As I look at it, every te orary
levt imposed to meet an emergency has
to be framed in a hurry, and will prob-
ably involve some initial differentiatio
of sacrifice betwen individuals. In
extreme cases the discrepancies can be
corrected at leisure. I do not think it
is possible for us usefully to criticise
the scheme prepared by the Gove mor, since
we have not all the material which he
had before him. I should be inclined to
approve the proposals, subject only to
a reservation of the right to consider
the rates of conversion in future
periods.
The question of the payment of
all salaries in dollars is too large to
be taken up directly in connection
with the levy, but I agree that it would
be well to put the whole matter before
the Governor by despatch and ask him
to prevare a scheme for converting all
sterling sa laries into doilar salaries.
As it is intended to maintain some
control over the rate of exchange this
should be possible, So soon as we can
form sune idea what the nomal rate is
to be.
16
#Rlowell
Sir J. Shuck hugh
41.1.36
The Gov. may be right in saying that his conversion proposals will have the effect n intron busing the levy in the principle equality of sacrifice, but I can't see