CO129-425 - Governor Sir May - 1915 [10-12] — Page 542

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534

The present Agreement provides for the taking over of 1,200 chests at an average price approximately of £850 ex duty and surtax and arrangements are made in Clause 6 so that delivery of the total quantity may be completed not later than March 31st., 1917, the date of the termination of the May Agreement. One half of the security mentioned in Clause 9 has been deposited in the Hongkong and Shanghai Bank.

Several ill-considered schemes were put forward at the outset as the basis for a monopoly for the disposal of the stocks acquired under the Agreement but a Monopoly Company with a capital of 2 million dollars has now been established. Shares to the value of 1,200,000 dollars have been bought by native opium dealers and officials in the know, and I am informed on good authority that the Civil and Military Governors have each invested 200,000 dollars in the venture. The remaining $600,000 has not been taken up but it is understood to be reserved for the provincial Government without payment. The company is in fact a joint official-merchant undertaking, so familiar and frequent- -ly so lamentable a feature in Chinese enterprise. The opportunity for piling up regulations has not been let slip and no less than 3 sets have been issued within a fortnight dealing with the licensing of dealers, sales of opium and permits for smokers. The result is what no one knows precisely the rules under which the monopoly will be conduct- -ed.

I have been in touch with a Chinese merchant at Hongkong who holds $200,000 of scrip for himself and his friends and is also interested in the trade to some extent. He has a good business reputa- -tion and has been frequently was consulted by both parties to the Agree -ment and was offered a post in the Administration of the monopoly but declined it. He tells me that it was first of all proposed by the monopolists to limit the number of selling licences and reserve these for their friends and relations. This has been dropped and his own scheme will be given a trial for 3 months. The scheme places the preparation of the drug in the max hands of the mopopolists and a staff of boiling and testing experte has been engaged. As regards distribution this

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