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I bne Teradzado odë kam sanı

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alt ku

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aðneraðaðu allkď svežtai ta va ben odved impeona Llam

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odd bas „bruot na ameidosanané te kwoer steiquse a gaivig Interao yd de bovitis med oveď valed moviy nasagit

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.moltoliqu

148

The interpretation of the documents proved very difficult not only wore they couched in very cryptic terms, but the Chinese writing proved very hard to read being in a very abbreviated form, while the composition we often bad and very obscuro. is a first glance meet of the papers appeared perfectly innocent, and it was only the fact that a letter, which I struck fairly early on in my first barried glance through, clearly referred to spium sanggling, and that raw opius had been found on the premises, which induced me to undertake the laberious task of a careful examination and comparison of all the document a found.

The general result of the examination of over

160 decumonės selected from those found is given below.

The minimum amounts of rur opium (including a little prepared) which appear to have been dealt with by syndicate during the last 12 months are as fellows;-

Bought 342,000 Taals cost #622,000.

Sold

259,000 Taels at £788,000.

There also occur frequent mentions of the purchase and sale of opium, where the weights or valus vere not stated. If the whole quantity was sold, as it undoubtly was, taking the average price obtained, the total sale value would be 11,040,000 leaving a gross profit of $418,000,00 from which mùst be dedicted expenses for freight and "facilities", which taking the rates given in some instances, would amount to $86,000 leaving a profit of $332,000.

6. The syndicate appears to have been reformed several times, thus at one time it was composed of three members with ospital of Hongkong Currency £38,900, at

another of the same three with an additional new member the

capital being raised to 245,900, så another one of the

original syndicate joins with an outsider at Haiphong with

mwall expital of £8,000. At times in typical Chinese fashion individual members take over part of the syndicate's consignment at mall profit to the syndicate, and sell them

for

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