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Many commodities are imported into the Colony
from countries which are on a gold basis, and these include
great quantities of foodstuffs and other necessaries of life
imported from Europe, America and Australia; and prices
have consequently advanced substantially as stocks purchased
at more favourable exchange rates have become exhausted
and have required replacement.
A similar movement in regard to locally produced
articles is taking place, but in a less uniform and less
marked manner.
It is worthy of note that on the proposal of the
Hon. Sir Shouson Chow, who served as a member of the
Salaries Commission, the Bank of East Asia Limited in February
resolved to pay its staff a special bonus on account of the
high cost of living.
4-
Many officers are pledged to sterling commitments
by way of remittances for the maintenance of dependants and education of children in England and it is by no means
unusual for such commitments to equal or exceed that half of the officer's salary which is now paid at the current
Treasury rate, and in such a case the officer is left to meet
a greatly increased cost of living on the residue of his
salary for which he receives a greatly reduced number of
dollars by reason of payment at the fictitious rate of a
dollar being equivalent to one shilling and six pence.
5.
There have recently been many indications that the Colony is in a state of prosperity and that there is no
monetary stringency.
It is true that the profits of some British
mercantile concerns have been reduced but this is attributable
to a variety of causes some of which are unconnected with the general prosperity of the Colony, not the least factor being
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