CO129-533-13 Salaries- conversion rate of sterling 30-1-1931 - 21-1-1932 — Page 297

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"7.

The actual opening published demand rate of

exchange on London on this date was elevenpence

and five eighths.

Ignoring the difference between the rate

fixed by the Treasury and the published demand

rate, the reduction in salary entailed by the

prescribed method of payment is, for the month of

January, approximately 15 per cent.

15.

The effect of the prescribed method of

payment on the number of dollars payable to

officers, in respect of their January salaries,

is shown by the following examples:-

Sterling

Salary

(rate p.a.)

Payable

under

me thod

previously

in force.

Payable

under

Decrease

method

now

prescribed.

£ 400

633.66

$539.05

$94.61.

600

950.50

808.58

141.92

800

1,267.33

1,078.11

189.22

1,000

1,584.16

1,347.63

236.53

1,200

1,900.99

1,617.16

283.83

1,400

2,217.82

1,886.69

331.13

16.

In very many cases officers now find that

they are receiving salaries the sterling equivalent

of which is less than the sterling equivalent of

the salaries and allowances which they were

receiving even before the Report of the Commissioners

was adopted.

424

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