t
485
country with a Gold standard, from the Widows and Orphans'
Pension Fund of the Colony, be paid through the Crown
Agents for the Colonies at the rate of 3 shillings to the
(
dollar, the difference between the amounts so reckoned and
those payable out of the Fund (at the current rate of ex-
-change) being made good by the Colonial Government": and
such a resolution was in effect adopted by the Hongkong
Legislative Council on the 7th. August, 1902, and was
passed with no other understanding than that this Govern-
-ment was to make up to the beneficiaries out of revenue
the value of the difference between the contribution in
dollars at the current value on the one hand and at 3
shillings to the dollar on the other hand. The resolution,
of which I enclose a copy, is in fact quite specific on the
point.
3.
Moreover, Mr. Chamberlain's
For
705/01.
Strails
02 Despatch No. 53 of the 24th. February, 1902, entirely
confirms the view hitherto taken by the Colonial Treasurer
and justifies the practice which is that in the case of an
Officer drawing a salary fixed in dollars with Rxchange
Compensation, the whole salary is first converted at the
rate of 3 shillings to the dollar, and that then 4 per
centum of the nominal dollar salary is deducted in current
dollars