Revenue Farmer
He also had vast interests in some of the Government revenue farm monopolies. On 2, July 1903, the public tenders were declared open for the running of the Kedah and Penang Opium Farms. There were eight tenders. The highest tender was made by Chung Thye Phin for the Penang farm at $260,000 a month.
An understanding was reached that: (i) the government cut the Penang opium farm from the $260,000 a month tendered by Chung Thye Phin to $220,000 (later reduced to $217,000), and agreed that the syndicate could have both the Penang and Kedah farms at an overall price of $260,000 per month; (ii) Gan Ngoh Bee could have half the farm, but the other half should go to Chung Thye Phin, whose tender was the highest; and (iii) the government would undertake to secure the Kedah farm on behalf of the Penang syndicate at $40,000 a month with one-to-three months' deposits.
Read more about this topic: Chung Thye Phin
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