CO129-535-1 University of Hong Kong- vacancy for Reader in History 12-5-1931 - 22-3-1932 — Page 38

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dollars to enable this and the other increased

salary scales to be carried into effect.

In the course

of 1930 Government sanctioned an additional grant of

300,000 dollars, but meanwhile the dollar had dropped

to something like 1/4d. In the circumstances the

Council of the University could not see its way to

bringing into effect the increased salary rates which

had been approved. Instead, the Council sanctioned a

12 per cent increase on all sterling salaries and fixed

the exchange at 1/3d (ten dollars to the pound sterling).

Since this arrangement, which is to hold good until the

end of 1932, was made, the dollar has collapsed. The

exchange value of the dollar has been since the beginning

of 1931 below 10d; at the present moment it is between

lld and 1/-d. The Reader in History will be paid

i.e.

at the rate of £750 a year and his salary, which will be

paid to him at the end of every month, will be converted

into dollars at what is known as the average rate

at the rate calculated by the Colonial Treasurer after

taking into account the fluctuations of exchange which

have occurred from the 15th of the previousmonth to the

15th of the month for which the salary is due.

(Government servants who are on sterling salaries receive

at present half their salaries at the current rate and

half at 1/6å). This arrangement so far as exchange

is concerned is guaranteed up to the 31st December, 1932,

After that, should the Council of the University be

willing to retain the services of the Reader, and the

Reader desire to continue in the University's service,

the terms will have to be reconsidered. The Council

and Finance Committee of the University have, however,

agreed