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would perhaps be a reasonable estimate" was intended as a suggestion that if the Acting Commissioner could find a legitimate market for the opium, e.g. for the purpose of manufacturing morphine, that would be a reasonable price to ask. It had no reference to its value to this Government which merely took it in order to oblige the Government of Weihaiwei, and the statement in the Treasury letter of 25th February that I expressed the opinion that the opium was probably worth to the Hongkong Government double the price
offered is quite incorrect.
5. The agreement between this Government and the Government of India regarding the purchase from the latter of substantially the whole amount of raw opium required here would preclude any extensive transactions elsewhere on the part of this Government. It appeared however justifiable in view of the exceptional circumstances to treat this opium as though it had been seized in Hongkong if the Weihaiwei Government wished to part with it on those terms. There was it seems, no other market open to that Government and the only alternative to selling to this Government was apparently to destroy it. I do not consider therefore that the Govern- ment of Weihaiwei can reasonably claim that we have driven a hard bargain with them. We have paid them over £6,000 for goods for which nobody else would give them anything. If the Acting Commissioner had, as the Lords Commissioners of the Treasury suggest, responded to the offer made by this Goverment out of kindness by making an attempt to obtain a better offer" I should have declined to proceed further
with the matter.
I have the honour to be,
Sir,
Your most obedient humble servant,
B.E. Slätts
Governor, ko,
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