CO129-527-12 Payment of Hong Kong pensioners in India 21-8-1930 - 21-8-1930 — Page 6

NO CONFIDENTIAL (2).

3

REOLIVAN

GOVERNMENT HOUSE,

1 3 OCT 1930

OFFION

HONG KONG

9th September, 1930.

My Lord,

Į

!

2

With reference to my telegram of 21st of

August, 1930, regarding the payment of Hong Kong pensioners in India and Your Lordship's reply of the

27th of August, 1930, I have the honour to submit the

following explanation of the matter.

2. Payments made by the Government of India on

behalf of this Government in any half year are based on

the average demand rate of exchange on Hong Kong during

the previous half year calculated to the nearest quarter

rupee. Under this arrangement the rate which would be

fixed for the half year commencing 1st of October, 1930,

(not 1st of September as stated in my telegram) would

probably be in the neighbourhood of H.K.$100 Rs.88.

new

=

The new arrangement fixes a minimum rate of H.K.$100

Rs.112 annas 8. If however the average demand rate for

a half year rises above the minimum rate then the demand

rate will operate.

3.

The additional expenditure involved per annum

with exchange round about 1s/3d or 1s/4d per Hong Kong

dollar is estimated at $4,200.

기요!

I have the honour to be,

My Lord,

Your Lordship's most obedient,humble servant,

THE RIGHT HONOURABLE

LORD PASSFIELD,

&c.,

&c.,

&c.

Governor, &c.