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Updated: May 22, 2025
These are Canton, Amoy, Fuh-Choo, Ning-po, and Shanghae: six millions of dollars paid as the value of the opium destroyed by Lin: the system of Co-Hong abolished, and three millions paid for losses by the Hong merchants to British subjects; twelve millions to defray the expenses of the war; and the island of Hong-Kong ceded for ever to the British government.
The old Co-hong, a system first established in 1720, under which certain Chinese merchants at Canton became responsible to the local authorities for the behaviour of the English merchants, and to the latter for all debts due to them, had been so complicated by various oppressive laws, that at one time the East India Company had threatened to stop all business.
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