1°354.
R
HONGKONG,
C
47207
A 20 007 25
GOVERNMENT HOUSE,
202
18th September, 1925.
sir,
I have the honour to forward copy of
Reference Sheet No.7/1922 from the Colonial Audit
Department on the subject of the Adjustment of Exchange
Account.
2. This account was first introduced in the
year 1922 its object being to adjust the dollar equivalent of sterling investments made by the Crow
Agents, and sterling funds in the hands of the Crown Agents without treating such adjustment as Revenue or Expenditure. Rates of exchange have within the last
ten years varied very considerably, the average rates of exchange for the last ten years being
1914-19 1918 $ =
1915
1916
1917
1/11 1919
2/3+
1920
2/11+
1921
1922
1923
1924
9/10 15866 3/20
besides which the fluctuations during the course of any
year are very considerable.
3. The Colony has been obliged to remit its
surplus balances to England, and in accordance with Mr.
Churchill's Despatch No.116 of April 21st, 1922, the
sterling cost of Investments is brought into the Annual Account converted into dollars at the average rate of
THE RIGHT HONOURABLE
&C..
LIEUTENANT COLONEL L.C.M.S. AMERY, H.P.,
&C..
&c.
exchange