Heads I win Carls win, you love business if the successful competitor for the monopoly can get his contract altered when the market is four against him, for I cannot find that he offers to pay more than his contract when prices were in his favour. The only justification for betting on him is based on the certainty that we should lose money (i.e., by his failure) by holding him to his contract.
Evidence of this is before us. Sir Nathan has something assuming it. – Sir Nathan does not say it is in effect, make a new contract for the proposal is to in Laut in any remainder of the term; but in the case of a reduction in price falling again.
I am sanctioning the contract. Dar points out that there are reasons for the application, saying that we await his full report and something of a warning in the meantime. Do not anticipate difficulties at this stage by saying anything about a loan.
M-Fidder 17.11 Will you write privately on the lines you minute to Sir Kr-Nathan. The despatch to be answered or M- Statts from but only say that we will consider it generally if he ream. the fall "Cpt 21 at a mendo one in conte revenue (Pot 21
in the Oniur Revenue for 1903 Estimate for 1904
$5,236,858 (including $510,166 for Lenu Sal s.) $6,521,308 (including $400,000 for Ind Sales.)(This is the right figure though it is not that on the estimates for 1904, they had counted one item of $67,000 twice over)
Revised Estimate for 1904. $6,763,391 (including $500,000 for Lupi Sales.) Esti ate 1205. $7,193,611 (including $500,000 for Ind Sales.) Est Expenditure 1905" $7,175,592This leaves a balance on the 1905 accounts estimated at $25,419 to and to the balance of assets on 1.1.05 estimated at $70,289 (for the outstanding arrears of revenue $133,000 will presumably be balanced by about an equal amount outstanding at the end of 1905) so that if the Estimate is fully realized both ends will just about meet but there is very little margin for casualties. But it seems probable that something like $340,000 will have to be knocked off the revenue estimate in respect of the opium farm and this means that a loan is unavoidable.
The position is really satisfactory enough. The ordinary revenue for 1904 (excluding Lami Sales) exceeding the ordinary expenditure (excluding P.W. Extra-ordinary) by about $1,170,000 and the estimated balance in 1905 of ordinary revenue over ordinary expenditure being $1,338,719
Sir,
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