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(1) At present sterling salaries are converted into dollars
in accordance with a sliding scale of 10 to the £. when the
dollar is 4/4d. and over rising to 12 to the £. when the dollar is at or below 2/6d. In addition a temporary allowance of 2%
or 1% according as an officer is married or unmarried is at
present payable in respect of each penny that the value of the dollar
is below 2/6d. up to a maximum of 18% (or 987.
(2) Under the new Salaries Scheme sterling salaries will be
paid in the Colony on the last day of each month in dollars,
Hong Kong currency, at the average published demand rate of exchange
on London of the Hongkong and Shanghai Bank from the 15th of the
preceding month to the 15th of the month for which payment is made,
provided that such average demand rate for the month is 2/- or
less than 2/-, but if the average demand rate of exchange be more
than 2/- the salaries will be paid in dollars at 2/- the dollar.