58
They 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
amendmenta which experience of local
conditions may suggest as desirable) might
provide:-
(1)
that, as arranged in 1924, the
Hong Kong Government should give to
the Treasury Cheat 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
limita to be agreed each year (e.g.
£75,000 in any month, and £500,000
in any one calendar year), or beyond
such limita by mutual agreement
(iii) that the rate of exchange to be
adopted for each transaction should
in principle be midway between the
rate at which sterling in london can
be obtained for dollars in Hong Kong
and that at which dollars in
Hong
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