CO129-394 - Governor Sir May & Public Offices - 1912 [12] — Page 19

stmaivigel tot wiel Gaur, end to Indrek edc to stomites

.moisqmanou

.I

os mais igel al Tot edantidze ne nevig vlevolverg sved I -KORTET A DÌ Bjelo JEI Jade dning bra osor. to nolcyrweroo Ixool .esegda O...I Ja meded ed od si Jioqve sut .stmidze elda-

Jus end da (beiìizmetmus) mulyo war to coing out .3 79G_003, IX -\S ja Tallon and grilled to seequi 008, I am acoijoue eneves ont de iv Jud,anuotioni you owiŋo wet to soing si/' .Jueno mao muigo bersqarq to ssing snd snin) ni niniejdo amoiduitjeer .noisrogong ni babastoni ed planuotų

ناه

last nog 00.48 jo gaillee Juerotų Ja zi Telis¶ osori aut

*toqre Tol Iend req 00.3ă brs not,quamoo ispol TO? -ery gniowhorg to chuo sue 101 efo-lieve ons eeupit oll **

-yroll and to bedyoba bundem ells een of anoqong I us „üwiçu baraq-

viest 001,1 auubuty of Cajue mwigu war to Jaeno 910 .IBLISH QI07-

"yroll and noisumbong to deod end gnidalides ni ..wiqo be wary ĵu

\d osild salwars ins elord 010,I Ja Jasno i sedamijee TALIBÏ „NOX-

ei taf gnilicú to seneqre siid enevos giint an engit sinc gniau

end to moneo neq 01 Juode si noiduuburg to Jaco and Jend goe oỬ

,.ɔdo jneï as slowe zezneqze and osobu mi „uwiqo max to J800

Jon noob await out .csel ei wofiod yðiðnsup sud Jud anel tidsdorq

.Tinja eviJnevery 2 lo Jauo 913 abuloni

-:Jeg ow anoi. queas evoda end no .d

„Kolju Shoð lagu .(8)

(ú)

002, IR × QEI = mxiqo way lo ajeeno účCI to JBoo IautoA .000,SEIX

ان سازان

betsyery to Jopols Jueno 194 Biest 000,1 JA

CONJER

svi x 000,bela

CAI

.ɛ[63] 000,¢ÒI - DeOLMUIų Laiyo

= lent Tag J800

000,001 ■ becubung umuona ÍsNJUR

To Joo Lstod a de

.Iend Inq 06. us pive ei ainT

noidquɛnoo Isol no awuus reg Jitor

00.p) 000,Ulä =

K

001 )

.Y YO

(b). Export.

17

The cost of producing is the same but it is sold at $3.00 per tael.

.. Profit per annum on export - $132,000 (3.00

6.

Total profit ≈ 8804,400.

192)

( 100

135)

: $211,500.

The expenses of a preventive staff in Macao should not

be great. 810,000 should easily cover it.

7. The capital of the Farm would be about £250,000. On this

15% could be expected as ordinary profit i.e. £37,500. The cal-

-culated net profits amount to 8794,400. This would leave $756,900,

but no allowance has been made for risks. Deduct say 40% for risk

and the fee left to the Government would be in round figure

$450,000.

Note:-

(Sd.) R. 0. Hutchison,

S., I. E.

23.10.12.

According to the Hongkong Farmer expenses might come to

$12,000 a month. (I believe this figure to be much too great in

view of the small danger of smuggling from China). The capital he

considers $150,000 sufficient. The margin for risk ought to be

greater owing to the fear of a rise in the price of raw opium.

2. On these suppositions the balance would work out:-

Total Profit.... Deduct:- Expenses.

Interest on capital

at 15%

.8804,400 .8144,000

capital) 22,500

Net Profit....

.8637,900.

Making an allowance for risk of 50% the amount that could be paid

to the Government would be $318,950.

3.

The Farmer says he thinks he might get it for less.

(Sd.) R. 0. Hutchison,

S., I. and E.

13.11.12.