CO129-386 - Public Offices & Others - 1911 — Page 46

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however, to take into account the probability that apart from any action by His Majesty's Government, the consumption of opium would have been reduced ow- ing to the strong anti-opium movement among the Chinese, with the result that the tenders for the opium farm would in any case have shewm a decrease. It is worth noticing in this connection that the farm which expired at the end of February 1910 was let for $1,452,000 a year, which was a reduction of about $100,000 a year on the previous rental which again

was nearly half a million dollars less than that for

the farm which expired in February 1907.

After consideration of all the circumstances

His Majesty's Government came to the conclusion

that a reasonable arrangement would be to grant to

the Colony a sum roughly equal to one-half of the

loss on the opium revenue, taking into account both

the reduction in farm rent and the loss of receipts

from the licenses for Divans, which had been closed

by their orders.

The reduction of revenue in the year 1910 on

this basis was $225,860.

In 1911 and 1912 the reduction will be $270,

660 the increase being due to the fact that during the

first two months of 1910 the former farm was still

in existence and rent was being paid at the higher

rate.

Taking the dollar at the reasonable rate of the reduction of revenue in 1910 amounted to

£18,762. 15s and the reduction in 1911 and 1912 to

£23,682. 15s