CO129-549-1 Remittance of funds between Hong Kong and London 12-2-1934 - 14-2-1935 — Page 58

have generally been somewhat in excess

of 2400,000 a year,

Under the

arrangements made in the 1923-24 corres-

pondence, only the difference between

these amounts would have had to be

negotiated on the exchange market; but

it appears that those arrangements have,

at least in recent years, not been in

operation. In consequence the whole

amount of the homeward and outward

remittances of the two Governments has

been so negotiated.

My Lords do not think it possible

to justify this state of affairs. while

on this or that isolated occasion, either

the Colonial Government or the Treasury

Chest officer may have obtained a

specially favourable rate of remittance,

it is inconceivable that the amounts

paid for the remittance between Hong

Kong and London of (say) £1,100,000

a year should not be greater than need

be paid for the remittance of (say)

£300,000 a year. While My Lords are

primarily concerned with the financial

aspect of this question, They venture

to suggest that on more general grounds

also it is desirable that the two

Governments concerned should co-operate

with and assist one another in such

administrative matters of common concern

as this.

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They