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should be expressed in the currency of
that Colony.
5. The terms on which the existing
sterling salaries may be converted to a
dollar basis would plainly require careful
consideration.
However, pending any
definite decision on that matter, I
strongly recommend that no new appoint-
ments should be made on sterling salaries.
Although it is difficult to predict the
future of the Hong Kong dollar with any
degree of confidence, I am of the opinion
that the establishment in Hong Kong of a
managed currency will lead to a greater
stability in the sterling value of the
dollar, and that the payment in dollars
of