buffer
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and as to the effect of my action. For instance,
in your telegram of the 15th October, 1927, you
1927
speak of "the inflated demands created by this
experiment" in contrast to the "normal demands".
It is, of course, sholly incorrect to apply to the
local demand for opius at the prices recently
fixed in Hong Kong the description "inflated",
and it is equally incorrect to apply to the local
demand for opium at the price fixed for Indian
opium in 1918 the description "normal". The
true position will perhaps be clearer if for
opium is substituted some common Europeanı
commodity, say, tobacco. At the present tims
"Capstan" Navy Cut holds the field on the local
market. The competition of Kesers. Players
would, I suggest, clearly not induce anyone to
soke an appreciably larger amount of tobacco,
although it might induce some to transfer their
custor. And if Messrs. Flayers were given the
legal right in Hong Kong to imprison, fine and
banish all who smoked "Capstan" and to seize all
"Capstan" tobacco they found, the probable effect
would be the elimination of "Capstan" tobacco
from the market in much the same manner as my
recent action eliminated smugglers of opium from
the Hong Kong market.
fine,
18. The term "normal", as used in your
telegram, is similarly misleading; for, if sales
of Government opium continue to diminish at the
rate at which they were diminishing before I took
7: No. 6. 30 236 / 27 [NO?
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action,
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