CO129-601-1 Salaries Commission- currency basis of emolument 9-1-1948 - 5-6-1948 — Page 29

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at ́all.

but

nullify the effect of having a fixed rate at all. obviously there would be no point in baving a fixed rate if it mas intended to abandon it the womens tŭere was any flus tuntion in relative exonange valusa; that can not in fact our proposal. The operative voris in paragrapa 4 of my letter of the 22nd April aere "resultag in a substantial increase in the domioni wlne af tiong Kong dollar salaries", sad later so "in the event of any future revision of the anlary rates for civil serv:ets in odg Kong". The point is tria. officere she opted to convert their pensions at the fixed rate would thereby safeguard t^emselves agninat bering tonir sterling penalosa reduced as a result of say, dep@Lua ŝi om

100 of the Hong fong dollar (though by the once set they would leprive theuselves of any benefit from a trond in the opposite dirʊction). 10

jover dua ti on in the Hong Kong dollar az against the sterling vere indeed to take plaen, 11.10-Xtkoly toni sconer or later dong kong Zalaries wonid- correspondingly revised is an upward direction. since pension is based se salary in the coselæding years of eœrvice, pensions, could be zorrespondingly imerenaed, and unless voafeguard the position in advance, this could waŭ imt offisers nārendy ja tas service who have opted for the fixed rate yould benefit ties over - · both byɛ the fixed rate itself and by the increaemsim pansion resulting from the increĽKO ja salary designed to offset the devulas tion.

Our proposaå,

that tas. fixed rate for shies sertais officers would be alleved to apt would only be ravioned in the event of a devalua slow in the dollar resulting in an ioszesse ja malaries.

"