The second stage was then entered upon. Numbers had been bitten, and the idea, once formed, grew apace, that Tea could not pay at all. Everyone wanted to sell, and down went all Tea shares to a figure which only increased the general panic. Many companies, and not a few individuals, unable to carry on, had to wind up and sell their estates for whatever they would fetch. Gardens that had cost lakhs were sold for as many hundreds, and the very word “Tea” stank in the nostrils of the commercial public. A few of the best companies held on, as also such individuals embarked in the speculation as could weather the storm; but some of the companies were bowed down with heavy debts, and it has been with many, from that cause, a losing race ever since. This great smash occurred in 1867. I purpose, therefore, to examine into the future prospects of the industry, now that time has been given to test its vitality. Naturally the mistakes made at the first have not been repeated since, so the speculation has had more or less of a fair chance to show what it can do. In the first place, the share list of Tea companies in the public prints does not at all represent the true position of Tea property to-day. It only gives the dividends declared and the value of the shares in those few limited liability companies which were able to weather the storm, but who, in common with all the others, were bowed down with debt, and are suffering up to the present time, both from that and the numberless mistakes made at the commencement of the enterprise. There are a few notable exceptions, even among the Tea companies. Some of these have done very well, pay large dividends, and are quoted at a high premium, which shows that Tea can and will pay even with the disadvantages attached to limited liability companies. I mean that in these latter work is always expensively done, and that much of the profits are swallowed up by secretaries, directors, &c., besides which, generally from interested motives, the Teas are sent home for sale which private planters know from experience is _not_ the best plan. But to return to the share list. The very many gardens held by firms or private individuals are absent, and inasmuch as many of these were begun more lately, and consequently, the blunders made in other gardens were avoided, it is evident that _their_ position, if it could be ascertained, would give the true picture needed.