We have refrained until the dispute in the tea trade was completely settled from commenting on the conclusion of the recent strug between foreign tea buyers and the Tea Guild. It was unique in the history of the China trade. No doubt there have been many disputes between some portion or a very large part of the foreign trade and the Guild, and these have led to partial cessation of business. But at no previous time have foreign merchants shown such cohesion and resolution. It is true that their position was in one way singularly strong, The sudden springing of a demand for their signatures to an important document, at a time when it was impossible for many of them to give due consideration to it, while at the same time all of them were wiling to agree to a general plan by which tea in godowns would be covered by fire insurance, brought about almost complete union in the trade, We says almost complete union, because some foreign tea buyers, three or four at the most, signed the document presented to them by the representatives of the Tea Guild. The other foreign tea buyers stood together. Now, from the way in which the tea trade has been conducted for many years it seemed from the first extremely problematical whether all the foreigners who refused submission to the demands of the Tea Guild would, not continue faithful to their engagements to their fellow merchants, but, be able to do so. The greater part of the tea trade with England and America is carried on upon commission, and under orders from merchants and dealers in the West, whose representatives here might have found themselves compelled to carry out the orders of their principals, in spite of their engagements not to jive way to the Tea Guild. The Agent ere of @ merchant in London or New York would incur some responsibility if he refused to purchase teas at or under the limits for them which his principal had given. There are merchants in London and New York who compensed for a profit missed by the would not consider that they were re-
Shanghai Tea Guild having been taught better manners and how to conduct their business reasonably. The Tea Guild were perfectly aware that this made for them, and were no doubt greatly dis-all those stood firm who had from the appointed when they found that not only
first refused to sign, but that at least one of those who had signed refused to purchase teas until the Guild came to terms with the Foreign trade. Gradually the Guild saw their hopes, founded on coercion, persuasion, and artifice guecessively, disappear, and as the mark the West were "dull and declining" they at last struck their colours. The minutes of the meeting of the Chamber of Commerce, which we published two days since, shew that an arrangement of the whole matter which has been in dispute has been come to, under which the tea trade of the port will in future be regulated, and which will no doubt be found to work admirably and to give full protection to the Chinese. In the meantime, the tea trade had been interrupted for about three weeks, and great injury had thereby been inflicted not only on those directly engaged in it, but on shipping 5 and also on the innumerable coolies and labourers whomaketheirliving at this time of year by handling tea. All this was brought upon foreigners and natives by the high-handed manner in which the Tea Guild tried to make foreign merchants do their bidding. It isan offset against the losses which the Guild inflicted on others, to know that. the native teamen lost by the dispute about a hundred thousand taels on the value of their goods, Under the old conditions of trade in Shanghai, when firms here operated largely in produce on their own account, when, in fact, the greater part of the tea and silk was shipped on Shanghai account, it would have been much easier for foreign merchants to have resisted the Guilds than.it is now. For years past the Shanghai export trade has been mainly a commission one,.or conducted tudor specific orders from home, which require, as a rule, immediate execution. This is especially the case in one part of the tea trade, and people here, who in the general interests of commerce put aside these orders from their friends at home, were taking a good deal of responsibility on themselves, a responsibility which it became more dangerous to incur as time went on. This action might not have been approved by their principals at home. They had, it is true, the sympathy of that part of the community which is not interested in the tea business, and therefore encouraged and supported them solely on the general grounds that. they were in the right, and that it might be disastrous to other branches of the China trade if the Tea Guild succeeded. And it should not be forgotten that the Taotai promptly carried out the requests of the Foreign Consuls, who did their part well, so that the Guild found itself, with divided counsels, playing a game which every day that passed shewed more plainly was " losing one. We hope, and indeed we believe, that what has passed will benefit the China trade. Foreigners now know, what many of them had somewhat despair ingly come to believe was impossible, that with justice and right on their side they can trust each other to resist the Chinese, at a present loss of money or market to themselves—and this is no little thing. And from all that we hear of the admissions which some of the tga-men have made, and the regrets
Text read from the printed page and cleaned; old type leaves the occasional error.