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of exchange on London of the Hong Kong and Shanghai Banking Corporation from the 15th of the preceding
month to the 15th of the month on which payment was
provided
to be made, subject that such average demand rate of
exchange on London for the month was 2s/-, or less
than 2s/-, but if the average demand rate of exchange were more than 2s/-, the salaries should be paid in dollars - Hong Kong currency-at exchange 2s/-. In
addition to the above, they recommended that the
Government at its discretion should continue to pay
a high cost of living allowance to officers, but not
exceeding 15 per cent of the nominal sterling salary of married officers and 7 per cont of the nominal
sterling salary of unmarried officers.
The recommendation for a high cost of
living allowance was not adopted, but the proposed
new system of conversion was introduced with effect
from the 1st January, 1930.
In view of the very considerable fall in the
dollar exchange since the date of the Salaries
Commission's Report, the Secretary of State has approve
a modification in the system of conversion with effect
from 1st January, 1931. As long as the exchange is
below 18/6d, sterling salaries will be converted as to
half at ls/6d and as to half at the current rate of
exchange. The present system is, therefore;- exukange below 18/6d, half at is 6d exchange at le/6d and
1s/6d.
above, but not above 23, at ourront rate:
28/ at 20/-.
above
Exchange below 1/6 4:-/1⁄2 at 1/6d and 1/2 at current rate,
Exchange at or above 1/6d but not above 2/-:- at
Current rate.
Exchange above 2/- : at 2/-
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