CO129-533-13 Salaries- conversion rate of sterling 30-1-1931 - 21-1-1932 — Page 74

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reduced from 10% to 5%.

Firms: British American Tobacco Company,

Standard Oil, Hong Kong Gas Company no reduction.

Canadian Pacific Railways and Steamships 10%

reduction over whole system not confined to

Hong Kong. Asiatic Petroleum Company no salary reduction but High Cost of Living Allowance withdrawn and bonus increases of salary stopped. Union Insurance no salary reduction but contribution by firm to Provident Fund reduced from 15% to 10%. Mackinnon Mackenzie and Gibb Livingston whose salaries were paid in local currency have beceived exchange compensation making salaries equivalent to sterling salaries paid half at current rate and half at 2/-. From 1st April, 1931, the usual bonus increases have been stopped. P. & 0. employees two in

number have suffered reduction of 10%.

Reductions have been made by following important mercantile firms. Butterfield & Swire about 22%. Jardine Matheson since September,

Dodwell &

1930, rate of conversion changed from current rate to whole at 1/6d. subject to certain allowances for married employees and children. Company in middle of 1930 conversion changed from whole at current rate to half at current rate and half at 1/9d. and from 1st April, 1931, further reduction of 10%.

Further enquiries are being made.

Further