15
(*ive.
i-e. Than 1/69 to 25/8 then wach
to 19/49 and up to 10/69)
weeping
presumably it is hardly likely to fluctuate
much more than the Indian rupee did during
the years round about 1920. It would clearly
be a great convenience if it were possible to
fix some arbitrary rate at which existing
sterling salaries could, without gross unfairness,
once and for all
be converted into dollar salaries, as-a-permanent
measure: Suppose, for example, the rate of
1/4d were taken; under this plan all sterling
salaries would forthwith be converted by
legislation into dollar salaries on the 1/4d
basis, and would then become subject to the same
levy as other dollar salaries so long as that
remained necessary. Leave pay and pensions
could be issued at conversion rates to be fixed
by the Government from time to time. In the
event of the dollar remaining permanently below
1/4d officers would, of course, be receiving
less than they could have got on the basis of
the current rate of exchange; on the other hand,
if it should rise above 1/4d, they would be
receiving more.
The question whether it is
now
possible to fix a rate, and what the rate should
and
be, or whether it would be desirable to wait
until things have settled down a bit, is one
for the currency experts; but I suggest that
from the point of view of administration the
immediate
proposal is worth, consideration.
C.J. Jeffries
10.1.36.