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248
4.
As I pointed out in my last letter, the
puzzle with which we have been dealing this month, is the case of the rate being below 2/- at the end of the month having been above it at some time during the average period; but that a still more difficult puzzle will arise if the dollar is above 2/- at the end of the month having been below it during part, or even the whole of the average period.
5,
If Your Excellency will look at the diagrams annexed, you will see how this plan works. The special point about it is that if the dollar is persistently above 2/- the rate derived from the average period will be 2/-, which is the standard rate. I have little doubt that this does accurately interpret the Secretary of State's intention in the matter.
I have etc.,
(sa.) P. 7. Piggott,
Chief Justice.
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It might perhaps be useful to Your Excellen-
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-cy if the Treasurer were to report what he sees wrong in this scheme. I should be happy to make it clear to the Financial
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Officers should Your Excellency thinks fit.
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Excellency
Sir Frederick Lugard, K.C.M.G., C.B., D.S.O.,
Governor,
Hongkong.