CO129-235 - Public Offices - 1887 — Page 171

the Rupee raks given in the

Article into Sterling at 2/0 for the

Rupee, and then into $$ at the

rate annually fixed by the Treasury. If the annual Treasury rate be employed at all, it should apply to the conversion

of Rupees into sterling as well as the Sterling into Dollars.

If, however, the Dollar equivalent of the Rupee rates be required, the right way of arriving at them is by comparison of the respective contents of fine silver in the two coins.

The rates so arrived at would be materially less than those now being paid at Hong Kong and could be applied to future recruits only, if even to them.

According to the calculation at present in force, a Lascar at Hong Kong must be paid in 1888 about 57 cents for every Rupee payable under Article 615.

But metallically a Rupee is worth rather less than 44 cents.

My Lords think the first step should be to ascertain what are the Dollar rates for which Sun Lascars can be obtained at Hong Kong. There cannot be much difficulty in ascertaining the rates which different kinds of labour companies pay.