The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1835-06-05 00:00:00

THE LONDON TEA TRADE.

.
On Monday there was a numerous meeting of the merchants,
brokers, and others at the East India House, it being the day
appointed for the commencement of the East India Company's
quarterly sale of teas. The declaratidn amounted to 4,000,000
lbs., being 2,000,110 lbs. less than were offered at the March
sale. The more interest was attached to the sale in consequence
of the large importation of teas—" new season" teas, under the
free trade system—and the consequent depreciation in prices,
but more especiallin consequence of the following notice, which
was issued by the East India Company on Saturday last:—
" The buyers of tea are requested to take notice that the upset
prices of the East India Company's teas, at the sales in Sep-
tember next, will be fixed at 20 to 25 per cent. lower than the
average sale prices which may be obtained at the ensuing sale
in June; the upset prices being for this purpose considered as
the sale prices in the case of teas rejected."
In consequence of this notification, the effect of which will he
materially to depreciate the value of the 'stock of' teas in the
hands of wholesale and retail dealers, the committee of the tea
trade met on Monday morning, and passed resolutions upon'the
subject, in which complaints were made of the course adopted
by the East India Company. The committee had an.interview
with the chairman and deputy-chairman of the East India Com-
pany, at which a representation was made of the injury that
would be inflicted on the trade, a number of whom were taken
by surprise. The committee were intbrrned of the necessity
which existed for the East India Company placing themselves
in an equal position with the importers of free trade teas, and
that the feeling of the Court of Directors was decidedly in fa-
vour of the resolution that had been come to. It was intimated
also that the directors would continue their sales to about the
same extent as the present.
As soon as the Hon. Hugh Lindsay, the'presiding director of
the sale, had taken his seat, application was made to ostpone
the biddings until the result of the interview with the chairman
and deputy chairman was made known, which was acceded to;
and when the committee had returned,
Mr. Twining apologised for the delay, and proceeded to ex-
plain that the trade had been taken somewhat by surprise by
the publication of the resolution before mentioned, so close
upon the eve of sale, for that, in fact, a large majority of the
buyers knew nothing about it until they entered the rooin. He
ventured als touestion the propriety of he resolutio itsel
for such .a determination, if adhered to, was unnecessaryn for thef, interests of the company and detrimental to the importers and dealers, who, in many instances, were fixed with a large stock
from the late arrivals of free trade teas. He had stated his
views in a memorial, which he would read. Mr. Twining read
the memorial, the prayer of which was for a substitution of a
ten per cent, reduction upon the upset prices in September in-
stead of twenty or twenty-five per cent., as proposed by the
court, with the addition of a further reduction of ten per cent.
for December, should the court of directors find it necessary.
He concluded by stating that, with a view to the interests of all
parties, the sale ought to be adjourned for a few days, to give
time to the trade to consider the situation in which they were
placed.
The chairman stated that, the subject having been already
considered fully by the court, it was out of his power to interfere,
and it was equally out of his power to adjourn this stile.
Several members of the trade addressed the court, in which
they expressed an opinion that it was contrary to the standing
orders of the court to reduce the upset prices without six
months' notice. and that the earliest reduction that could be
made would be.in December ; and that as this was the second
March sale, the act of parliament only recognising two 'sales in
the year, the calculation of the time ought to be from Septem-
ber next.
The sale proceeded, and,the whole of the boheas, amounting
to 400,000Ibs.; with a fra'ctional exception; were refused at the
taxed prices. Nearly the whole °fare congotts and teas of that
class were also refused, the buyers, as they stated, " picking
only the plums out of the pudding," none other than the finest
description of teas being considered worth the upset prices.
The sale is expected tb-go off in a similar manner to-morrow.
Up to this afternoon rather more than '26,000 chests haVe
passed the sale.—London Paper.