The Sun.
London, England, 1835-04-15 00:00:00

THE EAST INDIA and CHINA TRADE

Yesterday a numerous meeting of the merchants and
others interested in the East India and China trade took
place in the principal sale room of the East India House, a
strong competition having been anticipated among the ca-
pitalists and the East India and other Dock Companies to
obtain possession of the East India Company's warehouses
in Crutched-friars and Billiter-street, which had been de-
clared for sale. The warehouses are the more desirable as
they will be allowed by Government to be continued as
bonded warehouses for East India and China produce.
Mr. Hoggart was intrusted by the Directors of the East
India Company with the duty of disposing of the property,
and, on taking his place in the Court-room, stated in detail
the nature of the property he had to sell. He first put up to
competition the warehouses in Crutched-friars, which were
built in the best manner by the East India Company, ex-
pressly for warehousing teas. The warehouses, he said, oc-
cupied an area of 27,286 superficial feet, and were capable
of housing 12,761 tons of tea. The principal portion of
the property was freehold, the remainder being held on
lease for a term of 999 years. The land tax of the
property was redeemed by the East India Company in
1800, at a cost of 2,295/. The auctioneer stated
that, by a letter from the Secretary of the Trea-
sury, the Lords Commissioners of his Majesty's Trea-
sury had signified that these warehouses would be
allowed a license as warehouses of ordinary security
for warehousing goods imported from places within
the limits of the East India Company's charter, if
they became the property of persons whom their Lordships
could approve of as warehouse-keepers under the Revenue
Laws. The auctioneer stated the capacity of the ware-
houses, which the purchaser could have iina-s.‘,!iatelv at his
command, and it was fully expected that by Michaelmas
the stock of the Company's tea at present in the buildings
would be cleared out. The premises, under the present sys-
tem of free trade to China, were a most valuable property.
It had been stated that the trade of the port of London
would fall off, and that the trade in tea would be diminished
in this port. He was not enabled to contradict such state-
ments, made too by those well acquainted with the tea
trade ; but he was in possession of facts relative to the ac-
tual condition of the trade at present. Already there had
been imported under the free trade system from China
11,120,0001b5., and there were eighteen ships on their
voyage home, containing 13,800,0001b5. more. Taking
every chest to weigh 80Ibs., the importation of tea into the
port of London would soon be about 25,000,0001b5., and con-
tained in 312,000 chests. The trade were well acquainted
that the East India Company kept a stock of tea in their ware-
houses equal to two years' consumption, and they were there-
fore obliged to stack their chests. This large stock would
not be kept under the new system, an more space
would consequently be required. The total importation of
the East India Company last year was 380,000 chests,
which, in consequence of the mode of stacking the stock,
would require much less space than under the new system.
The buildings he had to offer would have the favour attached
to them of being bonded warehouses, and if the usual rent
charged by the Dock Company was considered, namely,
one halfpenny per chest per week, a great return for capital
invested in the property would be gained. The warehouses
would hold 150,000 chests, and at one halfpenny each per
week would, extraordinary as it must seem, produce a re-
turn of 16,250/. a year, and after deducting all charges, a
net income would be left of about 14,000/. a year. If the
warehouses were filled only nine months in the year, they
would produce 9,5001. He therefore considered the pre-
mises worth 142,5001. After stating other particulars re-
lative to the property, the upset price was announced to be
.36,0001. A strong competition took place between the
agents of an extensive commercial firm and the East India
Dock Company, and the biddings ran up to 69,5001., when
a third bidder appeared. After some farther competition
the property was knocked down for 70,500/., the purchasers
being the East India Dock Company.
The next property offered was the East India Company's
private trade warehouses in Billiter-street, occupying an
area of 11,050 superficial feet. These warehouses, the
auctioneer stated, possessed every requisite for the accom-
modation of purchasers, were, like the other property, fire-
proof, and the property was freehold, except a dwelling-
house, built by the East India Company. These ware-
houses would also have the privilege extended to them of
receiving goods on ordinary security. The warehouses
were put up at 15,0001., and were sold to the East India
Dock Company for 16,000/.
The purchase of these premises by the East India Dock
Company occasioned much gratification among the members
of the tea trade, as it is considered that had not the Dock
Company possessed up-town warehouses to bond goods, the
produce of India and China, the trade to those places
would not, as heretofore, be carried on in merchant ships of
the largest class, for which the East India Docks alone
possess ample accommodation in the port of London. It
is, therefore, confidently expected tahe port of London
will continue to the principal depO hatr t
teas. The sale at-
tracted much interest in the city.

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