DECODE
CRIVES
30MAY 31
10
COL OFFICE
TELEGRAM from the Governor of Hong Kong to the Secretary of
State for the Colonies,
Dated 30 May, 1931. Received 8.11 a.m 30 May, 1931,
No.104. Confidential. Your telegram of the 19th May No.64.
392
Salarios. Enquiries made amongst Banks and commercial firms give the following results details of which have been furnished in strict confidence and should not be published.
Banks : Hong Kong, Chartered and Mercantile no reductions. National City Bank no reductions in salaries but high cost of living allowance reduced from 10% to 5%.
Firme : British American Tobacco Company, Standard Oil Company, Hong Kong Gas Company no reductions. Canadian Pacific Railway s and Steamships 10% reduction over the whole system not confined to Hong Kong. Asiatic Petroleum Company no salary reductions but high cost of living allowance withdrawn and bonus increases of salary,atopped. Union Insurance no salary reductions but contributions by the firm to the Provident Fund reduced from 15% to 10%. Mackinnon Mackenzie and Gibb Livingston whose salaries wera paid in local currency have received exchange compensation making salaries equivalent to sterling salaries paid half at current rate # and half at two shillings. From the 1st April,1931, the usual bonus increases have been stopped. Peninsular and Oriental employees two in number have suffered reductio of 10%.
Reductions have been made by the following important mercantile firms. Butterfield and Swire about 2%. Jardine Matheson & Co. since September, 1930, rate of conversion charged from current rate to the whole at one shilling and sixpence subject to certain allow= ances for married employees and children.
Dodwell & Co. in the middle of 1930 acnversion changed from the whole at current rate to half at curient rate and half at one shilling and ninepence and from the 1st Apr 11,1931, further reduction of 10%.
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