CO129-407 - Public Offices & Others - 1913 — Page 136

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on London by the service which requires it;

(5) that, with the exceptions to which reference

is made in the body of the Report, the rate fixed as above

be the official rate for conversion throughout China.

My Lords concur in these recommendations and

direct that steps be taken as soon as possible to give effect to them. They propose that the new method of

fixing the official rate of the dollar should take effect

as from the 1st January 1914, as from which date Their

Minute of the 22nd November 1888 is hereby cancelled.

3.

My Lorde direct that, in giving effect to the

first recommendation, the rate for the purchase by the Banks of Telegraphic Transfers published daily in the Hong Kong press be made the basis for calculating the average rate, the bankers to the Chest being requested to certify as to the latter's accuracy, and that such average shall

be struck on the 20th of each month (or the 19th if the

20th is a Sunday or holiday) to take effect on the 1st of

the following month, on the basis of the daily rates for

each day after the 20th of the preceding month.

4. In accordance with the fourth recommendation,

the Admiralty, the War Office, the Office of Works and the

Foreign Office will raise what local currency their officers may require at places in China other than Hong Kong where facilities for exchange exist by the sale on London of bills or telegraphic transfers, and the operations of the Treasury Chest at Hong Kong will be confined to the provision of local currency for Hong Kong itself and other places in China

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where