merchants on the Chinese packers who in turn blamed all the others. But the results of this practice of adulterating tea were curiously like the consequences of oversizing. As the mildew in Manchester goods caused the Chinese buyers to take up with Indian fabrics, so the systematic adulteration of Chinese tea leaves induced the English consumer to give the preference to Indian teas. India reaped the advantage in both cases.
Two minor quetions were much discussed during the year 1873, viz. different forms of bills of lading and ocean racing. On 27th January, 1873, the Chamber of Commerce adopted the homeward bill of lading known as No. 4, drawn up, after much public discussion, by a Committee of London merchants, and resolved that shippers should, whenever practicable, give preference to steamers agreeing to make use of this form. Subsequently, however, much discussion and dissension arose in the Colony as to the comparative position of shippers under the so-called eastern bill of lading and that of Holt's line of steamers which at the time (April, 1873) commenced running on the Yangtsze also. Another subject, connected with rates of freight rather than bills of lading, but equally the subject of public attention in 1872 and 1873, was the practice of ocean racing, frequently indulged in between fast tea steamers. The loss of the S.S. Drummond Castle (May 31, 1873) having been attributed to this previously rather popular practice, the Hongkong Insurance Company addressed (July, 1873) a letter to Lloyds, pointing out the tendency which the system of graduating rates of freight, in proportion to the speed of the vessel, had towards encouraging ocean racing at dangerous speed, and thus needlessly adding to the risks of the underwriters. In consequence of this action, the P. & O. Company gave up the system of a differential scale of rates for freight, in order to avoid even the appearance of encouraging the practice of preferring speed to safety.
The currency question engaged the attention of the mercantile community and of the Government frequently during this period. The dollar had practically been the unit of value for the European community from the earliest days of the Colony and
