May 1908.J 



451 



DRUGS AND MEDICINAL PLANTS. 



CHEAP COCAINE. 



The sharp contest between the manu- 

 facturers of cocaine which we reported 

 in our last issue is an event of unusual 

 interest in the history of this important 

 alkaloid, indicating, as it does, the weak- 

 ness of so-called "conventions" when as- 

 sailed by independent or "outside" 

 makers determined to obtain a footing 

 on the maiket at any price. As a conse- 

 quence of sudden and sweeping reduc- 

 tions the cocaine market has become 

 unsettled, there being a want of con- 

 fidence in the stability of the article. In 

 order to induce business, therefore, the 

 makers have instituted quite a new 

 departure by granting a falling clause 

 to protect buyers for delivery over the 

 next nine months, which in other words 

 means that if, during tne currency of a 

 con r.ract, buyers should be quoted lower 

 prices than the con tract-price for equal 

 quality, they would be charged t he same 

 price on receipt of proof, or allowed to 

 deduct the respective quantity from the 

 balanceof their con trace. This unusually 

 long period of " protection " which 

 covers buyers to the end of this year, 

 has led to a fair amount of speculative 

 business. That the present prices leave 

 a loss goes without saying, as the cost of 

 crude cocaine is said to be about 7s. per 

 oz. In November last we reported that 

 the Peruvian crude cocaine factories had 

 closed down and that the export trade 

 had declined considerably. About that 

 time large consignments, which repre- 

 sented the factory stocks, were shipped 

 to Hamburg iu order to await a better 

 market, and as these have since been 

 drawn upon, it is anticipated that even- 

 tually the makers of hydrochloride will 

 find a difficulty in obtaining delivery 

 of the crude material. Moreover, the 

 increased demaud for crude alkaloid, 

 engendered by the recent speculation, 

 may have the effect of Peruvi-tu makers 

 instructing their principals on the Con- 

 tinent to advance their prices, which 

 are at present unchanged. Should this 

 happen, there will in all probability be 

 a "squeeze," aud this in turn would put 

 an end to the current unprecedeutedly 

 low prices. These opinions are ad- 

 vanced by those who are believed to 

 know most about the position of the 

 article, but it need hardly be said that 

 the intentions of the manufacturers are 

 only known to themselves. In view of 

 the present interesting situation, we 



m 



have compiled the following table, 

 showing the fluctuations in the makers 

 prices of hydrochloride (for minimum 

 bulk lots of 175 oz.) over a series of 

 years :— 



• ooo 



00 OO 



Hi 



I I "I ° ! 



i I 



5 9 « O « 



<c/)OZQ 



It is interesting to note that in 1884, at 

 the time cocaine hydrochloride was 

 introduced as a commercial product, the 

 following statement appeared in a C. 

 & D. editorial : — 



The alkaloid is at present very costly, 

 9d. or Is. per grain, and its price is not 

 likely to fall for a few months. 



In that year Messrs. J. W. Drysdale & 

 Sons made a sale of 200 grams (about 6 

 oz.) to the Continent, which cost the 

 buyer 2304.; whereas to-day the value of 

 175 oz. is just under 501. a decline which 

 we believe is unprecedented in the com- 

 mercial history of fine chemicals. The 

 causes of the present depression are 

 deep-seated, one of the contributory 

 factors being the prohibitory measures 

 taken against the consumption of 

 cocaine in India and elsewhere, with 

 which the next article deals fully.— 

 Chemist and Druggist. No. 1,468, Vol. 

 LXXI1. March 1908, 



TCoca is only a small industry in 

 Ceylon, but our leaf is largely the mar- 

 ket staudard, Everything, therefore, is 

 of interest locally that concerns prices. 

 — Ed.1 



