275
1.
TREASURY MINUTE DATED 17th MARCH. 1926.
Hy Lords read again Their Predecessors' Minutes of
the 22nd November 1988 and the 14th October 1915, on the mode
of issuing the dollar in the Best in order to segure the
equivalent of sterling in local surrendy. in the batter
Minute Their Lordships' Predecessors expressed Their
aoncurrence in the recommendations of the Committee appointed
by Their Minute dated the 27th February 1913, of which the
first recommendation was as follows:-
"That the official rate of the dollar be fixed monthly
at the average over one month of the exchange rate for
telegraphic transfers, rounded up or down, as the case may be,
to the nearest farthing". in paragraph 3 of the Minute of
the 14th October 1913, Their Lordships directed that:-
"In giving effect to the first recommendation, the
rate for the purchase by the Banks of Telegraphie Transfers
published daily in the Hong Kong press be made the basis for
ealculating the average rate, the bankers to the Cheat being
requested to aertify 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 let of the following month, on the basis of the daily
rates for each day after the 20th of the preceding month.
+
2. The rate for the purchase of Telegraphie Transfora
by the Banks is not pablished in the Hong Kong press, and the
bankers to the Chest who have been approached on the subject
are unable to certify such a rate for the purpose of giving
effect to the above directions. It has become the practice
in the Treasury Jheat at Hong Kong to adopt the daily
published