A
507
medium-sized house decently situated, vary between $150 to $250 a month. Considering this from the point of view of sterling, with the dollar at 1/6: taking a mean rent of £300 a month (apart from rates), the rent is £16.13.4 a month or $200 per annum. With the dollar at 3/2 (the rate at which salaries were paid this month) the rent is £21.8 a month or $256 per annum.
Considering the question from the silver point of view with the dollar at 1/9, the mean salary of first class appointments may be put at $1000 a month but with the dollar at 2/2 such a salary is reduced to £375 a month.
It will thus be seen that rents in Hongkong are higher than those paid in England: and far exceed the recognised proportion which rent should bear to income. But putting this on one side whichever way it is looked at, either the increasing sterling rent, or the diminishing currency salary, the question of house rent is not merely the principal item of expenditure effected by the exchange, but so much an important one that even if it stood alone it would, we respectfully submit, be sufficient warrant for the relief which we seek. In the case of second class appointments, the item for rent can hardly be diminished, and it therefore bears a disastrous proportion to the officers' salaries.
It is hardly possible to anticipate any reduction of rent, for the cost of building and of continuous repairs is such that even at the present high rents landlords do not find house property a profitable investment. Similarly with regard to the rates: the monthly rate for a house rented at $200 is $26 (this at 1/8 in sterling is £1.7.4 and at 2/3 it is £2.17.5).
The Government has not reduced the dollar value of the rates in consequence of the high rate of Exchange nor would it be possible for it to do so. There are a number of smaller items the charges in respect of which always remain constant, and are not affected by the rate of the dollar; such as, doctors' charges, servants' wages, coolie hire, gno, trim ticket, chair hire.
In all