CO129-404 - Acting Governor Claud Severn - 1913 [10-12] — Page 22

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prepare opium at half the price at which it could be prepared in China. He could therefore raise his price considerably and his market widened owing to the natural development of smuggling from Macao into China. From July 1st., 1911, June 30th., 1912, 1,364 chests were imported into Macao for boiling purposes. From July 1st., 1912, to June 30th., 1913, 1,181 chests were imported for the same purpose. It is generally estimated that the farmer made 3,000 per cent on his venture.

7. The present Farm therefore count on being able to sell the full number of chests, to be able to sell at a high price, and to purchase their raw opium at a low rate. The following is a rough Estimate of the Macao farm on the assumption that prepared opium for local consumption is sold at $5.50 per tael and that for export it is sold at 83.20 per tael for export. These prices are rather below the prices ruling at present.

Sale of 280,800 taels at

$5.50 (= 260 chests).

Sale of 259,200 taels at

83.20 (= 240 chests).....

Total Sales

Cost of 500 chests raw opium at

Rs. 2,110 with charges

Rent to Government.

Working expenses..

Total expenses.

.81,544,400.00

829,440.00

.82,373,840.00

$724,080

1,056,666

144,000

........81,924,746

This leaves an annual profit of 8450,000 to the Farmer. The above

estimate is only a rough one and takes no account of possible changes.

8.

It is worth noting that in 1911 and 1912 the Hongkong Farmer

boiled the whole of his allowance of 900 chests. He offered the same

rent for 1913 81,183,200 on a reduced allowance of 540 for local con-

-sumption and 120 for export, and very much stricter conditions. His

export in 1911 and 1912 was very small.

(Sd.) R.0.Hutchison,

Superintendent, Imports and Exports.

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