52
in rate at which sterling in London can be obtained
for dollars in Hong Kong and that at which dollars
in Hong Kong can be obtained for sterling in London.
The best method of giving effect to this will probably
be to take for each transaction the mean of the
published selling rate of the day and the buying rate
(which since December 1931 has been certified for each
Hongkong and Shanghain day by the Hand 8. Banking Corporation), but this
also is a question which the local Government and the
Treasury Chest Officer might discuss with advantage.
In reference to the general subject matter of
this letter, Sir Philip Cunliffe-Lister may be interested
to see the attached table of sums raised by the Treasury
Chest Officers in Ceylon, Bermuda, and Jamaica from the
Colonial Governments during the last financial year, and to recall the origin of the Ceylon arrangement (correspond- ence enclosed with Colonial Office letter 10633/17 of the
March 1917), in circumstances somewhat similar to those at
Hong Kong.
I am,
Sir,
Your obedient Servant,
R.V. Neid sophis
2nd[[kagger]