·
1
would hardly go to the local butcher if he had to be
operated on for appendicitis.
To ask a Chartered
Accountant to value a Pension Fund would be like asking
a sixth standard elementary school boy to solve a mathematical problem requiring for its solution the use
of the calculus.
Kr. Severn hasn't ever looked up the past
correspondence - or if he has, he has
honestly
→
not very
ignored 33991/08, which showed that the
explanation to the contributors of the position as shown in the print which Mr. Severn encloses
-
together
-
with the fact that the Directors and contributors who
had previously been in favour of a scheme of compul-
sory insurance had discovered that no Insurance
Company would offer as good terms as the scheme quite
altered their views and produced a large majority in
favour of the transfer of the Fund to the Government.
Mr. Severn, besides ignoring the consideration that no
Fund exists to be valued, overlocks the fact that if it
still existed a valuation of it couldn't be made which
would be in the least accurate, owing to the fluctua-
tions in the sterling value of the Hong Kong dollar
see paragraphe 4 and 5 of Colonial Office despatch of
28th December 1907.
-
We should write to Sir E. Stubbs pointing out
mit the clearly but pityingly the absurdities of his Colonial
Secretary.
As regards what else we should say, please aer
on Gov/13658/19 Straits. We had butter say it in
R
separate despatch
G.G.
A.1.0+/11/10/19
As
22.11
26-16-19
Abirue
36041/07
NO &
Enclosure!
75456
Sir,
28
12225
REC
REC 24 LB 19
GOVERNMENT HOUSE.
HONGKONG. 8th. January, 1919.
I have the honour to report that certain
representations have been made to me regarding the present
position of the Widows and Orphans' Pension Fund of this
Colony, and I enclose for convenience of reference Hongkong
Sessional Paper No. 19 of 1908, which contains the previous correspondence; and I would draw especial attention to the views of the Civil Service expressed on pages 12 and 13.
2.
The Fund, in the sum of 8371,321, was
1909; and
taken over by the Government on the 1st. January,
since that date no figures have been published to show its
position. I find however that, if the former system whereby
the Government paid compound interest at 6 per centum upon the capital sum had been continued, the total amount to the
credit of the Fund at the end of 1918 would have been
$1,089,993.
3.
I attach sheets L.23 28 of the Blue
Book for 1917, which show the pensions now being drawn. It will be seen that in almost every case the amount is entirely inadequate for the reasonable support, under present-day conditions, of a widow or children. I may refer in this connection to Sir Henry May's Despatches No. 56 of the 14th. February and No. 250 of the 2nd. September last. Mrs.
1938 O'Sullivan, Mrs. Clarke, and Mrs. Glendinning, who have been
THE RIGHT HONOURABLE
WALTER LONG, M.P.,
&C..
&c..
&c...