And as
monopolist looked for his own price ;
which kept the rates both of raw and
Raw and prepared
drug always somewhat higher here than at the neighboring
anchorage of Oumsingmoon. The license system has
relieved this difficulty,
and we see the
benefit of it in opium becoming the favored
mode among
our industrial classes of
making
remittances
to the mainland . their petty remittances
The cause which obstructs
a larger wholesale traffic in the article
here is
clearly
this. That it does not suit
the two great houses to encourage it - and
they find it their interest to incur
even
heavy pecuniary sacrifices to counteract it.
Thus it is
in practice heavier
on their part, if they find that
a larger quantity of drug
than usual has been
taken off by the North east or West coast smuggling boats, to throw a proportion into the Market at greatly reduced rates .
This is bought up eagerly by the brokers, and sent
off
into the same districts as
the higher
priced drug,
where it undersells it - prices
come down and
the adventurer ( say he is
a Namoa smuggler ) is made to feel that
he has made a loss by his
speculation of coming to Hongkong for his Opium, instead of buying it at the nearest anchorage . He is made very slow in trying it again,
Keeps in future to his beaten track. But that effect is not the only effect .
The Market here is brought
down
completely thereon out of gear - the houses cannot sell a chest for a
long time, nor can
prices be got up
again to
the old level for weeks after
one
of these
tactical operations . Asked by a stranger what interest can these Houses have in discouraging
the
trade here, where they are themselves the
chief holders and Sellers !
Encouraged
and open
it might
be the chief.
The answer is
obvious - if they
encouraged the traffic here it would become
an open traffic in spite of them - not only would prices be laid down for them, but
they