t
448
held in Hongkong. Apart from the heavy losses in interest
and the severe drop in prices due to the stoppage or
business, there was a danger of failures among Chinese
Merchants owing to their inability to meet engagements and
to take delivery of stocks already contracted for as the
market for Opium was practically closed. Apart from the
enormous lock up of money for an indefinite period,
Merchants dealing in Indian Opium were subjected to the
heavy strain of carrying such large stocks. It was quite
evident that if the trade were longer restricted by the
operation of the new regulations there was very great
danger that very serious losses would result.
The prices realised at auction in
Calcutta in April before the tax was imposed were Rupees
per chest
3,700 to Rupees 4,000 After the new regulations and tax
were imposed they fell to:-
In May.
In June.
.Rupees 3,100 to Rupees 3,065,
In July
2,205 to
2,155 to
.
2,150
1,970.
The stocks of Indian Opium in Hongkong and Shanghai in
August, 1909, were about 17,000 chests with a 10 per centum
larger export from India than in the current year.
3.
The situation has been slightly
relieved
ļ
: