CO129-549-1 Remittance of funds between Hong Kong and London 12-2-1934 - 14-2-1935 — Page 72

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the 1924 arrangement actually worked; when it came to an

end, and why; and your views generally.

It occurs to us that the fact that a certified

buying rate is now available may get rid of some of the

difficulties which were felt in 1924 about apportioning

the benefits between the Colonial Treasury and the Chest.

Subject to your views, we should have no difficulty in

accepting the principle that the rate at which you should

take over dollars from the Colonial Government should be

the mean between the buying and selling rates, which the

Colonial Government regarded as reasonable in their letter

to the Treasury Chest Officer of 10.3.24. Will you kindly

consider how this could be arranged?

診