CO129-497 - Public Offices - 1926 — Page 278

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1.

TREASURY MINUTE DATED 17th MARCH. 1926.

Hy Lords read again Their Predecessors' Minutes of

the 22nd November 1988 and the 14th October 1915, on the mode

of issuing the dollar in the Best in order to segure the

equivalent of sterling in local surrendy. in the batter

Minute Their Lordships' Predecessors expressed Their

aoncurrence in the recommendations of the Committee appointed

by Their Minute dated the 27th February 1913, of which the

first recommendation was as follows:-

"That the official rate of the dollar be fixed monthly

at the average over one month of the exchange rate for

telegraphic transfers, rounded up or down, as the case may be,

to the nearest farthing". in paragraph 3 of the Minute of

the 14th October 1913, Their Lordships directed that:-

"In giving effect to the first recommendation, the

rate for the purchase by the Banks of Telegraphie Transfers

published daily in the Hong Kong press be made the basis for

ealculating the average rate, the bankers to the Cheat being

requested to aertify 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 let of the following month, on the basis of the daily

rates for each day after the 20th of the preceding month.

+

2. The rate for the purchase of Telegraphie Transfora

by the Banks is not pablished in the Hong Kong press, and the

bankers to the Chest who have been approached on the subject

are unable to certify such a rate for the purpose of giving

effect to the above directions. It has become the practice

in the Treasury Jheat at Hong Kong to adopt the daily

published