C. O.
Mr.
Mr.
Mr.
Mr. Parkinson.
M. Tomlinson.
Sir C. Bottomley.
Sir J. Shuckburgh.
Permt. U.S. of S.
Parly. U.S. of S.
Secretary of State.
DRAFT.
4. I therefore approve of
your exercising your judgment in
deciding on any individual
occasion what is the best course
to take in the public interest of
the Colony.
I have, etc.
(Sgd.) P. CUNLIFFE-LISTER.
8
Page
Page
No. 319
CEIVED
5-JUL 1933
GOVERNMent houSE.
HONG KONG, 1st June, 1933.
C. O. REGY
9
Encl.1.
Encl.2.
Sir,
47207/25
With reference to Mr. Amery's despatch No.431 of
the 26th November, 1925, on the subject of the Adjustment of
Exchange Account, I have the honour to forward for your
consideration the accompanying copy of correspondence, between
the Auditor and the Director of Colonial Audit, regarding a
forward contract for a total remittance of £200,000, entered
into by this Government on the 26th September, 1931, with the
Hong Kong & Shanghai Banking Corporation.
2.
The view of this Government is set out in the
enclosed memorandum by the Colonial Treasurer, with which I
am in agreement.
3.
I discussed the question of this contract at the time with the Colonial Treasurer and Colonial Secretary, and, having
regard to the difficulties which had been encountered in
balancing our Budgets owing to the serious fluctuations of the
dollar I was definitely of opinion that we should take advantage of a marked appreciation of the dollar to safeguard the future to some extent and so ensure that in regard to our sterling commitments in 1932 we should not find ourselves seriously
embarrassed by a possible further fall in the dollar. with the Colonial Treasurer in holding that the charge of
speculation in this case is untenable. Indeed I consider that it would have been more speculative not to have taken advantage
I agree
THE RIGHT HONOURABLE
SIR P. CUNLIFFE-LISTER, G.B.E., M.C., M.P.,
&c.,
&C.
&c.,
of
age 9
age 9
Page
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