1
*
COPY.
No. 1.
C.0.
15945
RECE
Red 4 MAY 07 Chambers,
23
Supreme Court House, Hongkong,、
25th. March, 1907.
1
Sir,
In continuation of previous correspondence
on the subject of the fluctuations in exchange and their effect
on the salaries of civil servants, and with special reference to
sy letter of 24th. December, 1906, to the Officer Administering
the Government, I have the honour on behalf of the civil servants
who are paid in sterling, to draw Your Excellency's special
attention to the great hardship which is caused to them by the
operation of General Order 35(1), which regulates the calculation
of the monthly rate of exchange for payment of sterling salaries.
In my letter referred to above, 1 dres
2.
attention to the hardship which the working of the rule hai
produced in the month of November, 1906. As there is very little
doubt that the same hardship, but in a more aggravated fore, will
be repeated this month, I have the honour to express a hope that
Your Excellency may be pleased to take steps to prevent its
occurrence, and thus relieve civil servants from an unnecessary
aggravation of the losses which they are already suffering owing
to the rise in the dollar.
8.
The rate at which salaries will be paid this month is 2/2 3/4. The Bank rate has now fallen to 2/1 1/2, and it
seess probable that it may decline still further. The result will
be that remittances will be sade this month at a very much lower
rate than that at which salaries are paid, and considerable
His Excellency
Sir Matthew Nathan, K.C.N.G.,
Governor and Commander-in-Chief.
further
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