4

X/

the Treasury

December rate.

2.

Unles

bear little or no

rate,

for

of the decision as regards the

The Conversion rate is avowedly là

relation to the actual exchange

it is surely unsafe to fix ralis farahead

quarter 91936.

the second and

this

In the first place, the Treasury might

be consuMed

as to the nation which they

من

"couvert

propose to foot & salaries payable in HK.

In replying, it might be remarked that

первый

Im fys.

assumes

be taken to assure

that precautions will

the levy will not result

that

the operation f

in indue

dismimination against the recipients f

salary first above the exemption hunt - refering to the end of part of Cive. Desp. of 16 July 1932.

PS.

a

In the 1st place.

?asat X/.

Exaustairs

61/36

hers cutting is attached giving

ace

exaggerated report of the extent the

Levy

di is stated

that hire servants

cue

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