ד
:
135
40
on London by the service which requires it;
(5) that, with the exceptions to which reference
is made in the body of the Report, the rate fixed as above
be the official rate for conversion throughout China.
My Lords concur in these recommendations and
direct that steps be taken as soon as possible to give effect to them. They propose that the new method of
fixing the official rate of the dollar should take effect
as from the 1st January 1914, as from which date Their
Minute of the 22nd November 1888 is hereby cancelled.
3.
My Lorde direct that, in giving effect to the
first recommendation, the rate for the purchase by the Banks of Telegraphic Transfers published daily in the Hong Kong press be made the basis for calculating the average rate, the bankers to the Chest being requested to certify as to the latter's accuracy, and that such average shall
be struck on the 20th of each month (or the 19th if the
20th is a Sunday or holiday) to take effect on the 1st of
the following month, on the basis of the daily rates for
each day after the 20th of the preceding month.
4. In accordance with the fourth recommendation,
the Admiralty, the War Office, the Office of Works and the
Foreign Office will raise what local currency their officers may require at places in China other than Hong Kong where facilities for exchange exist by the sale on London of bills or telegraphic transfers, and the operations of the Treasury Chest at Hong Kong will be confined to the provision of local currency for Hong Kong itself and other places in China
2
where