CO129-497 - Public Offices - 1926 — Page 283

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The

Banks as the basis for calculating the official rate,

Chancellor of the Exchequer points out to the Board that

the adoption of this mode of calculating the official rate

of the dollar does not satisfy the established general

principle that public servante abroad should receive the

full equivalent, but no more, of the amounts due to them in

British currency, for the reason that the rate at which the

Banks in Hong Kong will sell sterling in London represente

an extreme limit of the exchange quotation, and is thus

always slightly less than the real value in Hong Kong of

British currenoy; the result is that a continuing loss is

incurred by the Treasury Chest Fund, which issues at the

official rate (based on the selling rate) dollars acquired at

rates approximating to the buying rate.

3. In these of roumstances the Chancellor of the

Exchequer proposed that the rate used should be the average

selling rate, (ascertained as at present) with a fractional

addition representing the difference between that rate and the

rate for the purchase of Telegraphic Transfare (as ascertained

by the rates obtained by the Treasury Most Officer on the

occasions when he raises dollars by the sale of Telegraphic

Transfers for the supply of the Chest). The fraction to be

added will be revised from time to time in the light of the

Telegraphic Transfer rates actually obtained. The official

rate of the dollar for any month will therefore be the average of the daily published selling rates, (calculated over the same

monthly period, and certified by the bankers to the Chest in the

same manner as heretofore) with the above fractional addition,

My Zerda oonour, and direct that steps should be taken

to give offest to the change na from the month of April 1926, the fraction to be added for the month of April and thereafter until further notice being id per dollar.

4.

5.