The Osceola times., 1883-09-01

Pacific coast market nearly 1000 chests
of it have been received by consignees
here. The entire stock of opium in this
city is not over 5000 chests. BY the
next incoming steamer the Chinese ex-
pect all the way from $50 to 300 chests
of opium. 1t is estimated that by the lst
of July 1000 chests will have been re-
ceievd, the bulk of which will be on hand
in stock. Such heavy shipments of
opium as have been made in the past fey
months may not be expected again for
years or until some other extraordinary
occurrence arises as did in the present
case, and compels the importation. All
the stores in the Chinese quarter where
opium is dealt in have a full stock on
hand; but taking them altogether, they
could not or would not carry one-quarter
of the stock which has been received
here. The question arises: What has
become Of the opium? Very little of it
has left town. A shipment rot to ex
ceed twenty chests, was made to Portland
week ago, but that was all of the i'm
mense store which has been allowed to
leave the city.
Ii vas not taken to the Chinese quarter
nor to any of the warehouses, but to the
banks, other than the commercial banks
and stored in their vaults. 1t is consid-
cred the best kind of collateral security
by those who handle it. and as high as
$3.50 a case is loaned upon il. The Safe
Deposit Company has large quantity
stored. The Anglo-California Bank, the
Hong Kong and Shanghai Bank, the
Compton D'Escompte de Paris and Par.
rott q Co each have large quantities of
the drug stored in their vaults. Many
private lenders have quantities of it on
hand upon which they have advanced
money. The stock which will be on
hand by July |, if the receipts from now
until that time are as large as are expect
ed. will be valued at not less than S3,-
100000.
The stuff will be worth 1925 a case.
The case is an nsignificant-looking box
to be of so great valve. 1t contains only
torty-one pounds of opium, but the neat,
safe way in which it is packed, and the
very tritling Inconvenience in handling
it, enables the bankers to do warehouse
business in the article. 1t is received
and sent out every day by the bankers.
They all say they never have any fixed
quantity on hand. 1t is considered very
good security, and warehouse receipts cir
uclate as money for nearly the full value
of the quantity on storage. No man who
has not had years of experience ever at
tempts TO do anything in this class of
business, and even the most experienced
generally have Chinese experts in their
employ, who pass upon the quality and
quantity of opium in tin, the genuine
ness of the trade marks and labels, and
generally who receive and handle the
opium.
Bankers have no peculiar liking for the
business which has been forced upon
them. but the Safe Deposit company has
always received such valuable substances
on storage, and the opium storage is no
new business for the company. The
whole sum of the various explanations
given of the queer business which the
banking corporations have undertaken
is that it is done as an accommodation for
persons with whom they have business
dealings, who cannot afford to place any
confidence in the public warehouses
where such valuable deposits are to be
made. The Chinese give as their excuse
for not patronizing the warehouses that
they are afraid of fires. There would be
no more chance of saving opium from a
burning building than there would be
of getting out coal oil or other equally as
combustIblc material. Their real fear OF
the public warehouses is as to the security
Of their store from the tamperings Of
employees, who might be tempted to sub
stitute one quality for another, or ether
wise defraud the owner of the stored
opium.