CO129-350 - Public Offices - 1908 — Page 368

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dollars on the 15th of each month, the rate of exchange

being reckoned, as in the case of those salaries fixed

in sterling from 1902 onwards, according to the aver-

age rate of exchange for the preceding month. For

instance an official whose salary wae, say, $1,000

ន

B

would receive $1,000 at 37- each = 3,000/- = £150 and

this £150 would then be changed into dollars according

to the average rate of exchange for the preceding

month.

At the instance of all the higher officials the

Legislative Council of Hongkong with the concurrence

of the Secretary of State for the Colonies in London,

adopted the following resolution on the 16th ultimo,

their decision to have retrospective effect from the

1st of January last.

8

All salaries, both those in sterling and those brought up to the nominal rate of exchange of 3/- per

dollar by means of the above-mentioned exchange com- pensation, are to be paid at the rate of 2 per dollar

so long as the rate of exchange for the dollar stands

6.

at 2/- or more.

If the rate of exchange for the dollar falls be-

low