405 years.
Three up to Public Auction for The Notification which thereupon issued expressly stated that the Government did not bind itself to accept the highest offer, and it was not our intention to let the farm for a longer period than one year unless substantial advantage was gained for a longer period.
It was necessary to decide without delay what was to be done as the lease then held by the Monopolists terminated on the 28th February, and it was of considerable importance to give as long notice as possible of the sale with a view to inducing traders in Canton, Macao, and elsewhere to enter into competition for the Monopoly.
6. With this explanation, I will proceed to give further information as to the character of the Monopoly lately held by certain Chinese residents of the Colony, in order that Your Lordship may understand the grounds on which the Government has acted.
In 1863, five Chinese firms, trading under the name of the Yan Wo Company, carefully and successfully obtained the Monopoly, and they have shut out every other trader.