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sterling salaries and home payments.
Taking the same con-
crete instance as before the salary in dollars would be
liable to fluctuate from $5,000 to $6,666 or 1/3rd. of its
lower amount.
8.
A fourth scheme would be to revert to dollar
salaries entirely fixing a rate for conversion of sterling
into dollar salaries.
Such a rate might for the reasons
already given be 2/-.
The advantage of this scheme would
be to do away with all fluctuations in the local value of
salaries. The objection to this scheme would be that, if
the dollar fell to say 1/6 or less, the whole question first
of exchange compensation and then of sterling salaries
would come up de novo.
9.
Other schemes will doubtless suggest them-
selves to anyone considering this intricate subject, but
they will probably only be variations of those I have set
forth as possible means of solving this problem. On the
whole I am now disposed to consider the third scheme by
which if the dollar goes above 2/- payments will be made at
that rate, and if it goes below at the average rate of the
preceding month is the one which offers the most permanent
and equitable solution. I have ascertained since I first
had this scheme under consideration that it is the one that
has
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