53699/35 19
ROOPY FOR REGISTRATION
10 DEC 1935
C. O. REGY
Telegram from the Officer Administering the Government of Hong Kong
to the Secretary of State for the Colonies.
Dated 10th December, 1935. Received 11.14.a,n. 10th December.
No. 324. Confidential.
3
7236
15
Your telegram No. 326 Rate for December calculated according to rules of this Government will probably be about 1/416 pence. Hethod suggested by you will work out at about 1/5 for the whole month. Cost of sterling salaries at these rates will be about 567,000 dollars and 548,000 dollars respectively. Cost at 1/8 will be about 480,000 dollars. Budget for 1935 is now expected to show a deficit of one million dollars if no cut is made on December salaries. I consider saving of difference resulting from payment at 1/8 is necessary and is justified by lag in rise in cost of living. Moreover sterling paid officers received protection when the dollar rose above 2/- by payment of salaries at 2/-.