F.A.C.C./1014
Command Paymaster,
Hong Kong.
75
With reference to my memorandum F.A.C.C./1014 of the 30th September last on the subject of the possibility of the transfer of Colonial funds to the mutual benefit of the Treasury and the Hong Kong Government, will you please say whether the matter has been considered and, if so, with what result.
(Sgd.) A.S.KING,
Financial Adviser,
Hong Kong,
30 January, 1934.
The Financial Adviser, China Command.
China Command.
No. T.C./5.
With reference to your F.A.C.C.1014 dated 30.1.34 the possibility of the transfer of Colonial Funds to the mutual benefit of the Treasury and the Hong Kong Government has already received consideration, and at present the conditions of local exchange are not suitable to re-open this question.
In any case, it is pointed out that the policy of the Colonial Government tends to conflict with ours, in that they are inclined to the retention of their surplus dollar credit until such time as benefit may be derived in the sterling value on account of rise in the rate of exchange. They therefore are not likely to be disposed towards letting us have local currency at a lower sterling value than they can otherwise get. We on the other hand have to buy more
or less regular intervals - and where possible when the dollar is low.
Hong Kong,
8th February, 1934.
(Sgd.) W.J.H.BILDERBECK,
Colonel,
Command Paymaster, China Command.