Series 4 > William Melrose in China, 1845-1855

133
1850
such an exorbitant rate I think the longer we can put off selling
the better. Surely there must be more chance of it going down than
up.
The tea shipped will very nearly amount, as far as I can calculate,
to all the funds remitted. I will send account current and balance
up the accounts as soon as I sell the remaining .£2,000. By the by,
in advising last month Commercial [credits] sold, [nos.] 40/20-23
should be four bills of £300 instead of £400 as stated. I hope you
are sending me out an account current of my own account up to
the end of the [chop mark] W shipments; the profit on the [chop
mark] A’s can be carried in after the Somnauth’s are sold.
I note what you say about the £5,000. My August letters would
take you advice of good deal being bought, so I will expect the
£5,000 next mail; but if not next, certainly next again as my
September letters would advise you of nearly all being invested.
And on that faith I will make purchases against it should anything
appear cheap. I think the best plan at present is to buy anything
worth having and hold here for a few months before shipping as,
for one thing, black teas shipped in a month or two after this will
arrive at a much better time than those shipped off now. About
27,000,000 lbs. of Congou has left within the last four months, and
teas shipped now or for a month to come will arrive at a time
when the stock of black will be much heavier than it can be in a few
months afterwards. As I do not think the export of black can be
large this year and as the bulk of it has gone, the shipment some
months after this must be much smaller than those going now.
Another thing, exchange, being so very high, is more likely to come
down than go up, and by waiting a month or two [we] might have
the advantage of that.
I am looking after some Souchong. I have been holding off,
waiting for them coming down in price for some time, but they
are now beginning to move off about Tls 18 to 21 for passable;
so if I want any I must buy now. I have got down here samples of
nearly all in the market, and one of the Canton brokers has come
down with them to make some settlements with me if he can, so
it is likely I may have some purchases to advise by next mail.
You say Scented Orange Pekoes are not wanted, fine Congou
being plenty and cheap. But Ewart says they are in great request