$
ridiculous by Western standards, but as the
Governor says, they are not so when compared
with the ordinary standard of living in the
Colony. It is true that that standard is
18
regrettably low, but it is not to be increased
by measures of this sort. Since, therefore,
any increase must necessarily be small, I should
be inclined to leave rates as at present fixed,
since any change might call attention to the
matter once more and give rise to criticism.
however, the matter is again raised in
Parliament, it may be necessary to make the
increase suggested as practicable by the
Governor.
If,
The Governor says in paragraph 4 that
although the sterling value of the dollar
has fallen, prices in Hong Kong have not yet
been very much affected. This is, no doubt,
true, and I think we should not be too much
concerned about short-period changes in the
sterling equivalent of the maximum wages fixed,
in these days of large and sudden exchange
movements. At the time the rates were fixed,
the dollar was worth something approaching 2/-
At the time the matter was last raised in Parliament
it was worth about 1/-; it is now worth about
1/4d and nobody can say what it will be worth
by the time any instructions to change the
rate can reach Hong Kong.
H