OUTWARD TELEGRAM
FROM THE SECRETARY OF STATE FOR THE COLONIES
537 FROM T
Code
24
IMPORTANT
TO HONG KONG (Sir A.Grantham)
Sent 5th June, 1948, 14.45 hrs.
No. 640 Confidential,
1.
Your telegram No. 491.
Currency basis of emoluments,
I agree that expatriate officers already in the service, if they opt for new terms of service, may also if they so desire opt to have their pensions calculated and paid in sterling at the rate at H. K.$16 to the pound.
2.
This rate will be subject to review only in the following circumstances. If a devaluation of the Hong Kong dollar as against the pound sterling were to take place and if as a consequence there were to be a revision of doller salaries in an upward direction then the application of the rate of $16 to the pound would give expatriate officers an unjustifiable increase in sterling pensions.
3
It should therefore be made known that if circumstan ces set out in paragraph 2 were to a rise the rate of $16 to the pound would fall to be reviewed.
Copies sent to:-
Treasury
Mr. D. R. Serpell 0. B.E.