Oct. 26.
Tx most respects the China jea season, now drawing to a close, has been very satisfactory. Black tea has been in_ strong demand from Europe, and the situation is a vivid contrast te what was the case two or three years ago when all appearances were that the trade was about to go through a period of great difficulty, if not disaster. This season has had its difficulties. but these have been principally concerned with the export of the green leaf to Morocco, and these result from two principal causes. Fivst of all there was an excess sive export to that country a year ago, and, possibly due in part to the political troubles, the offtake did not come up fo expectations. The situation thus created has been emphasized by the instability of the frane, and the position of affairs as regards trade with north Africa will obviously—require careful handling for some time to come. This, however. does not qualify our satisfaction upon the results attained by black tea, and that satisfaction is all the greater because of important factors which have operated to bring it into prominence.
Let us recall the position in 1920 and 1921, in the latter of which years the great post-war slump in trade occurred. Faced with a shortage of tea during the war, the British Government took steps to accumulate a vast reserve against the possible consequences of the German snbmarine campaign. These snpplies were hoarded even after the armistice had been signed, and their subsequent release added to an already over-stocked market. In 1920 and 1921 the stocks of tea in the United Kingdom were sufficient to supp' the needs of the country for six months. The stock of all variety ies of tea in 1921 was 230 million pounds, whereas in July of this year it was down to 113 millions, practically three months' supply. The 1920-21 position has now been fully liquidated, and this season not only shows a return to the normal bue the creation of a distinctly better situation than has existed for a considerable time. Events have so worked that to-day a shortage of tea exists in the world, and it is exceedingly interesting to see how it has been brought about.
Text read from the printed page and cleaned; old type leaves the occasional error.