CO129-601-1 Salaries Commission- currency basis of emolument 9-1-1948 - 5-6-1948 — Page 26

PS

Your Reference 53723/6/48

Tel. No. Whitehall 1234

NATIONAL

SCHE

:

Treasury Reference

IF272/187/OL

Dear Wallace,

(18)

26

TREASURY CHAMBERS,

20.

GREAT GEORGE STREET,

copies sent to Accts. 0 D.22

LONDON, S.W.1

1st June, 1948

Please refer to your letter of 22nd May about éxchange arrangements to be made for the payment of pensions and leave salaries to Hong Kong expatriate officers.

In the light of the fuller explanation given in your letter I can only agree that there has been some misunderstanding between us which, I must confess, our telephone conversation at the end of April did nothing to dispel. The point on which the

misunderstanding arose was that into which you go in some detail in paragraph 3 of your letter under reference. It is now clear to us that you propose to review the fixed rate only in the event of a devaluation in the dollar resulting in an increase in salaries. On this understanding we can accept your proposal to give present incumbents the option of having their pensions calculated and paid at the fixed conversion rate of 16 to the sterling.

∙as

I should perhaps add that we would not wish to regard ourselves necessarily bound to follow this precedent in every other Colony in which a similar situation arises.

Yours sincerely,

W.I.J. Wallace, Esq.,

Colonial Office.

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