372
Lord Elgin, therefore, considers that it will
he best first to set out clearly the history
of the grant of Exchange Compensation, in
its different forms, and then to add some
observations as to the later paragraphs of
the memorandum.
3.
The facts in regard to Exchange
Compensation are as follows:-
Previous to the year 1895 an officer was
paid the actual number of dollars provided
in the Estimates as the salary of his post.
Between the years 1876 and 1894 the exchange
value of the dollar fell steadily from
4/2d to 2/-, and a serious hardship was
thus imposed upon European officers, who
found that their salaries were practically
reduced by a large percentage owing to the
fact that the number of dollars required
to pay for remittances to England, for
passages home, and for imported articles,
was