CO129-533-13 Salaries- conversion rate of sterling 30-1-1931 - 21-1-1932 — Page 293

3.

420

Hong Kong currency, at the average opening

published demand rate of exchange on London

of the Hong Kong and Shanghai Banking

Corporation, from the 15th of the preceding

month to the 15th of the month for which

payment was to be made, provided that such

average demand rate of exchange on London

for the month was 2/-, or less than 2/-, but

that if such average demand rate of exchange

should be more than 2/- the salaries should

be paid in dollars at exchange of 2/-.

7.

In addition to the above the Commissioners

recommended that the Government, at its

discretion, should continue to pay a High Cost

of Living Allowance to officers, but that the same

should not exceed 15% of the nominal sterling

salary of married officers, and 74% of the nominal

sterling salary of unmarried officers.

8.

In the case of officers on dollar salaries

the Commissioners came to the conclusion that an

increase of 20 per cent would be fair to that

class of officer.

9.

In the said Report the Commissioners make it abundantly clear that the paramount reason for

recommending the increase in both sterling and

dollar salaries was the same, viz. the increased

cost of living.