CO129-549-1 Remittance of funds between Hong Kong and London 12-2-1934 - 14-2-1935 — Page 15

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During

Our years

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-

1933.

7/12

The sterling remittances by Hong Kong to

Crown Agents are shown on the enclosure to No.ll

but as the Crown Agents do not know at what rates the

remittances were made we cannot tell what they cost

in $ and so have no basis of comparison with the

cost of the Treasury Chest Officer's purchase of $

shewn in No.12.

The only specific case where comparison

is possible is that quoted by the Treasurer on page 3

of his memorandum enclosed in No.8 (marked A.)

In that specific case Hong Kong paid

$648,648 for £50,000 and the Treasury Chest Officer

received $646,464 for £50,000, the Bank (? and the

Broker) taking the difference of $2,184 (or say

£150 approx.). In other words if that particular

transaction had been effected between Hong Kong

and