CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 198

1°354.

R

HONGKONG,

C

47207

A 20 007 25

GOVERNMENT HOUSE,

202

18th September, 1925.

sir,

I have the honour to forward copy of

Reference Sheet No.7/1922 from the Colonial Audit

Department on the subject of the Adjustment of Exchange

Account.

2. This account was first introduced in the

year 1922 its object being to adjust the dollar equivalent of sterling investments made by the Crow

Agents, and sterling funds in the hands of the Crown Agents without treating such adjustment as Revenue or Expenditure. Rates of exchange have within the last

ten years varied very considerably, the average rates of exchange for the last ten years being

1914-19 1918 $ =

1915

1916

1917

1/11 1919

2/3+

1920

2/11+

1921

1922

1923

1924

9/10 15866 3/20

besides which the fluctuations during the course of any

year are very considerable.

3. The Colony has been obliged to remit its

surplus balances to England, and in accordance with Mr.

Churchill's Despatch No.116 of April 21st, 1922, the

sterling cost of Investments is brought into the Annual Account converted into dollars at the average rate of

THE RIGHT HONOURABLE

&C..

LIEUTENANT COLONEL L.C.M.S. AMERY, H.P.,

&C..

&c.

exchange