366
dollars on the 15th of each month, the rate of exchange
being reckoned, as in the case of those salaries fixed
in sterling from 1902 onwards, according to the aver-
age rate of exchange for the preceding month. For
instance an official whose salary wae, say, $1,000
ន
B
would receive $1,000 at 37- each = 3,000/- = £150 and
this £150 would then be changed into dollars according
to the average rate of exchange for the preceding
month.
At the instance of all the higher officials the
Legislative Council of Hongkong with the concurrence
of the Secretary of State for the Colonies in London,
adopted the following resolution on the 16th ultimo,
their decision to have retrospective effect from the
1st of January last.
8
All salaries, both those in sterling and those brought up to the nominal rate of exchange of 3/- per
dollar by means of the above-mentioned exchange com- pensation, are to be paid at the rate of 2 per dollar
so long as the rate of exchange for the dollar stands
6.
at 2/- or more.
If the rate of exchange for the dollar falls be-
low