CO129-555-14 Sterling Conversion rate for December salaries 21-11-1935 - 19-12-1935 — Page 6

over habille's

to the amomet of

$12, 248, 755.

6

We are

bold

how

that if

no

special archange is fixed for

sterling salary payments in December

the

year's deficit will be I mathion

$

with

a

special exchange fixed

at the Treasury rate for the mouth

thu

Saving

walt is estimated to

be

a small one

of $19.000.

2f fixed at 1/8! The saving

will be

the

more substanhal

r

ove

$87,000.

As against

An

anticipated

million with

deficit of $1 million

$124 mmthion Surplus assets to

fide over the emergency pending a

ん

salay levy from 12 Jannar, I find it difficult to behere that this sudden chastic spenal foom 1 levy in December on the sterling