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No accounts have yet been received from China or India and the figures shown above must necessarily be regarded as approximate only, but it should be borne in mind that the China total may swell to an even greater height as the value of the dollar falls, as it is bound to continue doing. At present the internal value of the dollar is approximately $2000 = £1, whereas the most favourable exchange rate for remittances is $120 = £1.
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It can thus be seen that, while about £550,000 p.a. represent direct payments in s terling by the Crown Agents either to recipients in this country or to countries whose foreign exchange situation is comparatively stable, the sum of £250,000 is required in free China to maintain Hong Kong Government refugees of Chinese nationality on a standard that is out of all proportion to the value paid. Taking the internal and presumably the correct value of the dollar, this commitment should not exceed £15,000.
The Chinese Government, for many years and for political reasons, has maintained and exchange rate favourable to itself and this rate as shewn above has changed but little during the past eighteen months which have seen the internal value of their dollar dwindle almost to nothingness.
The question is whether the
commitments undertaken on behalf of the Hong Kong Government are to be curtailed or suspended, or whether H.MG., which may have reasons for acquiescing in the Chinese Government's artificial exchange barrier, will assume part of the burden which has now grown too great for Hong Kong.
a case that needs special consón in light of the above is that of the Chinese lepers (53938/59) about which I have prepared a draft letter to Treasury.
B. Foster Stall
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