No. T.C./708
74
The Financial Adviser,
China Command.
With reference your F.A.C.C./1014 dated 19-9-32.
On 30th August 1932 I interviewed the Colonial Treasurer, and discussed the question referred to in your above quoted letter at some length.
The discussion disclosed the fact that the oppor- tunities for a transfer of funds to the mutual benefit of the Treasury and the Hong Kong Government are almost non-existent under the present financial arrangements of the Colony.
Hong Kong,
19th September, 1932.
F.A.C.C./1014.
(Sgd.) P.A.GEDGE,
Major,
Treasury Chest Officer,
Hong Kong.
Command Paymaster,
With reference to your memo. T.C.708 of the 19th September 1932 on the subject of the possible transfer of Colonial funds to the mutual benefit of the Treasury and the Hong Kong Government, I notice that the Colonial Auditor refers in his recent report to the loss by the Hong Kong Government of over $300,000 on a sterling contract for remittances to the Crown Agents for the Colonies, thus indicating that such remittances must be very substantial in volume. The method which caused the loss the making of a forward sterling contract - was criticised as a departure from the recognised Treasury practice.
It seems possible therefore that the position may have changed since the discussion of a year ago with the Colonial Treasurer and you may perhaps feel disposed to explore anew the possibility of securing to the Home and Colonial Governments some of the profit on remittances which now goes to the banks.
30/Sept/1933.
(Sgd.) A.S.KING,
Financial Adviser,
China Command,