CO129-328 - Governor Nathan - 1905 [1-6] — Page 220

COPY.

Enclosure 2.

C. O.

41653

215

RECO

શ

RuS APR 05

Hongkong, 25th. January, 1905.

The Honourable

Sir,

On behalf of the signatories to the Peti-

tion for Exchange Compensation from the Subordinate Members of the Civil Service of Hongkong dated February, 1903, 1 most respectfully beg leave again to approach His Excellency the

Governor, through you, for a reconsideration of the Secretary of State's refusal to grant us some amelioration from the steady decline of silver by compensating us in the same manner as

granting Exchange Compensation to Officers domiciled in the

United Kingdom.

Early 1903, exchange touched such a low point as 1/64 to the dollar. Since that date exchange has fluctu- ated in a remarkable manner; rising to 1/104 in September, 1903, and then again falling to 1/8% towards the end of that year and,

see-sawing, again touched 1/11 on 12th. February, 1904, but

gradually dropped throughout the year to recover again at the

end of 1904 with the prospect of 2/- at no distant date.

The effect of the depreciation in Silver

in 1903 was to greatly enhance the prices of all local products:-

meat, poultry, fish, vegetables &c. The members of the Civil

Service in receipt of Exchange Compensation obtained double Ex-

change Compensation in 1901 and thus were amply protected from

the high tariff for all necessaries of life.

We most respectfully beg to point out that

the enhanced prices of local products did not in the least abate

when exchange rose 2d., 4d., or 5d. in the dollar. This is proved

at

The Colonial Secretary.