have generally been somewhat in excess
of 2400,000 a year,
Under the
arrangements made in the 1923-24 corres-
pondence, only the difference between
these amounts would have had to be
negotiated on the exchange market; but
it appears that those arrangements have,
at least in recent years, not been in
operation. In consequence the whole
amount of the homeward and outward
remittances of the two Governments has
been so negotiated.
My Lords do not think it possible
to justify this state of affairs. while
on this or that isolated occasion, either
the Colonial Government or the Treasury
Chest officer may have obtained a
specially favourable rate of remittance,
it is inconceivable that the amounts
paid for the remittance between Hong
Kong and London of (say) £1,100,000
a year should not be greater than need
be paid for the remittance of (say)
£300,000 a year. While My Lords are
primarily concerned with the financial
aspect of this question, They venture
to suggest that on more general grounds
also it is desirable that the two
Governments concerned should co-operate
with and assist one another in such
administrative matters of common concern
as this.
57
They