CO129-461 - Governor Sir Stubbs - 1920 [5-7] — Page 229

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TELEGRAM from the Governor of Hong Kong | 225

Secretary of State for the Colonies.

Dated 10th June

RES?

RE 11 JUN 20

(Received Colonial Office 5.35 a.m. 11th June 1920)

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Mwan

I find that introduction of 2/- rate of exchange for sterling salaries is causing great difficulties since owing to fall in exchange the recently abolished system of 4/5ths at 1/9 and remainder current rate gives better dollar pay

Owing to this fact and to the very high salaries paid in Federated Malay States there is considerable dissatisfaction in the I would suggest service with regard to new rates. that half salary should be paid at 2/- and half at 1/9 or as an alternative that during present violent exchange fluctuation dollar equivalent of pound sterling should be new sliding scale which I will submit if principle is approved. To meet immediate situation I suggest $10.70 cents exchange for pound sterling while dollar is between 3/4 and 4/-.

on smaller sterling salaries,

It is certain that if dollars should fall to neighbourh

of pre-war level rising prices will necessitate further concessions which can be accomplished by new sliding scale.

STUBBS.