365
receives money from the United Kingdom, and for which purposes the machinery of the Host Office affords every facility. For the present, we do not think it would be advisable - even if we considered it necessary, which we do not - to apply this money order system to any other places than Hongkong, Shanghai, Yokohama and ...
26.
As the rates of exchange at each of these places fluctuates, it will be necessary to lay down severe rules to confine the operations of the proposed Money Order system within their legitimate limits, and also to guard the revenue against loss; and, after giving this question full consideration, we came to the conclusion that, however desirable it might be to adopt a fixed rate of exchange at which orders would be issued and paid, such an arrangement would be open to serious objections.
We therefore recommend the following plan:
That Orders shall be issued at Hongkong, Shanghai, and Yokohama at a rate of exchange to be fixed for each mail - such rate of exchange being the current rate, and that orders shall be paid at the same places at one penny ...
7