70
together if the remittances had been made by direct
arrangements instead of through the market. We do not
know here the exact period covered oy the 1/3d. agreement
or the amounts actually remitted under it by the Hong Kong
Government, but in the period from 21.12.31 to 21.2.32
inclusive your predecessor raised $2,139,864 at an
average rate of 1/5.94. If therefore the 1/3d. agreement
covered this period, and if the Colonial Government's
remittances were large enough to have provided the Chest
with the whole of this amount, there could apparently have
been saved, to the Exchequer and the Colonial Treasury
together, no less than £26,213 during that period. You
will be able, no doubt, to make a more accurate calcula-
tion of the amount which was unnecessarily handed over to
the market from public and Colonial funds; but it is amply
clear that the fullest enquiry must be made into the
facts, and that we must press strongly for a resumption
of the arrangement made in 1924. We should be glad of
a full report from you on the subject, setting out how
the