CO129-497 - Public Offices - 1926 — Page 282

رهم

UNY MINDER DATED 173) MARCH. 1925.

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My loris read again Their Predecessorn' Minute of the 22nd November 1888 and the 14th October, 1913, on the mode

of insuing the dollar in the East in order to secure the

equivalent of sterling in lossl currency.

In the latter

Minute Their Lordships' Predecessors expressed Their concurrence in the recommendations of the Committee appointed by Their Mizute dated the 27th February 1915, of which the

first recommendation was as follows:-

"That the official rate of the dellar be fixed monthly at the average over one month of the exchange rate for telegraphic transfers, rounded up or down, xa the case may be, to the nearest farthing." In paragraph 3 of the Minute the 14th October 1925, Thair Leriskips directed that 1-

"In giving effect to the first recommendation, the rate for the purchase by the banks of Telegraphia Transfera published daily in the Hong Kong press be made the basis for onlealuting the average rate, the bankers to the Chest being requested to certify as to the latter's socurnoy, and that such average shall be struck on the 20th of each month (er the 19th if the 20th is a Sunday or holiday) to take effect on the lst of the following month, on the basis of the daily rates for sach day after the 20th of the preseding month".

The rate for the purchase of Telegraphie Transfers

by the Banks is not published in the Hong Kong press, and the bankers to the Chest who have been approached on the subjost are mable to sertify such a rate for the purpose of giving

It has become the practies effect to the above directions.

in the Treasury Chest at Hong Kong to adopt the daily published mute for the mis of Telegraphie Trensfora by

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