Our correspondent "T" draws very important conclusions from what he leads us to infer is a fact, namely that we are buying tea on altogether a new scale of prices, this new era having commenced last season, and also from the fact of our having an increase in the supply of tea this season. While many. were viewing the tea trade of Foochow as rapi ly becoming a thing of the past, he seems to see that it has a future before it. Referring to the increase in the supply a [of tea this season as compared with last, e the change certainly stands out in stron; contrast to the regular recurring annual shrinkage we have had for ea many years past successively. To the casual reader it will appear somewhat strange and rather out of the natural order of things that this turn from an annual recurring shortage should take place when prices hud fallen to a comparatively low level, and yet we glean from **T.'s" letter that this is actually the <P" argues that we have been ousted the London and Australian markets by giving India and Ceylon too much elbow room, that if we had sent more China tea we should have sold more. This is quite possible, but at what cost? "7" furnishes us with an indirect answer in giving us the reason of merchants abandoning their position, or "surrendering," as he puts it, in the following words, "and probably never would have surrendered, but for the high scale of prices which had grown up in our time of prosperity, and so to spank, normal, obliging us to be cautious and limit our shipments." The experiment of what it would cost to maintain our old position in the London and Australian we should like to say wisely, 'We are glad to read that is of opinion that the shipments made, so far this season, are, at the prices paid for them, air merchants' risks." By way of assert: ing our position, and also as a means of advertisement, he thinks the larger the shipments lo the better, though he wisely cautions shippers to spread them much over the season as possible, "'p" characterises the China Export duties as crusily heavy" and 0 they are, but this is a grievance we fear we shall to endure.
morning we learn, contrary to our previous information, that the second crop will be short from a variety of causes, the chief of which are, a drought in the toa districts, preventing the shrubs from flushing, and the high price of rice which affects. the cost of labour.
The price of gold-leaf, which a week ago was $34 per tael, has risen to $37 per fuel ight.
Lychees are now procurable in the market, but they are scarce and dear, The crop is estimated ut only half the usual yield, the effect of the frost and snow in the winter, The price asked is 80 cash per catty; lust year the price was 30 cash per catty.
The first crop rice is being gathered in in the finest of fine weather for harvesting, and proves to be a full average crop. 'The sume fine weather, however, is telling seriously upon the second crop' which is i comparatively forward state and needs rain, which does not come, The squeaking irrigating machines are going day and night in the meantime, A strange mistake, by no means unprecedented, took place. early this week in the city. A woman and her only son both fell sick on the same day and the doctor, being called in—a native doctor—prescribed me-divine for each of them. Unfortunately the servant gave the mother the son's medicine d the son the mother's, which resulted the patients getting worse and both dythe next day.
The event of the week has been the despatch of the s.s. Taiyuan and Guthrie with the first of new season's teas for Australia they take between them nearly four millions of ibs. The market has relapsed into a state of extreme quietness since. Prices, however, remain firm, The arrivals of first crop Congou are 50,000 half-chests more than last year, but the latest nows from the tea districts points to the pro~ bability of the supply of second and third crops being short as compared with last season, Sales ex Pakling of the first direct shipments of this season's teas are expected early next week.
Text read from the printed page and cleaned; old type leaves the occasional error.