FINANCE AND TRADE

New Zealand Mail, Issue 1648, 30 September 1903, Page 71 (Supplement)

FINANCE AND TRADE

The British Consul at Foochow, in his report of the trade of that port during 1902. has some interesting remarks on, the tea industry. He says:—The trade in tea has always been, the life-blood of foreign commerce at Foochow. It has for many years been a decadent industry, and on the causes of this decadence I animadverted in my trade report for 1901. In that document I recommended British merchants to make a bold bid for the retention of a market which appeared to he slipping from them by imitating the tactics pursued in Ceylon and India* or at least some of them. It was I confessed, hopeless to expect the native grower to adopt their improved methods of culture and manufacture, which-are, I doubt not, to be credited with the larger part of the success met with by the produce of Ceylon and Assam. The native agriculturist is so insanely and indissolubly wedded to the methods of his ancestors that, even when ruin is obviously staring him in the .face, he will consent to use no device which savours of novelty. The adder is not only congenitally deaf, b*ut he stops his ears into the bargain, however wisely the European may charm. I pointed out, however, that China tea, though its preparation leaves much, desperately much, to be desired, is in its essence an admirable article, and; thanks to its delicate flavour, can, even when handi-

capped by faulty manufacture, give points to the robuster Indian article. I therefore recommend the British merchants interested in tea to imitate the practice of their , competitors of the nearer East by making the wares better known to possible customers by the medium of advertising. I believe it to •be a fact that many people in the TJnit- * ed Kingdom would distinctly prefer to drink China tea if they/only knew where » to' buy it, but there is only one China tea company which advertises at all. My recommendations were widely admitted to bo well grounded, and one British merchant at Foochow strove earnestly to give my abstract counsels a concrete form, but liis attempts have not met with the success he hoped and perhaps anticipated. He gave the wheel of the Foochow tea-carb a vigorous heave, but it has sunk hack into the run, and, I am afraid, will remain “bogged.” No single effort could avail, and cohesion in the Far East tea trade appears to be a hopeless consummation. I remain of the opinion that in advertisement lies the only real remedy; for a sadden change in popular taste, which should replace the teas of China on the pinnacle they once occupied, would he too much of the nature of a miracle to be safely looked for.

The fixture of opening quotations for salmon this season seems to have been considerably deferred. Report has it, however, that a week hence something definite will be made known respecting prices for the new pack. It is generally thought that the season’s opening business in salmon will be productive of some interesting developments. It is well known that considerable purchases of good ordinary brands of salmon have been effected, in anticipation of present conditions. A number of importers, moreover, express the opinion that if prices of leading brands further advance they wifi onj!y buy very sparingly, especially as the fixture of opening prices has been held over to such a late period. There is little doubt thatl ea.bl iter foc/ughb 'fifrh w.fll P'f Jwe glad property. Last yeaifs catch and pack was by no means a large one, so that the carry over is comparatively small. This yeair, moreoveii, supplies from all x sources promise to show a shortage of pretty well 50 per cent., which means comparatively dear salmon from now right on till Lent. As other varieties of fish, too, are comparatively cheap, there does not seem to he much in the general condition of the market to induce extravagant buying in the direction of salmon, especially if prices are higher.

Reviewing the condition of-the dried fruit markets, and referring to tihe recent embroglio in the Greek currant-

market, Messrs Larughland, Mackay and Co., in their London market report, dated July 17, .write as follows:

The currant market in Greece remained very firm until this week, when it became somewhat easier and weaker. The total shipments to-all ports to the end of June are 141,959 gross tons against 139,130 gross tons at end of June, 1902. The trade has been in a condition of uncertainty for some months past as the outcome of the proposed monopoly by the British syndicate. The movement was regarded as finally disposed of, and the question dead, but recently serious rioting in -Greece again ocurred. and the Ministry of a few days’ existence only, resigned. The Greek people clamour for the monopoly, and the Governments of Great. Britain. Germany, Holland, and Italy have represented that they weald regard it as contrary to existing treaties. It would seem, therefore, impossible for any Greek Government to pass it into law, but for the moment the question is revived. In the meanwhile, and before the previous Ministry resigned, a law was passed assuring the growers a minimum price equal to 10s per cwt. f.o.b. Greece for provincials in half-oases. This, it is thought, will tend to keep prices on a fairly level basis, at the same time assisting the growers to obtain a remunerative return. As regards the new crop, there existed for some time anxiety as to the amount of damage caused by late fains, but fine weather set in and has continued favourable to the coming crop, which, it is estimated, will be of medium size should no further unfavourable circumstances intervene. The arrangements for direct sailings for Australia are that the D.A.D.G. line will despatch two steamers from Greek and Turkish ports, the first about 12th September from Patras, and 14th from Smyrna, and the second about 29th September and 3rd October respectively. It is thought that prices may be looked for in the region of 17s c.i.f. Australia, for first shipment. Favourable weather for the growing sultana crop prevailed) until recently, when rain set in, and although the vineyards have not so far suffered fears of the possibility of disease are entertained; otherwise a fair crop is looked for, and the latest reports speak of favourable weather continuing. The earliest opportunity of shipment of the

new fruit is the.N.D.L. steamer leaving Genov 25tli August, in connection with which shipment would have to be made from Smyrna stli August. The prospects for figs are very encouraging for a good crop. Quotations for new season’s Itehadrawi dates are equal to 13s 9d c.i.f. Australia for shipment by first tide boat. A good yield of Jordan almonds is looked for, and prices should be made moderate this season. The reports of the growing muscatel crop are favourable, and opening prices are expected to bo the same as last season.