3.
420
Hong Kong currency, at the average opening
published demand rate 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 for which
payment was to be made, provided that such
average demand rate of exchange on London
for the month was 2/-, or less than 2/-, but
that if such average demand rate of exchange
should be more than 2/- the salaries should
be paid in dollars at exchange of 2/-.
7.
In addition to the above the Commissioners
recommended that the Government, at its
discretion, should continue to pay a High Cost
of Living Allowance to officers, but that the same
should not exceed 15% of the nominal sterling
salary of married officers, and 74% of the nominal
sterling salary of unmarried officers.
8.
In the case of officers on dollar salaries
the Commissioners came to the conclusion that an
increase of 20 per cent would be fair to that
class of officer.
9.
In the said Report the Commissioners make it abundantly clear that the paramount reason for
recommending the increase in both sterling and
dollar salaries was the same, viz. the increased
cost of living.