!
30
in a total list of 100, the reason undoubtedly being that Chinese leave the Service for better prospects with much greater frequency than is the case with Europeans. Direct personal experience must necessarily be an important factor in the appreciation of, and the making of allowance for, a
fact of this nature.
6.
The fund in its inception was backed by
no capital sum, and the ratio of contribution to pension had accordingly to be arranged with the intent that from the very
commencement all liabilities should be met out of current
revenue. A wide margin of safety was therefore necessary, and in the case of the Hongkong Fund it has been such that a very
large capital sum has now been accumulated. The Government
has for many years enjoyed the use of the large credit
balances, and it can well afford to deal generously in the
matter. In fact the roughest calculation will show that the
pensions at present paid are probably less than half those that could be paid with a proper margin of safety.
7.
If you should approve of the revaluation
I should be glad if you would in the meantime authorise an
increase in the pensions payable under the existing tables
of fifty per centum with effect from the lat. January, 1919.
I have the honour to be,
Sir,
Your most obedient,
humble servant,
insursevem
Officer Administering the Government,