16
482
17
lower now by about 42 per cent than they were by the increase of 1891.
I am not unmindful, in drawing attention to this enormous loss, of the fact that, generally speaking, the value of the dollar for the purpose of purchasing strictly local products has been fairly well maintained. But it has not been maintained in relation to expenditure other than the purchase of strictly local products; and it is essential to bear in mind that the purchase of strictly local products necessarily forms but a portion, and in many instances but a small portion, of the expenditure of an officer in Hongkong.
It should also be clearly borne in mind, in the present connection, that the appreciation of gold in relation to the cost of charges that have to be met in England (such as insurance premia, education