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,
Page 60
Page 61
heads I win Carls
win,
you
love business if th
the
successful competitor for the monopoly can tot the fort Aget his contract altered when the market. four against him, for I cannot find that he offers 6 pay more
more then his contract when prices women in bis farous. The only justification for betting win offe wowed to the certainty that we should love mook
(ie by his failure) bag holding him 5 his contract, the
Evidence of this before.
hi Nathan
Bhave mysting assuming it. – Sir take does not say
j
the
is the in Effect, make a new contact for the
proposal is to in
Laut in any
remainder of the tatem; but in
aleas hor
Cham
in view of the possibility of
anggate with to
reduction
1
a
Cate
temporary
to the price falling again.
A
I
Lore
de sanctioning the Coti. Dar pointe
that the for. her caisson
Let
is then
Com
reasons for the application, daythat we await his
full report and
and soundthing of a warning
in the abe tease
Der note anticipate
malties at this state by laging anything
about a
XX
Loan.
M-Fidder
17.11
Will you write privating on the lines you minute to Siz Kr-Nathan.
The despatch to be answered or M- Statts from but only
but only say
that we will consider van generally com
a
if he ream. the fall "CPt 21 at a
mendo one in conte revenue (Pot 21
in the Oniur
Fevenue for 1903
Estimate for 1904
59
$5,236,858
(including $510,166 for Lenu
Sal s.)
6,521,308 (including $400,000 for Ind
Sales.)
(Tis is the right figure though it is not that on the esti.ates for 1904, ey hac counted one iten of
$67000 twice over)
Revised Estimate for 1904.
Esti ate 1205.
D
Est Expenditure 1905"
(I think this al- sat sertai ly aces allow for certain
esumtions of Lal
n Kloon to be
do 1904. They buld cost about 50,000 and this Alince would there- pare be only about 20,000 **The fl- Bras in the dea- abon and those in he statement - brded do not quite
**
6,763,391
(including $500,000 for Lupi
Sales.)
7,193,611.
(including $500,000 10 Infi
Sales.
7.175.$92 This leaves a balance on the 1905 accounts estimarea ut $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 ill presumbly be balanced by about an equal amount outstanding at the end of 1905) so that if Clic Estimate is fully realized both enus clight jusë about to wet but there is very little margin for Casucities. But it seems prob.ble that so wthing like $340,000 111 ave to be knocked off the revenue estimte in respect of the opium farm and this means
t at a loan is unavoidable.
The position is really satisfactory enough. The ordinary revenue for 1904 (excluding Lami Sales) ex- Geoding the ordinary expenditure (excluding P.W.Extra- ordinary) by about $1,170,000 and the estimated balance in 190% of ordinary revenue over ordinary expenditure being $1,338,719
Sir,
Page 60Page 61
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