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TREASURY MINUTE DATED 14th OCTOBER 1913.
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1. My Lords read again Their Mimte dated the 22nd November 1888 on the mode of issuing the dollar in the East in order to secure the equivalent of sterling in local currency. My Lorda also read the Report of the Committee appointed by Their Minute dated the 27th February 1913 to consider the arrangements in force under the above Minute and to report what changes, if any, should be made in those
arrangements.
2. The changes recommended by the Committee are
summarised as follows :
(1) That the official rate of the dollar be fixed monthly at the average over one month of the exchange rate for telegraphic transfers, rounded up or down, as the case
may be, to the nearest farthing;
(2) that tenders be invited for the supply of dollars in exchange either for telegraphic transfers or bills at 10 days' or three months' sight, with a view to raising the money required in the manner most advantageous
to the Exchequer;
(3) that experimentally bills be offered for
smaller amounts at shorter intervals than has heretofore been customary, and that the amounts offered for tender
should be stated in the advertisement;
(4) that local currency be obtained so far as possible at other points than Hong Kong by the sale of bills
on
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