that I do not quite follow your argument.
13
3. As regards the latter contingency mentioned in
paragraph 1 of this letter, paragraph 2 of the
Secretary of State's telegram No.640 was inserted in
order that there should be no misunderstanding on the
point. If the rate of exchange varied to such an
extent that a revision of the dollar salaries became
necessary, which are the circumstances envisaged in
paragraph 4 of your letter, then the rate of ls. 3d.
would have to be reconsidered for assessment of sterling
pensions not already in issue and I do not imagine that
you would feel that this is unreasonable. In the case
you quote, however, it seems to me to be somewhat
unrealistic to imagine that there could be any question
(a serving
of giving on/officer the option of remaining on his old
salary and accepting the old conditions, or opting for
the new salary with the consequential new rate of exchange
to be applied to his pension. A drop of one half in
the value of the dollar would be so serious that it
would be impossible to face the officer with such an
Jumagine that
option and an unconditional increase in salary would
have to be considered.
was inserted.
It was to cover circumstances
might
in which the rate of exchange would seriously depart
from the present conventional rate of ls. 3d. that
paragraph 2 of the Secretary of State's telegram No.160
It has been suggested here that that
condition may have given rise to a fear that in such
circumstances the sterling pensions of officers already
There was
on pension would also have to be revised.
no intention to suggest that pensions once they had
commenced should be revised and if that is the point
which is worrying the expatriate officers we should
be quite prepared to consider in what way it could be
covered safeguarded.
14.