CO129-562-4 Levy on salaries 27-5-1937 - 28-6-1937 — Page 13

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strictest possible limits in existing circumstances, but it is hoped that it will be possible to finance certain essential water works construction, of which you will be advised in a separate despatch, from current

revenue in the Budget for 1938.

7.

It is not proposed to alter the special conversion rate of £1 = $16 for sterling salaries.

If such salaries were paid at the full current rate this would represent at the existing rate of exchange an additional expenditure of approximately $58,000

per annum.

8.

The Finance Committee of the Legislative

Council has been consulted informally on the matter

and has signified its approval.

I have the honour to be,

Sir,

Your most obedient, humble servant,

N.Z. Smith

Officer Administering the Government.