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5.
But since that despatch was written another
thing has happened which has a most material bearing on the question. The dollar has dropped from 2/3 on 7th. August to 1/9 on 23rd. December, and the hopes expressed by the Secretary of State that prices would adjust themselves to the high rate which prevailed for some time were unfortunately not realised. It is almost unnecessary to say that the few tradesmen who gave discounts have taken then off again, and we are therefore back again at prices governed by a 1/8 dollar.
6.
The point to which I wish now more particu- -larly to draw the Secretary of State's attention is this:- That the amount of salary should not be subjected to violent fluctuations of exchange, and that it is not reasonable, to take a concrete case, that the amount of salary paid at the end of December should be influenced by the speculations on the silver market 5 or 6 weeks previously.
7.
Any average period, even supposing it were taken from the first to the last day of the month involves this, and my submission is that having in view the fact that the prices of cormodities are determined by a low rate of exchange and are practically fixed, and the further fact that remittances are a recognised and inevitable appropriation of a fixed part of the majority of civil servants' salaries, the only fair way of paying salaries is to take a rate as near as possible the
rate at which remittances must be made.
8.
I know that at least one of the largest
business houses of the Colony pay their employes on this system.
The adoption of an averageperiod is based
9.
on the fact that salaries accrue day by day, and the argument is
that as sterling salaries are to be paid at the current rate of
exchange, they are properly paid by taking into consideration
the daily rate. Theoretically the position is unassailable but
practically it ignores the fundamental conditions of life in
the Colony: those conditions are as I have pointed out above,
first,
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