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Telegram from Sir J. Jordan (Peking) to Sir Edward Grey.
3.35 p.m. dated June 11th, 1912,
R.
No. 129.
Government of India telegram of 6th June which
crossed my telegram No. 128 of 9th June.
The arguments of the Government of India do not
appear to me to take sufficient account of disorganisa- tion produced by revolution in China which was not a contingency in the nature of an ordinary trade risk that
merchants could possibly have anticipated.
Although
upheavel has affected all trade, it has especially hit
the opium business, the continued existence of which,
under agreement of May 1911, largely depended upon a
Central Government able to enforce its authority in
provinces.
The depreciation in existing stocks of opium is
estimated by merchants at £2,000,000 and their request
is made with a view to prevent further depreciation
rather than enhance value of their stocks.
The un-
precedented fall of 1,700 rupees per chest in June sales:
in India has caused a panic in Shanghai, and banks in
some cases are demanding repayment of advances or auc-
tion
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