23
A
disposal of the silver on the market, it can
still probably be presumed that it will be
possible to realise it profitably for the
benefit of the Exchange Fund in due course.
In the circumstances, therefore, I am
doubtful whether we need telegraph to Hong Kong,
but we should send a despatch by air mail
sanctioning Ordinance No. 40 and approving the
Estimates generally. We should add that in the
difficult circumstances, complicated as they are
not only by the depression in trade, but also by
the recent exchange movements, the Secretary of
State has no doubt that every legitimate form
of economy will be exercised; /and say that he
regrets the necessity for the imposition of a
temporary levy on the salaries of Government
officers in relief of Government expenditure in
the present period of stringency, and that it is
most desirable that this levy should not be
continued any longer than is necessary, and that
in order to effect the restoration of a normal
position the 0.A.G. should consider, as occasion
offers, whether the present level of salaries
is such that in all cases they are justified,
and whether the prospect of the normal conditions
which may be expected to apply in the future,
would call for any reduction on a permanent
in the case of new intaut
basis of the present salary scales and remunera-
tion standards which have hitherto been operative
in Hong Kong. Finally, we might ask for
telegraphed information to be sent home at the
end of each month to show the revenue and
expenditure figures which are achieved through
the year.
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