53
4
WIDOWS' AND ORPHANS' PENSIONS.
8. A deduction of 4 per cent. is made from the salaries of all male members of the permanent Government Service as a contribution towards the provision of pensions for the widows and orphans of Government officers.
CURRENCY.
The currency of Hong Kong is based on the silver dollar. For purposes of local payment salaries fixed in sterling are con- verted into dollars at a rate fixed by the Government. The rate is at present 2s.-$1, but is liable to alteration.
A strictly temporary allowance is also granted at present, based on the average exchange value of the dollar with sterling. This allowance is on the following scale: -
When exchange is—
At or over 4s. 4d.
Allowance per cent. on salary is
0
AS.
and below 4s. 4d.
3
3s. 8d.
4S.
6
...
""
3s. 4d.
3s. 8d.
9
""
"
3s.
3s. 4d.
12
""
""
2s. 8d.
35.
15
***
...
""
Over 2s. 6d.
2s. 8d.
18
...
""
At or below 2s. 6d.
20
Remittances to England.
10. As a temporary measure of relief to mitigate the increased cost of remittances to England, consequent on the recent fall in the exchange value of the dollar, the following arrangement, supple- mentary to the arrangements for the payment locally in dollars of salaries fixed in sterling, has been approved
Where an officer's wife and one child, or two children, one of whom is over seven years of age, are in a sterling country, one third of the officer's salary as now paid in dollars will be paid in sterling at the rate of $8-£1.
Where an officer's wife alone, or one child over seven years of age alone, is in a sterling country, one quarter of the officer's salary as now paid in dollars will be paid in sterling at the rate of $8=£1.
The difference between the cost of the remittances at $8=£1 and the actual Treasury rate for the month is paid by Govern- ment.
These concessions are only temporary, and it must be clearly understood that they may he withdrawn at any time.
(467-1) Wt. 12387-1929 200 10/27 H. St. G. 3
Department o! inc
(61) Wt. 1157/1816 250 5/27 S.E.R., Ltd. Gp. 56.