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mode of payment to note that at the annual meeting of the Hong Kong and Shanghai Banking Corporation held on the 28th
February, 1931, it was resolved that the Directors' fees, instead of being $50,000 as heretofore should be £5,000
sterling or its equivalent in Hong Kong currency at the
date of payment (now $100,000).
Among those who benefit by this alteration are the
Hon. Mr. C.G.S. Mackie and the Hon. Mr. J.J. Paterson,
members of Legislative Council; while the Hon. Mr. Paul
Lauder, the Hon. Mr. W.E.L. Shenton and the Hon. Mr. J.
Owen Hughes were present at the meeting at which no dissenti ent
voice was raised.
All the above mentioned gentlemen supported in
Council the motion that one half of sterling salaries of the
Civil servants should be paid at the fictitious rate of the
dollar being equivalent to one shilling and sixpence.
11.
The following commercial concerns are, we understand, continuing to pay their Gold-contract employees their full
salaries in gold or its equivalent in Hong Kong currency at
the date of payment :-
The Hong Kong & Shanghai Banking Corporation.
The Chartered Bank of India, Australia & China.
The National City Bank of New York.
The Canadian Pacific Railway Company.
The Standard Oil Company of New York. The Asiatic Petroleum Company.
The British American Tobacco Company.
The Hong Kong and China Gas Company.
The Union Insurance Society of Canton (whose Managing Director, the Hon. Mr. Paul Lauder, first proposed in Council the alteration in the mode of payment of Civil Service salaries).
The foregoing list does not profess to be
comprehensive.
5.
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