50
although no doubt Service will still complain on the ground that
it is not getting full value of its sterling salaries and that
many large business
concerns have not called on their
är
employees for similar sacrifice. I am prepared to leave decision
in your hands but if conversion of the whole of salaries is approved
I suggest that it be subject to a minimum rate of one shilling
to the dollar.
The dollar has been calculated at ore shilling. Should it rise
position would be considerably improved. In view of increase in
taxation during the past twelve months and probable reaction on living costs and also need for reserving a measure of taxation
to meet loan charges, I strongly deprecate my further increaseu at present beyond those proposed above see also my despatch referred to in first paragraph.
An urgent reply is requested as final compilation of the Budget
depends on your decision.
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