278
have gradually risen as shown in the margin. The fairly consistent
009
60J
average rate at 1/9 or a fraction over in the 4 years succeeding 1907, has had the effect of ..1/114 ) regulating the expenditure of those concerned on a
basis for practical purposes of a 1/9 dollar. The
equivalent in Mexican Dollars of
January
February
....1/10ł .1/114
arch..
.1/11
April
.1/114
..2/-
July
ugust. September. botober.
...2/-
..1/114
.2/-
.2/-
£100 @ 1/9 is 81,142.85
@ 1/10 is 81,090.90
+
}
@ 1/11 is 81,043.47
@ 2/- is 81,000.00.
I venture to submit tret it is not reasonable to subject the
members of the Civil Service, who are paid on a sterling basis, to a system subject to such violent fluctuations. An officer with ai salary of £500 per annua will receive for last month his salary at the rate of 85,000 per annum, as against an average rate (at 1/92)
for 1911 of 85,517.24; while an officer with £800 a year will be
paid only at the rate of X8,000 per annum against a rate of $8,827.58 for 1911. The difference in either case would go some
way to pay the rent of the officer's house, which is fixed in
dollars and which is never reduced on account of a rise in ex-
-change.
1654600107
9.
In his Despatch No. 57 of the 20th. of March,
diach 1907, Lord Elgin wrote "As you are aware I have previously not
"seen my way to allow any concession on this account (note
i.e.
*increased exchange value of the dollar) mainly on the ground that "if exchange continues to rule high a reduction in local prices "must presumably be only a matter of time. I understand, however, "that the adjustment of prices which might be expected, has not "yet taken place and, in the circumstances I am willing to modify "my previous opinion and to consent to some additional payment, as "a temporary measure to officers paid on a sterling basis, who "under present conditions find it difficult to live with fair "comfort on their salaries". The assumption that if exchange
continues
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