CO129-446 - Others & Individuals - 1917 — Page 228

/TEL

TELEPHONE

CITY 5856.

CHINA

کرو

41588

ASSOCIATION,

225

99, CANNON STREET,

LONDON, E. C. 4.

16th Aug. 1917

sir,

We have received a joint telegram from the Committee of our Hong

kong Branch and the Committee of the Chamber of Commerce of Hongkong

who together represent the chief civilian interests of the Colony, in

which they call attention to the very great hardship suffered by

naval and military officers stationed at Hongkong owing to the pre-

sent abnormally high rate of exchange.

For many years prior to the war the average rate of exchange was

1/10d to the dollar, equivalent to about eleven dollars to the

pound sterling, whereas exchange is now over 2/9d. at Hongkong and

about 3/- to the dollar at the Treaty Ports of China, equivalent to

less than 7 dollars to the pound, the result of which is that actual

local pay is reduced by over one third; the hardship is enhanced by

the increased cost of living, so that the actual value of pay in

comparison with pre-war times is now only about one half.

In order to meet the changed conditions the Hongkong Government

have granted civil servants the privilege of drawing four-fifths of

their pay at a fixed exchange of 1/9d. to the dollar, the balance

being payable at the current rate of the day. All mercantile firms

have long ago granted similar compensation. His Majesty's Government

have recently granted compensation to members of the Consular Service

and the Committee of the China Association and the Chamber of Commerc

representing the entire British communities of Hongkong and the

H.M.Under Secretary of State,

for the Colonies,

Downing Street, S.W.

A