93
For the four years 1908
-
- 1911 the exchange rate had
80% 4 salary to
been fairly stable at about 1/9d. In 1912 there was
a steady rise to an exchange rate of 2/- which
represented a substantial loss of local purchasing
officials
power for sterling effects, and indeed it had been
estimated that since 1902 the increase in the cost
of living for officers with European domiciles was
over 20%. As a result of this review a more favourable
x
rate of exchange was approved by Mr. Harcourt (then
be fonverted locally secretary of State) for European sterling officers in at $1 = 10/9a,
20% to be converted
at the market exchange
kate.
respect of local dollar payments, but Mr. Harcourt
reserved "the right to reconsider the system as soon
as any steps were taken to place either the Chinese or
the Hong Kong currency on a gold basis".
In 1919 another Salaries Commission was
appointed in Hong Kong, who found (in common with
similar Commissions everywhere else) that the pre-war
level of salaries was insufficient. There was,
however, no suggestion in their Report that the sterling
system for European officers needed to be changed, but
in addition to a substantial increase of salaries all
round they recommended that the 1913 scheme of payment
should be modified, that is, akisarnarsie
nammate
salayyaahuAAAAMNQGANNisan shala VAMMAÑAreas
medýn the rates for conversion into
dollars for the purposes of local payments should be
market fixed at $1 = 2/- or alternatively at the rate of the
^ dollar, if the dollar fell below that figure.PLE
Finally, Hong Kong salaries were further
reviewed by a Commission in 1929. They reported "We
consider that the salaries of officers ordinarily
resident
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