CO129-549-1 Remittance of funds between Hong Kong and London 12-2-1934 - 14-2-1935 — Page 52

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My Lords accordingly suggest that the Government

of Hong Kong should be invited to enter into an agreement

with His Majesty's Government for a year or two years in

the first instance, which (subject to discussion in Hong

Kong, and to any amendments which experience of local

conditions may suggest as desirable) might provide:

(i) that, as arranged in 1924, the Hong Kong Govern-

ment should give to the Treasury Chest the first

refusal of all dollar balances which they wish to

remit to England, giving such notice of amounts and

dates as will enable the Treasury Chest Officer to

arrange to raise the balance of his requirements

by tender on the open market as at present;

(ii) that the Treasury Chest Officer should accept all

such offers within limits to be agreed each year

(e.g. £75,000 in any month, and £500,000 in any

one calendar year), or beyond such limits by

mutual agreement;

(iii) that the rate of exchange to be adopted for each

transaction should in principle be midway between

the

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