. W. Noble, confidence, and I thoroughly believe all he says. Mosars. J. B. Van Buren, Chow Hing-kee Consulting Committee), J. A. Young (Beore- ary), J. M. F. Machado, G. C. C: Master, B. Hancock, J. McCubbin, EW, Torry, Fung Wa-Chau, U Pai-ou, U Ifing ki and U Poi-yab The SECRETARY read the notice convening the meating. *.

The report and accounts were then adopted. Mr. MACHADO proposed the re-election of the Consulting Committee, with the addition of Mr. U Poi-on.

Mr. Ford WA-CHUN Seconded, and the motion was carried.

Messrs. A. O'D. Gourdin and W, H. Patta were re-elected auditors on the motion of Mr. McCuBBIN, seconded by Mr. TERRY.

The Cairntas-That is all the bnafress, gentlemens dividend warranty are now ready.

THE CHINA ASSOCIATION.

The CHAIRMAN suid-Gentlemenz-The report and accounts for the year 1908 have been in your hands for some days so, with your permission, we will take them as read on this occasion. You will have soon from them that we are able to pay our asual dividend of eight per cent and add 20,000 to the Reserve Fand after writing off $8,000 from our profils to most depreciation of securities. This, I hope

The Hongkong branch of the China Asocia... you will agree with me, is a very favourablation holds ita annual meeting to-day (Thursday) result in a very unfavourable your for business at four o'clock. Following is its annual report: throughout the Colony. As you know failures

in Chinese commercial oiroles have boom num

BUSINESSLIKE REPORT OF LOCAL BEANCH.

unl

The

8. D. Conelend (Hon. Storetary).

ACCOUNTS,

These show a gredit balance of $368.42.

G. WOOD, Chairman.

elaaring fresh applies. A falling-off in do- lirerios was expeated, but it is now made plain RIGHT WHISKY TO TAKE. NO ILL that the old daty-paid stocks have-been-worked

EFFECTS... of. This depletion of invisible supplies, do-in- oldent with a decline of 7,090,00lb in the Batity remaining in bond, is a disadvant- Following are extracts from the correspondageous position for consumers, because it has ence appended ?

H. B. H. Consulate-General.

Canton, 6th November, 1906, Bir,I am in receipt of a despatch from B. M. Minister to the effect that he is instructed by the Secretary of State for Foreign Affairs that your Company's claim for $150,000, the estimated consequential loss owing to the piracy of the 38. "Sainam," cannot be sup por fed. A claim for your direct losses and for those of passengers would however in his view be reasonable.

I am instructed to ask that as far as practic able vonohers or certified copies of vosqbers

· P. OPRIETORS

THE DISTILLERS CO., LTD, EDINBURGH.

SOLE AGENTS:-

them dependent upon a continuous full supply. Any cheek to it, auch ne might follow. apon drought in India, or be caused by the would make the market sensitive to a degree lighter orops which some expect from Cylon, that would compel retailers to cease selling at TELEPHONE N 135 the low rates still ruling at the counter.

Various theories are advanced to account for

$15 PER CASE

BUT WORTH MUCH MORE,

H. PRICE & CO. LTD.

WINE,--SPIRIT & CIGAR MERCHANTS,

of our growths until this year. For instance, į 17000,000lb of Indian & Caylon, with 68,000,00016 contrasted with only 8,000,000lb of our growth of Japan and China, were imported last-season,"

but this season we have not done so well, es and 80,000,000lb of the others six years befor

America has taken less from us and more from Chino, which is attributable to the dearness of

the growth in the use of tea during the past two years, but it is evident that dislike even of its reasonable use, once existing amongst those who had experienced the evil effect of its miaus is giving way, and that the great value of tea as aperto nutrient torm which has been used by no less an authority thao Dr. Jona- than Hutchinson-is now generally recognised. There can be little doubt, however, that our free the biust of Indian tea they use. In view of The last report was issued-in-December, 1908, should support each item, and would therefore consumption has been promoted by the large the vast sums spent by planters in promoting

distributors baring branches everwhere who

the sale of their ten in the States. this set-brak orous and our business of making loans has the present is intended to cover the period ask you to supply these together with duplicate refused to raise their prices when the market advanced, and went on selling at la 2d, which

to our trade is disappointing. It would seem that the sort of commercial Traveller wanted compelled their trade rivala tendo the same. It is most improbable that so much would have there aud on the Continent is one who will ben und if in the centres of dense and poor teach the value of ten itself not merely that population none had been procurable under 18 fox-c-ffee hinders the use of ten in one kind is better than another. The craving or 16d per ib. This action of the trading companies, though hard ap n the grocers sed the States; its sensumption-wiges about. pondemned by those who fail to disosra its effect 936,40,00016 year, equal to 10 per head has certainly been advantageous to produceres use, plus soms 800,000lb of chicory showing goutra tel with the 3,000,000 a year that and the public

that we consume under the name of "coffee less than b per bead per annum, against nearly 6 of ten.

a

from then until 31st December, 1907. questions which have occupied the attention of the Commitise have not been of so momentous character as those dealt with last your, and to great extent the work. has consisted in giving pur noport and influence to representations made wy other branches. The London Com mittes have not followed up their plan of lest year of Yasuing an interic report; 'there is, therefore attached to this report copies of such correspondence exchanged during the year as may be of interest to our members. The follow-

required more than the usual amount of thought and consideration. Whether you choose to put it down to good luck or good management the fact remains that we have come off exceedingly well in the matter of bad debts in a year of heavy loss and unsatisfactory trade all round, nor do any of the onus now in our books give us any particular anxiety. In regard to the accounts it is of course regrettable that we have to provide a touch to cover shrinkage in value of our investments, but as you all know, we are not singular in this respect, alt stocking art the prinsipal snbjouts which have come and shares having suffered from the prevailing before the Committee:- depression and dropped to figures much bolow their normal value. Our holdings of Light and

**SAINAM PIRACT.

copies of your claim on the lines laid down by Sir Edward Grey. The Chinese passengers claims should be carefully investigated as you in such matters it is customary for natives to do.btless know from practical experience that

laim much more than they expect to receive I am, &c,

R. W. MANSFIELD

Consul General. W. E. CLANKE, Esq., Socretary,

The prevalence of tea-drinking amongst us is Hongkong. Canton & Meas Steamboat Co., not realised until one recalls that the Indian and Hongkong.

Ceylon varieties now and make approximately 50-per-cent, more liquid measure than can be brewed of equal strength from the same weight of Chias, and that whereas oat of the 180,000,0001b we consumed twenty years ag

early 60 per cent, was Chins ten, there is now only 3 per emt. in 271,000,000lb. Measured

surprising

12 QUEEN'S ROAD CENTRAL,

ECZEMA RESULTS FROM RINGWORM

Child Suffered Three Years From Running Eczema of Head-Doc- tors' and Chemists' Prescriptions Fail-Head Now Clean and Free "From Sores-In Three Weeks.

CUTICURA EFFECTED

A MARVELOUS CURE

"It is with much, pleasure that. I write to inform you of the successful result of the use of Cuticura, Soap and Cuticura Ointment, which I used for u running, eczema on my child's head, being the after result of ringworms. I bavo bad lotious from the doctors, also from different chemists; but they did not have any effect on it. But after

with Cuticura Soap for about threa weeks and, using about half a box of Cuticure Cintment. I am pleased to say that my child's head is now por--- fectly clean and freo from any cores, which I must say sewing a mārvelous oure after three years· suffering- shall be pleased to recommend the Cutleurs Remedies to any one, Mrs. 4. Grant, 82, Bronson Road, Raynan "Park, Surrey, March 10, 1906,"

Power shares however show a profit at 86, torceived that the British Government had, after Peking to the effect the H, M. Prinsipal pints, the increased guastity we now drink movement in value its foros and stability, on constantly, washing the child's head.

H. B. M. Consulato-General, [* Canton, 8th February, 1967. SIR, -Referring to your letter of November 15th lost, I beg to inform you that I am in Early in the year a communication was re-receipt of a telegram from H. M. Minister at

Secretary of State for Pereign Affairs, after consideration of the representations made by the China Association and the Hongkong Chamber of Commerce, is unable to allow the claim for consequential damages.

average cost being about 85, and in reference consideration, declined to support the owners of to these shares I would like to explain that we the "Jainam for consequential damages arising did not specially select them as an investment

out of the Chineso piracy of their vessel on for our reserve, but they came into our posthe 13th July 1908. This decision was rec ivad sion to the outcome of our bransactions with

with much ragret by the Committee, as it was that Company, which resulted very profitably felt that only by enforcing an indemalty com- for us. Basing the shares thus on our hands pensation could the Provincial Authorities be we earmarked them to the Reserve Find, but if induced to taka serious measures tos uppress the we had had any choice in the matter wo should piracies. -have chosen a less speculativo azã more easily realisable stook for the purpose. However, we can make better use of the money in our ordinary business, so we have now, as you will notice from the balance sheet, withdrawn the shares from the reserve, and will dispose of them from time to time as quickly as possible.

I am instructed therefore to proceed with the presentation of the claim on the lines communicated to you in my letter of Novemi- ber 6th fast-I am, &c.

B. W. MANDFI1 L", Conaal General W. E. CLAEKE, Esq, Secretary,

Haugkong, Canton & Macao Steamboat Co. Letters about the thrantoned eplum monopoly have already appeared in our columds and the Tivulsin Post Ofles question has also had its details ventilted, but the following looks freeh :-

In-consideration of the foot that the British Foreign Oflse took a lenient view of the Chinese Government's responsibility in the matter, it is not surprising to find that the small claim put forward for natual damage done, and compensation for death and injuries, is still outstanding The aircumstanes dears out all previous experience of Chinese official tasties

Colonial Secretary's Office. and justifies the arguments employed by us in ̈

Hongkong, 28th November, 1907; Bir-Referring to your letter of the 26th representing the case to the London Branch.instant, Fam directed to transmit the enclosed Now it ouly remains to hope that the expe- copy of a statement, which was forwarded to dient of placing a patrol of Dritish gunboats and the fienteín Chamber of Commerce on the 16th destroyers upon the Delts, until satisfaction for instant, showing how the estimated deficit on the outrage has been given, wil indogs the the working of Tientein Post Office has been

calculated Chinese authorities to take up a less obstinate attitude towards this particular claim and to provide against any recurrence of the troubles which led to it.

You will see that in accordance with the decision come to at the meeting of 26th October, last we have paroled the property known as the To On or Ku g'Yik Godowns for $350,000 plus 84,250 Court fees, legal expenses to From all we have soon of the business so far we are quite well pleased with its prospects and feel antisiled that we have made a very good bargain in your interests, for anyone who knows any thing of the value of properly in that district will tell you that the price paid is a very low one. To cover interest on the cost we have a steady income from storage, which, we feel sure We can increase, I need not enlarge upon the advantage of now baring the goods. Upon which we make advances in our own care in our own gedowns, To provide for the pur. Ordinance, which have been practically adopted chase of this property the paid up capital ofia tho Ordinance as passed.

the Company was incressed to $1,250,000, in accordance with the resolution passed on 26th Uctober. last.

There is only one other matter to which think I may refer and that is the low market price of our shares. It is not a matter that comes within the jurisdiction of the general miungere but my attention has boon drawn to the point by shareholders who have asked me to give you my opinion at this meeting. All I oan say is that I consider the shares are quoted at much below their real value. It is not as if our profits were problematical or our business a speculative one. All our advances are covered while in the case of Provident Loans the margin of security increases with every monthly payment. At the most the greatest risk you run is of an error in judgment on our part in advancing too much on the security offered, but considering how our advances are rollered the riskin that way is reduced to a minimum and so far, although lotees are to be expected in every business, ours have been few and far between and very elight at that. I have no desire to boom the Company's shares for that is an operation that always recoils on the heads of Directors and Managers, nor can I prozonaca an epicion as to the trio market value for that depends on supply and demand, and we all know that the demand is poor just now, but if you

COMPANLEB (TEBATY POETS REGISTERS)- ORDINANCE, 1907.

At the anggestion of the Shanghai brauch representations were made to the local Govern ment for several altorations in the proposed

OPIUM MONOPOLY,

The Military contribution levied on the receipts from the office has not bein included. I am, &c.,

F. H. MAY, Colonial Secretary. The Secretary, China Assosiation.

STATEMENT. Revenue: Stamps, etc. based our return of 1st

$8,168 oight months of 1907

+4

Estimated decrease due to action Rome Convention in raising weight. from 15 to 20 grs. and 2nd rate 6 cents instead of 10 cents taken at 30 per cont.

Expenditure. Personal Emolumente... Other oburges.

Share of stationery, cost of stamps, etc. Transit on mails from Tiontain, based ou actual returns

1985 34,833

A letter was received from the firms interest Estimated ingroase of business 10 per cent 463 ed in the Opium business calling attention to the fact that monopolies were being established at Noaking and other places in contravention of clauses V and X of the Treaty of Nauking of 1842. The Shonghai branch had already dus- patched the following telegram to London on July 11th :-" Ars informed Viceroy of Nan- king arranging Opium Monopoly recount Chinese Government. Ching Association Shanghai without expressing opinion opium question, desira, strong protest Foreign Offica against monopoly. Apply David Sission & Co... fall particulura." The committee resolved to wire Londen supporting the Shanghai tele gram and also to support the Icoal Chamber of Commerse in the action they were taking on the same lines.

INSPECTOR GENERAL HIP OF CUSTOME

In view of the reporte. retirement of Sir Robert Hart and the appointment of bis acosor, this committes joined with the Shanghai brauch in representing their views to the Lon lon Committee.

TIENTSIN POST OFFICE. On the threatenei closure of this office by. the Hongkong Government a communication was received from the Tientsin branch of the China Association, asking this committee to

The figures for eleven November 30 are:

Home Consumption. 1906. Indian Test Coylon Tea.... China Tea Java and others.

months

Busines with other countries is not sufficient to influence the market, but by adding it to what is done with the large customers a total is than litherto is being used cutside the United reached which shows ounelusively that more tea Kingdom. This is what has given the upward it is a matter of the greatest importance to the East Indian growers, who see in it the fruition ending

of the hope that hoe ophold them during the --- 1967. year of discouragement caused by the high 145,519,0 Old 150,314,000 taxation here and its depressing effect apon

86,076, 001

81,266,001 prices. 5,306,00016 8,852,000lb 12,287,000lb 19,640,000lb

or 249,188,04,016 254,072,000lb It will be seen there is an increase of Ladian at the expense of Ceylon tea, and that more China has been used, as the sequel to the large purchases of its common fea by the trade at low prices when the other kinds dvanced. There is inquiry for ina China tea; and more might be sold if it were obtainable in quantify, but owing to careless cultivation favour and quality bare deteriorated, and but

Total

THE ADVANCE AND ITS RESULT. In our review of events in 1906 we traced the origin of this movament, showed how the caces of depression wore being removed, and explained that the trade was entering upon a fresh phase, Befers many weeks had passed. some of the London buyers became impressed with the altered position and began to bid eagerly their lead was followed, and the value of all kinds cent, from the lowest point. A substantial gain advanced, common tea rising as much as 1-0 por

to producere resulted, the average price.ob'ained than for the previous one, and when the planting for the Erdian erop being per pound higher little of the Bas black tea that used to be so popular is now prosarable and what there is companies pablished their balance sheets it wa costs too much for general use, while the found that all but a few, which had incurred. ordinary qualities imported cannot hold their exceptional expenditure, were able to show ground in competition with good tea grown olss.larger profits than for years past. The average

dividend paid by nighty-seven whore and sold at the low rates now current, i... between 9d and Is par ponad in the market. companies on £7,930,010 of ordinary share This has hastened the supersession of Chian tea caplia including those which paid none, rose by our growth in one country after another. ta B par noot, against 2 per cent. paid the your This process goes on as far as our annual output before; while seventy other companies registered permits, for large though it be it is far short in India, with a rupes. capital equal to of what could be taken it we could supply more £3,514,000, paid an average of 7 per cent

against 5 1-3 per oant, in 1906, The Ceylon and were to sell it cheaper than others.

coza panies also showed better results, but not to quite the same extent, as many of them had closed their accounts before the advance took place. Their turn has come this year, and socae reports lately issued show that much better profits have been made, especially by those who Lave cocos, plantations as well as tea, and are strandy getting some yield from their rabber

trees.

of those

MILLIONS

Of Women Use Cuticura Soap and Ointment For preserving, purifying, and beauti- fying the skin, for cleansing the scalp

of crusts, scales, and dandrut, and tho stopping of falling hair, for softening, whitening and soothing red, rough, and sor bands, for annoying irrite tions, and ulcera. tivo weaknesses, and for ny suna tive, antiseptic pur- 'poses which 'mclily Buggyal thernantveš, Be well as for all the purposes of the toilet, bath, and nursery.

ILFניג

Complete External arul Internal Treatment for Every/Humour of Infants. Children, shof Adulte enn- Kisty Cuticura Sump to Clostne timHkin, Quejara Gintungot ve Heal the skin, ngų Ciliegra Resolvent

The Bo Depots, London, 27, Ciprtentouse 81: R. Corna. A Co, Kadney?Lernen, Cape Town, el., F. I. FAKU Calcotia, Polter Dinucand Chem. Corp., Hele Props,

Pull-fres; Cutletru Book on ski DiscusCB.

Costcu) thunt thr wür

48-14

COLONIAL AND FOREIGN TRADE, Whilst the use of tea has been increasing in this country, as already shown, a corresponding movement has been going on elsewhere during the last two years, except in the United States, with a twofold reauit: a larger quantity has bg-bought and higher prices have been

cheapest instead of the boat should prevail, not alablished for the sorte in most demand. The

only here but in America and Australia also, offset of this was greatly, to enlarge the export Since the animation in the spring there disappoints many hopes, injures the sale of good tea, and discourages its manufactam, to which from London Inet year, as well as from countries have been factastions in activity and value, of origin, but this year some of the foreigners but the net resalt has been to raise the price some. recent importations from Caylon bear have preferred to bay more in India, Ceylon, af Ceylon tes sold by the growers in Londen witness, and its ultimate effect will be to lesson or Chine, and less in London, which has this year id per pound, and in Colombo id the quantity of fino tos made, but it has brought reduced our re-exports by about 9,000,000lb. 85,096 The increased purchases from growers willing per pound, while the Indian tea of the new good fortune in planters in the low country in crop, of which about one-half has been dispoard Ceylon, in Java, Travancore, Cachat, Sylhet, and to sell in Colombo and Calcutta, cause some of, has given sellers in London, newly the Dooars. Some of the lattor bare rather short 84,608 concern here, because it is diverting much more, and in Calenttta Tad more than in 1906, crops, bat they are nearly all doing well, and the 690 that would otherwise have come to this The large advance in the latter market is dus value of the sorts they make should be main- 120 market, and the vatoome of it cannot yet to the greater proportion of common ben sold tained next year, if it does not still farther be foresen. It is claimed that the conditions ther, on which the rise ranges from 21 to 31 advance Vory little information about their at terms of sale are in some respects more per pound. A point worth nothing is that the position has yet been made knows, but when advantageons in the local markets than they are advance has not been aided by cutaido epecula- those who are working in the districts named here, and the objection to selling anywhere but tors, who are seldom to foolish as to touch tea; make up their balance sheets it will be found in London seems to be lessening. There seeme nor by Bresse on the part of importers, who that many of them have made largo profits; to be no alternative to the London buyers bat usually sell freely as their shipmytis arrivo; some of them may even excel the fiue perfor E autbid the foreign and Colonial operators in mor has it been caused by say fail of atops, mance of the Dooars Company, which from order to attract here what is required, for we for they have bosn abeundant, and at no time 8,000 nores earned E40,000 last season, and it cannot do without British-grown tea, and it has there been scarcity, be retion for it is will be done in more than one distrist. Thoro there is not enough for all some one else must that instead of having to deal with over pro-are conditions, however, adverse to many 1,550 be content with less of it

it until the output of duction, the total obtainable from all sources is growers, though not in an equal degree to all; Inding tea increases.

now barely enough to meet all d mands. Authore is difficulty in getting suffisient coolies. $12,1-38 The Russiace are now the largest of these increase of id per pound does not seem to be of and the cost of labour has a tendency to rise 500 operators in Caloutis and Colombo, sud their great consequence to growers until it is known while the dearness of rice entsile incrassed transactions have material influence upon the that their net profit on manufacture was pro- expenditure, pointing to the probability of a $12,536 market, az in addition to what they buy for the bably not much more than lid per pound in slightly increased cost of production. Lose if Military contribution is not taken into Empire they take our low grades, dust and 100% or more than 2d per pound in 1908, and

THE POSITION OF THE RETAILERS, account $12,536-$5,086 7,440.

siftings, for their brick-tes factoris in China, that this year's advance has added, 2500,000 to where tableta, ks, are made for Asistio con- the revenue of the Ceylon planters, and should

The change in the position of the market has sumers. This bus news has an annual catpat add £750.000 or moca to the reosinta of the not been so agreable to the home traders who of about 80,000,0001, and it door Indian growers, with the effect of substantially supply the public as it has been to the planters, through which great deal of Indian and raising tbo presant vaine of their properties. brokers, and merchants. Cost prices being Ceylon tes is now passing into consumption,

higher and retail prices generally unaltered. Inalading what has been bought for thes The price of Lan, however, is only one of many the middlemen's profita have diminished. – This factories, the 1 ussian merchants have things which affect the position of producers;

has been especially folt by the single-ship taken direct from our groners up to Novemb the ate of their gardens and the conditions in and lean soverely by the blenders and about 45,000,000lb, compared with about under which they are working am of primary provision dealers with a very large trade. The 20,000,0001b last

while drawing season, 5,000,000lb lesa from London. From China pertanor. With regard to this, the events of way in which the grocers have been affected the year confirm the opinion that Indian estates

Cost of trungit for mails from Bhanz: 6,108

Chang- har to Tientsin through Chinese Port· Office, which would be saved if there was no British Post Offee at Tientsin. 3, 60 $13,886 Reduction on transit rates due to ac. tion of Rome Convention principally on (A) ...

Increase of business...

If Military contribution is taken into account oss is given by (+$5,096) (1—20-100)—812,536. Loss 10,574.

THE TEA TRADE.

THE ADVANCE IN VALUE AND ITS RESULTS. The complete statistics for 1807 will not be pablished by the Board of Trade before January, bat it is unnecessary to wait for them in order

POSITION OF THE PLANTES.

cat!

will see that intrinsically the shares are worth petition against such closing, or at any rate to to record the fact that amongst all else that has they bars so far ta en 34,000,000lb, against are capable of being made very productive bebe seen by examining the price lists of on a division of the assets at least $11 each. Lask for an ex toasión ofrimo until the outward been encouraging in our commerce this year the 95 000,000lb in 1996, Australia and New by means of the high cultivation and scientifio Ma firm of blenders for the trade. In

moved the adoption of the report and axonnta the more so as the Hongkong post office would free, aud the paople's food on the lovied. in Australia by the new tariff on small tion is the estimates to be made, and there is month thirty-two blends were offered, of which

and if you will remember that those sets are mails had arrived which were posted at the rats liquid or easily realiable, aud.not sunk in plant applying to the British Empiro dependencies and machinery or unsaleable stook you must The Committoo word informed by the agree with me that ours is one of the soundest Government that the reason of the closure was stucks in the market, and should certainly be in a financial one, as the estimated loss would be better request. - Inball he plotead lonnawer any about $7,000 a year, and it was falt by this questione shareholders may wish to ask.

Committee that it would be unfair to the Hong. There being no questions the CHAIRMAN kong taxpayers to ask them to pay this loss,

BB presented.

probably lose $100,000 by the recent decision of Mr MASTER-May I second that motion the Postal Congress to raise the weight to be And may I say on my own behalf that I listened carried for Id. fo 1 oz., sto. It is satisfactory with great pleasure to the Chairman's address to note that the Tientsin Municipal Council and I think shareholders must be plessed to hes guaranteed the deficiency for a year, and hear his risws as to the soundness of the that the oflos is to be kept open for that Company. Personally I always wondered how period. In the meantime the Tintain branch it could some a smash except by extremely bad is bringing the matter before the Imporis management, and would certainly not do Government with a view to the latter making

of this branch. he support ticularly Mr. Robert Showan, the injustics of assured of the

CHAIRMANSHIP. thinking they could not manage it.

Mr. BHAWAN--Thank you.

untaxed.

1909, when tea was depressed, forty-eight tea trade staude out marked by consistent Zealand come next; they have already taken manuring now in vogue, as well es by increased different lines were on off r; the lowest being at dativity, accompanied by a moderate degree of about 30,000,000lb from Calcutta and Colombo, yield from fresh plantings. The returns show 54 duty paid, with twenty-two separate blends prosperity for the planters, merchants, and compared with 27,000,000lb in 1906, while from that 22,000,000lb, were obtained from 520,000 for grocers to choose from between that brokers engaged in it.. But to no one hay it China they have only bought about 2,000,000lb, acres in 1905 and 940,000,000th from priss and 1s id par pound. In March. 1907, brought so much guin as to the Administration, Their total consumption amounts to about 530,000 acres 1903, while the yield this after the rise, the number fell to thirty-eight, which line derived from it no less than £3,700,000 33,000,000 a year, a large quantity for a white season was so good at first as to foreshadow the lowest price was 11d daty paid, and in the form of toll, at the rate of £2 is 3d on population numbering less than five millions of 250,000 000lb but & short- fall there were only twelve kinds offered up to avery 100lb chest, before allowing it to reach Tea is free of duty there, except for ld por: It of best at the end. has obilged a great reduc- 18 18 per pound. At the beginning of this the consumer.a singular part of those who say that

I ought to be

packets and cases, for protection of their own now some reason to fear that the supply avail only six wore quoted from Is 0% to is Id duty London's stars of the business has not been packers against those who employ coolie labourable for this market will be maohiers than was paid. This illustrates how difficult it is for the

outside.

received last season. The Ceylon estates have grocers to meet the competition of the large so large as before; less has been landed here,

Canada is also a large bayaf from us. This

ine yield again. In 1905 the exports trading companies around them which go on and the beginning of a larger direct trade with year's figures are not yet available, but laat Ba

given a Liverpool and Glasgow, helped by cheaper on 21,000,000 of Indian and Carlon were mores bearing, but in 1906 they fell to about make a fair profit, but they have a sot-off in were rolurned as 173,000,00013 with 3-6,000 selling at Le and 18.2d per pound. They cannot transit, is notified from Caloutts, less has been imported, with 4,230,000lb of Japan and 1-0,090,CCO1b while this year 180,000,000:b. wilt being able to make more out of the higher priced brought for shipment abroad, and though mero 3,165,000lb of Chine. How Canadian trade has be slipped, notwithstanding the rabber trees qualities, and it is to the grocers that producers private dealings are reported, the Mincing-lane turned in our favour is seen by comparing this now growing upon part of the planted area.

mast look to persuade the public who can afford anations hare dim'nished by 240,000 packages, with its importation a few years ago-viz, only The Business of some of the retail vanders, 7,850,0001% from us, 11,670,000lb from Japan, there has come this year a somewhat commoner monest obtainable, nad to pay a reasonable price

With the heavy crops made in several quarters to do so to buy good tea instead of the com moreover, has not been so highly profitable to aud 4,480,000lb from China,

type of tes, which shows that plucking has been for it. The position is becoming strained for them as it was when tea was gheaper, but The United States present a perplexing dons with a heavy hand. It was only to be all these retail vendors, great or small, whose

this, the close of the year finds problem, for, although their population in the trade healthy, market.:

-importation of tea has declined sings-1904, a would lead some of them to recognise that the and when their customera-begin to feel it also injunction against coaree placking a useful it is possible that the cry for a lower tax will by was only 85,000,000lb last season, to provide for formals when common tea is a drug in the raised-not as heretofore only by the planter, como-84,000,000 people, whereas more than market-could be safely set aside when low but by consumers and the trade. It may then, 20,000,000lb used to be annually taken when grades were so much wanted and most remunera perhaps, be heard in the House of Commons, the population was about 70,000,000. There. Live rates obtainable. That demand for the Daily Telegraph, December 28th, has been a steady movement, however, in favour

Messrs, Shewan Tomos and Company and par- good any deficit and in this they have been notwithstand with sa aotive and hardening oreuses by about 1,000,000 months a year, their pected that the intelligence of the plantare business is principally in the lowest-priced tea,

Mr. MASTER-I have always wondered why those shares bare stood so low because, as Mr.

On the departure of Mr. Murray Stewart for home in April, Mr. A. G. Wood was pleated in

le place

Four features require special notice, viz. The large home consumption, the growth in the usa of tea abroad, the substantial advance in ralar, and the fresh proof of the productiveness of the Indian and Ceylon plantations.