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the Secretary of State's telegram No. 640 of 1948 deal with the latter contingency, whereas the Secretary of State's telegram Nɔ. 171 of 1949 deals with the former contingency.
2.
May I deal with the former contingency firat? It is presumably conceivable that the ate of exchange might vary slightly above or below the present conventional rate of 18.3d. but not sufficiently to affect the local cost of living. The variation would not, therefore, justify any alteration in the present dollar rato of salary for expatriate officers.
At
the same time the variation would affect the amouit af the sterling pension if that were assessed at the then current rate of exchange. If for instance the rate dropped to 18.1d. it would seriously affect the smʊit of an expatriate officer's sterling pensiun if his pension were asseused at that rate. If the rate increased to 18.5d. it would considerably augment the expatriate officer's sterling pension if his pension were assessed at that rate. It is of circumstances ℗ roh as these that we were thinking when in paragraph ↑ of the Secretary' of State's telegram No. 640 it was agreed that the officer should be given the option of having his sterling pension assessed at the fixed rate of 18.3d. He would then be able to estimate exmotly what his sterling pension would amount to. he could opt to have it assessed at the rate current at
Alternativel be the date of his retirement with the gamble that he would stand either to gain or to lose. But in the se circumstances the officer must exercise the optian now, as ir he defers it until he is actually on the point of retiring it seems to us that he would be able tu opt for the 18.3d. rate if the rate had depreciated at that date or to opt for the actual rate if it had increased above 18.30. at that rats. That seema te us to give hi
the
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