The following petition dated Bombay, 18th July, lion been presented to the Viceroy of India by the Bombay opium merchants The humble memorial of the undersigned opium merchants of Bombay showeth, That your memorialists are all interested in the opium trade, nud beg to lay before your Excellency in Council its present eritical position, 2.—Frout our former memorials it must be patent to your Lordship that the opium trade has had a struggling existence in the face of th growing competition with the Chinese opium, and merchants were hoping that something would turn up which would ameliorate the existing condition of affairs.
3.—The pussing of the Currency Act on the 26th ultimo, and consequent heavy fail in exchange in' China has quite paralysed the trade.
4.~It la on this account that we again approach your Lordship with the earnest hope and belief that your Lordship will give the trade such an immediate relief that will save it from disaster and extinction, 5.—Your memorialists humbly beg ta bring to your Lordship's notice that when the Mints were open they had a. safegu: against any decline in exchange in China under Bullion point, by importing dollars from Hongkong, sycee silver from Shanghai, which, when minted, always reali-ed Rs, 222 per $100 and Rs. 903 per Tls. 100, respectively. But now that the Mints are closed against free coinage, your memorialists are entirely dependent on the price of silver ruling in America to guide the rates of their remittance for opium, yar", cotton, ete., exported to China, Exchange has within the Inst few days dectined to Rs. 190 in Hongkong and V's, 265 in Shanghai, and no one can foretell what further fall will ensue, should silver still decline, 6.—To illustrate the difference in exchange as acting on the realisation of opium, we beg to state that the usual rates of exchange in China were Rs, 292 in Hongkong and Rs. 305 in Shanghai, For, example, the ruling rates for the Malwa opium for the month of May last was Rs, 1,150 per chest, (a) Cust of opium laid down in Shanghai at the present rate of exchange, including charges—
Ra. 1,150 Ex. 265=Taels 448 At past rate—Rs. 1,150 Ex. 905 390
Tele 58 shows an excess of cust of 15 per cent.
(b) Cost of opium laid down in Hongkong at the present rate of exchange, including charges—Rs. 1,150 Ex. 190=$620 At past rate—Rs. 1,150 Ex, 222=$530 shows an excess of cost of 18 per cent.
It is quite evident, therefore, that, with the high laying-down cost of Malwa apium, it would be impossible to compete with China opium, which is grown far and wide in the Empire without any hindrance on the part of the Government, only paying half the import and likin dues borne by the Indian drug.
The fall of exchange gives an additional advantage to the linie-grown opium, and thas will drive the Indian drug out of the market entirely.
7.-—Your memorialists respectfully beg ta draw your Lordship's attention to the fact that the Intest rate fetched for new Malwa Opium on the Bombay market on the 10th inst, was, Rs. 1,060 Less—Pass duty to Government... Rs, 600 Inland Dues, Freight, and other charges which gives Rs, 400 to the ryot for growing his opium, out of which he tins to pay land= tax to the Native States and other charges incidental to the growing of this very valuable commodity, We venture to say that, At this rate it will not pay the ryot to grow opium, which will ruin him, and at the same time entail a envy loss of revenue to the Indian Government.
8.—In point of fact the merchants are 80 embarrassed in the present uncertain state of exchange that during the past fortnight only 30 chests of opium were brought to Bombay from the Malwa districts, against 700 or 900 chests fortnightly hitherto.
Such a small quantity imported is with out precedent, and will tell materially on the collection of pass duty.
9.—Your memorialists will also suffer heavy losses on the stocks held in China, for which they will receive remittance ut rates, to say nothing of the depre. cintio in value of o-ium which is on the way to China.
There were stocks—
Text read from the printed page and cleaned; old type leaves the occasional error.