12
....
18
373
DRAFT.
was cors tantly growing greater, while their
emoluments still remained at the same fixed
sum in dollars. To alleviate this hardeship
it was decided in 1895 to grant such officers
#
*an allowance (to be called exchange com-
pensation) sufficient to make up one-half
of their salaries to the value of 3/- to
the dollar, e.g. An officer whose nominal
salary was $1,000 would receive $1,000
plus the difference between $500 at the
current rate of exchange and 500 times
three shillings. This concession, which
was allowed to date back to January 1st
1894, was equivalent at the then existing
rate of exchange to an increase of about
25% in the salary of every European
officer.
The method which was adopted to~
determine the value of the dollar for the
purpose of calculating exchange compensation
Was