478
to such a request as had been made by the holders of the Farm.
8.
the Farmers
Upon this decision being communicated to
Solicitors, the Solicitors for 4 persons who had
found the security of $555,000 for the Farmers and who became
alarmed lest their security might be estreated if the Farmers
resigned the Monopoly, approached the Government with offers
to take over the Monopoly at a reduction.
They made a tentative offer on the basis
of a reduction of $50,000 a month which position was quickly
abandoned when it was pointed out to them that on the Farmers'
own shewing their losses could not be placed higher than
$35,000 a month. They then made offers on a descending scale
till $20,000 was reached.
9.
At this stage I again consulted the Executive Council, and placed before them the proposition that in-
asmuch as judging from careful enquiries that had been made
there was no reasonable prospect of re-letting the Monopoly,
if it were resigned, at more than $150,000 a month, the Government would incur slightly less loss by granting a reduction
of $15,000 a month than by so re-letting it.
The total receipts for 28 months from the
1st. of November at $170,000 a month would be $4,760,000 while
28 months at $150,000 plus $555,000 estreated security mounted to $4,755,000. Moreover, the trouble and delay in realising
the security the bulk of which is represented by landed property in Singapore from which place the Opium Farmers and
their securities come, would be saved.
10.
One of the Unofficial Members suggested
that before a decision was arrived at on this question, certain
Chinese
478
to such a request as had been made by the holders of the Farm.
8.
the Farmers
Upon this decision being communicated to
Solicitors, the Solicitors for 4 persons who had
found the security of $555,000 for the Farmers and who became
alarmed lest their security might be estreated if the Farmers
resigned the Monopoly, approached the Goverment with offers
to take over the Monopoly at a reduction.
They made a tentative offer on the bası S
of a reduction of $50,000 a month which position was quickly
abandoned when it was pointed out to them that on the Farmers'
own shewing their losses could not be placed higher than
$35,000 a month. They then made offers on a descending scale
till 720,000 was reached.
9
At this stage I again consulted the Execu-
tive Council, and placed before them the proposition that in-
asmuch as judging from careful enquiries that had been made
there was no reasonable prospect of re-letting the Monopoly,
if it were resigned, at more than $150,000 a month, the Govern-
ment would incur slightly less loss by granting a reduction
of $15,000 a month than by so re-letting it.
The total receipts for 28 months from the
1st. of November at $170,000 a month would be $4,760,000 while
28 months at $150,000 plus $555,000 estreated security mounted to $4,755,000. Moreover, the trouble and delay in realising
the security the bulk of which is renresented by landed pro-
perty in Singapore from which place the Opium Farmers and
their securities come, would be saved.
10.
One of the Un-official Members suggested
that before a decision was arrived at on this question, certain
Chinese
No comments yet.
Private notes are available after approval.