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(e) the pension which that cash value would produce in sach instance on the basis of the future change to 8%; and, finally, (a) the pension purchaseable at 8% by the balance of the future contributions remaining to be discharged. The sum of these processes (c) and (á) constitutes the revised registered prospective pension. So formidable a task, if undertaken by a staff inexper- ienced in these intricate calculations would, unavoid- ably, be attended by the absence of the necessary confidence in the figures and therefore the extent of the liabilities upon the Scheme) obtained.
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THE FOURTH PARAGRAPH OF YOUR LETTER;
Paragraph 2 of the despatch from Hong Kong No. 164
dated 13th. April 1921;
Paragraph 15 (a) of Lord Milner's despatch No. 10
dated 11th. January 1921; and
The Secretary of State's proposed reply contained
in this paragraph.
Referring to the Governor of Hong Kong's interpretation of paragraph 3(c) in Lord Milner's despatch No. 10, and the Secrehary of State's proposed reply, the dif- ference consists in the Governer expressing a Postulate in connexion with the revision at 8%, while the reply is and this is clearly right ) that a Fossibility was expressed in place of a Postulate.
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May I be permitted, upon partly technical grounds, indicate the nature of any such concession in its bear- ing upon the future as a precedent? In paragraph 6 of the despatch from the Straits Settlementa, No. 655 dated 4th. November 1922, a suggestion occurs of future periodical investigations into mortality (which is assented to in principle by the Secretary of State's despatch No. 209 dated 9th, April 1923 to that Colony- to this I refer in more detail in my paragraph 5 infra), entailing accordingly sequent revisions in pensione, and, since greater or less homogeneity of treatment should prevail in all theae Schemes, à recurrent fin- ancial selection against the various Governments is involved. Clearly if the result of any investigation should prove to the advantage of members, the revision would be accepted by them, while a different result would produce a wasteful expenditure to the Schemes in the recalculations, and a permanent loss to the Gov- ernments. Evidence of this tendency ie furnished by paragraph 4 of the despatch from Hong Kong No. 164, dated 13th. April 1921, where it is stated that the investigation might proceed and, on the ascertained
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