CO129-291 - Governor Sir Blake - 1899 [5-6] — Page 72

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Enclosure !

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Memorandum by the Acting Colonial Treasurer,

Hon. Col. Sec.

I. The premium on exchange with Japan is at pre-

sent about 6 per cent.

2. At the present rate of exchange, officers draw-

ing compensation receive over 25 per cent on their salaries.

3.

1

It is therefore evident that in the case of

such officers no rate of exchange for leave pay is required,

but in the case of officers not receiving exchange compensa-

tion perhaps it would be well to fix the leave pay drawn in

Japan at 10 per cent premium for the present, as it has hap-

pened that the rate between HongKong and that country has

touched that premium since the adoption of the gold standard.

4. As regards pension in Japan as no officer has,

in the terms of paragraph I of the despatch, a claim to a spe-

cial rate I think that the fair way would be to fix such rate

from time to time in accordance with fluctuations of exchange.

5. As stated the present rate is 6 per cent pre-

mium and for reasons stated in the case of leave I suggest

that pensions drawn in Japan should in the meantime be aug –

mented by 10 per cent.

6. As regards India exchange with that country is

at present at the rate of about Rs 146 to 100.

If the old rate of Rs 227 be abolished and the

rate suggested viz. R$200 to 100 be adopted the

increase