CO129-533-13 Salaries- conversion rate of sterling 30-1-1931 - 21-1-1932 — Page 24

2.4

the full rates, should be restored.

The balancing of the Budget has been

achieved by omitting provision for two works

Arsenal and Jail. It had been proposed to

finance these out of surplus balances and loan

funds respectively, and I think the proposals

as to this should be considered on their

merits when the despatch of the 7th of August

referred to is received, and should not enter

into the decision of the salaries question.

If we are to return to the full rate

basis, I see noreason to fix a minimum rate of

1/- as proposed by the Governor.

The view taken

here is guided, I take it, by the general

principle that officers should have the full

sterling value of their salaries, whatever the

local rate of exchange and that principle will

still hold good, even if there is further

depreciation of the dollar.

I would suggest, therefore, that we reply

that payment at the current rate should be

restored as from the 1st of January without any

minimum rate being prescribed and follow with

despatches on the lines auggested by Mr.Martin

in his minute of the 10th of July.

ly

tel.

арти Limity

5. Caine

mth

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2.9-31

Mhant

2-9.

If H. K. officers had always been content to