No. 712.
13
GOVERNMENT HOUSE,
HONG HONG,
3
Sir,
GRIVED
24 NOV 1939
6. O. REGL
13th November, 1939.
I have the honour to refer to your despatches
5. Nos. 375 of 26th September, and 397 of 17th October, 1939, forwarding correspondence with the Department of Overseas Trade regarding arrangements to be made for the advance of funds by the Government of Hong Kong to His Majesty's Trade Commissioner, Hong Kong, and to say that I shall be glad to arrange accordingly for such advances.
Amil : @
2.
As regards the rate of exchange to be adopted for the adjustment of such advances I would suggest that it would be most convenient to adopt a fixed rate of 1/3d to the dollar. As you are aware it has been announced that the Exchange Fund will buy sterling at that rate and sell it at 1/212a. The commercial rate, which is not always easy to ascertain exactly, fluctuates approximately between the limits of the Fund's
For some time past the effective commercial rate has been approximately 1/3d.
rates.
I have the honour to be,
Sir,
Your most obedient, humble servant,
1. Cs. Warthot
Governor.
بيجو
THE RIGHT HONOURABLE
MALCOLM MACDONALD, M.P.,
&C.,
&C.,
&C.