CO129-426 - Public Offices - 1915 — Page 377

[This Document is the Preperty of His Britannic Hajesty's Government.] 372

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secretary of the council was also present. After a brief explanation of the manner in which the closing of Kiangsu under the 1911 Agreement would affect the opini importers at Shanghai, Mr. Wilton directed the attention of Mr. Pearce to the bearing which the ratification of The Hague Convention of 1912 would have upon the question of the licences of the opium shops in the international settlement. The latter, who seemed apprehensive that the early closing of the opium market at Shanghai would ) create a financial situation seriously embarrassing to the British and Chinese mercantile communities alike, appeared inclined to move his colleagues on the council to adopt measures whereby restrictions might be placed upon the issue of licences of the opium shops in the international settlement, and their total cancellation determined at a fixed date.

My interview with the representatives of the opium combine has not shaken my view, that the accumulation of stocks is largely due to the deliberate action of the combine in raising prices to an extravagant height during the past year, nor am I disposed, without evidence, to admit an assertion by Mr. Ezra, that the high figure of 5,000 taels represents a fair price for the importer. The Shanghai prices of Indian opium advanced between 50 and 60 per cent. during January and February of 1914, and rose with fluctuations to a figure representing an advance of 70 per cent. at the end of the year over the price quoted at the end of the preceding year. As a con- sequence, the market which had been promising and steady at the beginning of 1911 became unsettled, and the average monthly sales made by the combine during the ten months, March to December, dwindled to 206 chests.

The stocks on the 1st January of this year were 7,740 chests, of which 1,675 have been paid for by native dealers, but not yet delivered. The advances made against the opium stocks by the Hongkong and Shanghai Bank and the Chartered Bank, the principal British banks interested in the business, amount approximately to £100,000).

I have, &c.

J. N. JORDAN.

OPIUM.

CONFIDENTIAL.

[23842]

No. 1.

[March 1.]

SECTION 1.

Colonial Ofice to Foreign Office. (Received March 1.)

Sir,

Downing Street, February 27, 1915. I AM directed by the Secretary of State for the Colonies to transmit to you, for the information of Sir Edward Grey, with reference to letter from the Colonial Office of the 11th February, 1914, a copy of a despatch from the Governor of Trinidad, with enclosed return, dated the 3rd February, 1915, on the subject of the trade in opium in Trinidad during 1914.

I am, &c.

Sir,

JOHN ANDERSON.

Enclosure 1 in No. 1.

Governor of Trinidad to Mr. Harcourt.

Government House, February 3, 1915. IN compliance with the instructions contained in your circular despatch of the 16th May, 1912, I have the honour to forward the enclosed return by the collector of customs showing the trade of the colony in opium and other drugs of a similar nature for the year ended on the 31st December, 1914.

I have, &c.

GEORGE R. LE HUNTE, Governor,

Enclosure 2 in No. 1.

RETURN showing the Trade of the Colony of Trinidad in Opium and other Drugs of

a similar nature for the year ended December 31, 1914.

Prepared opium Ganja

February 1. 1915.

[2371 a-

-1]

1914.

Imports.

Exports.

Lb.

Oz.

Lb.

2,538 9 3,916

Nil

250

H. B. WALCOTT, Collector of Customs.