New-York tribune., 1873-07-29

years All were agreed however, that heaVy LOSSES au
been sustained by importers ana lopoerS III u" 80
since the removal the tariff IN July 1872 ana tna'
these losses had been more or less aggravated py he
attitude Of the trade for months previous assumed III
apticpotjon Of the action which Congress finally tOoA
,c has been the depression in the trade that 1t has
been rather a matter OF consTatHlauoh among 'a
merchants that only five houses have as yet been com
PEELED TO succumb. These are;
l. d. Mckenzie & Co.................--.S55o0c0
W. H. Gllcu * CO.. .:.-.'.---.'-''-'- dsoU0o d4VD
CharIes L. Hil 4 Co.,. .-.........--- 60oo9O
Philip Ddtcr CO..-...--.--...--..'---- o'V'VJJ
Mr. McKerzies firm paid 65 cents the dollar; Smith
A. Moves. 80 cents Nit. Hill owed his father about
$1,000 aud has other debts amount to about s2oJOoo
HIS affairs have been settled, and the sum opposite
ms name is approximate. The last firm paid Go cents on
the dollar about $4,000, but its affairs have not yet
settled up aud Philip Dater d Co.. VINO lalea loi
$4,000. paid 65 cents dollar
now THE OLD MERCHANTS GOT GOOD cARGoEs.
I'D Mckenzie, one Of the earliest Of the sufferers
has since his failure resumed business as tea broker
TRIBUNE reporter visited him yesterday IN order to
learn mis- views the tea trade and its future pros
pects Nj. McKenzics statement was substantially as
follows:
There are great many dealers who do q small bus
ness while the total value Of tle tea trade IN tle ied
States is not equal TO S9o0yoocOnot tx months Dus
ness OF any of or three large dry goods houses
There is chance for cheating IN the tea trade than
aay other except that in whisky during me last 70
S' Sesi and entirely controlled it in all its
branches ia begin a tRS R9sss I'nSf sac % ugBs 1Ie
tine Hurd & CO., aud Olyphant d Co, VINO used to DO
the American business; SnrEeu @ iI ILL., an, M
English aud German houses. that work for much less
better results the importer Where the profits come
in every one may judge fot himself. Bankers, anxious
for business, have within few years. estaDsGed tHtr
agencies this market, ana offered credits on their
houses IN London 70 secOndclass hrmS Ihe lnporta-
from China under these credits mas been one
Of the OF the trouble III the tea trade for three
or four years DESTROYS OF dong business ana M taRnS
their chances these dealers enter the market A Cope
fon with China aud pay cNOrultant prices, ana when
Their goods arrive mere ,cy sft Se Ha' tugS tte vu
free sellers. Twenty-Five years ago, when the tea
Eius of Boston Pngue of Salem the Griswods the Oily
plants, Cory, Love- HOwland and Aspnwau, GrnneH,
Muturn & Co, GOOdhGe Co and other merchants of
the same class instead Of depending On cleut issued by
foreign bankers bills drawn on six months sglt cn
JOndon used 10 out cash IN their ships i'm the shape
OF hard dollars, aud goods suited 70 the thlnese market
bringing home returns II the products OF CHINA Thus
rs they used tLer money, they were very caetu as
Tue total annual consumption Of tea in the United
States Is about 500O0OO0 pounds Of which 100000 Is
green Of various descriptions about l5plUO OO9ug
and the remainder japanese and other varieties 10 is
estimated by persons competent judge that we have
on haud supply in the country to-day OF one years
consumption Tie prices current IN tne market ior ce-
tam kinds Of tea low al this ume-athough there
has been recovery from the lowest poInt-s have
ever known during 30 years connection with tho
trade. For example good sound OOlong tea not mixed
spurious 10 any way can lie bought IOl 70 Genus cur
rrny I'D lots of 90 boxes aud upward Such tea TetdS
al 60 ard ca cents per pound Green teas-sOund and
curreIcy; Of course, nnef teas Delug scIceI'
command very much higher prices The losses IN the
trade in NcwYork during the last year and haf nave
been yerv large. have 10 data, because DO NJ sec
other peoples ledsers but my impression Is that tle
losses 10 importers and olleIs during that time must
have n least SjoOQOOO III gold have no doubt
this Is within the mark
preston iu hetca trade; simply failed 10 provide
the relief that had been anticipated Country dealers
,sSr ,c,nTIviated ,n This city and when the tariff
fsr... yeH ~
that they could carry on business on small STOCK ana
ti o. tbt nave lived frem hand 10 mouth and LETT the
city dealers carry the load OF accumulated stock The
failures have been much less than might have been
future for ne trade close at hand, and that the sad
perence Of the past years. both Of jobbers and i'm
pOrteTs has taught them caution, prudence, aud more
judgment their operations; and t to be hoped that
the three years viii Offset the osse. OF the past
TIE first thug required for dealers in the city ~ get
rid their stock and start anew on sound basis.
THE DEPRESSION CAUSED BY SUDDEN LARGE DiPoETA
TONS.
The reporter talked with the members Of another firm
which has failed in the tea business during past
year. They said that the OF the depression
the large mpOrtaons. The Of the removal Of the
duty on tea received in China just the sup
ply came from the country; and in anticipation of
large increase consumption and higher prices, large
quantities we're forwarded by steamer which arrived
unusually early in the season. December and January
were the usual months for heavy arrivals, but in
August 1872 the Glenearte arrived with 900 pounds
and other smaller lots came. The expectations were
not reazed the country dealers who had been holding
of for lower prices, continued TO do business with re-
duced stocks and there appreciable increase in
consumption. In July after the duty was removed
large lots Of tea were put into the auction room by
dealers who had drafts meet and prices went down
even before the arrivals There have been no profits
in the trade for two years. and dealers have been
losing money these years There has been no de-
crease IN prices in China and tea cannot be imported
NT.r Nfrl uBarp no I'm
portations from China present and not likely to
be for some time but a circular received yesterday
nOunees that large amounts Of crop tea coming
forward from Japan Judging from the prices ruling
Yokohama there will probably be loss on the cargoes
William Nelson. Secretary Of the Importers and
rocers Board Trade talked with the reporter on the
subject He was formerly in the tea trade, had spent
some tin China and familiar with the business
a. conducted both sides the world He considered
depressons the tea trade TO be the natural result
of rapid shipments and large accumulatiOns ImpOrta
fOns have heretofore been governed by There
Is a good deal OF competition In China, and every
effort il made 10 establish high rates for
the opening shipments. and these rates govern
those Of the rest Of the year. COngou and
other black begin TO arrive in May; but
4, has been seldom that green teas have reached Amer
fca I'm any quantities before December Lately ahey
have come in earlier, owing 70 competition and rapid
TRANSFORMATION The few years they have arrived
as early as August only six weeks being required 10
,r;ng the stock from China 10 the American market.
The accumulation Of teas the early part OF the
renders It easy for country dealers TO run on small
stocks leaving importers and jobbers to carry the
whole load In his opinion there has been no pront In
the trade since 1865 there have been instances oi pron
but the aggregate trade Of each year since tbst une
would not show adyaDtageousy.
TOTAL sToPPAGE or NEGOTIATIONS THE ONLY RELIEF
He could relief except in total Toppage OF
tmportations. There are from 100000 10 2000o0
pounds in first hands, and in the hands OF both import
ers ana obbers not lees than 100000 The result of the