THE PRICE OF TEA

Dominion, Volume 8, Issue 2395, 26 February 1915, Page 6

THE PRICE OF TEA

'ADVANCE IN LOWER GRADES EXPECTED. ißy TelesranS—Prosa Association.) Auckland, February 25. The activity of buyers operating on the Colombo tea market on behalf of England and Russia has maintained tlie high value of, common and medium grades, the latest advices showing a further advance of id. per lb. Merchants in the city to-day confirmed their, previous statements that when the new. stocks are - opened Ceylon teas now retailed' at Is. to Is. 6d. per lb. will bo advanced by 2d. per lb. Merchants' have been withholding their orders recently in order to allow the market to reach a stable level, but so far as can be ascertained the present stocks will not last much longer, and ffesh supplies must be purchased on a rising market. ' , , During, the past few days many, people have been buying larger quantities than usual in anticipation of an increase in prices, but'it is apparently unlikely that any advance will be made on stocks now in hand. : Fresh supplies delivered from Colombo since prices reached tho present high level will reach Auckland in about six weeks, and after that coilsummers may expect to pay 2d. per lb. more for Ceylon tea, which has been sold in the past at from Is. to Is. 6d. per lb. The values of finer grades are steady, and no increase is likely in respect: of them or of China teas.. Several merchants are, however, expecting the imposition of a duty on. tea as a contribution towards the Dominion's share of the war expenditure. At present tea grown in British -countries and imported in packages of not . less than 51b. is'freo of'import duty, foreign tea being, subject to a preferential surtax of 2d. per ,Ib. ShouM tea be selected as a subject for taxation, the duty would presumably be general in its,application. - ■