1908-07-04 — Page 16

Widows and Orphans Fund.

GOVERNMENT'S ARBITRARY

ACTION.

PUTILE OPPOSITION FROM_TÁK.

CIVIL..SERVICE. ↳

THE HONGKONG TELEGRAPH SATURDAY JULY 4, 1908,

lydously agreed ad that you thereupon decided to take no further steps in the matter but simply to enact the other aruandments under consideration. I do not understand why this course was taken without previous reference to me, and as I have not been fasulahad with any explanations to the the service to object to the transfer of the fund

which had the effect of continuously increasing to. I now coclore copy of memorandum in the sorglaset and of throwing on the Goieras which the present directors, at the fund with ment larger burden thing a reasonable as the exception of the chairman (Mt. C. Mcl. decessary): On the offier band. If there

bare were: Mantur; Acting Trakter), haver out the "at any time a deficit, the land system would view of the contributors on the question of tend to increase that deficit since the Govern she taking the fund, by the Gorera- mo ment contribution would then be calculated on

thercia

heroin quoted as to rates of in-

In the

Sony Kre

natum of the reasons which led the members of J."' balanco smaller than that needed to meet "/mentor of LEGOLAS Government made to effect a large contribu“. · Sarpias, it; a02 00neficiaries of the fand in the

future liabilities of the fand, and the Govern

Iam naturally in a somewhat difficult-position; ment contribution would therefore be less than Yudhat they won belonging to the fand deposited-with-it *-wa---purpose an arbitrary-rate of exchange must be:

might justify an increase in the benefits which would be actuarially accurate, derived from the fund and that the benefits wider that in order to treat the Hongkong how offered are not spacient compensatiba officers as searly as practicable: In the for the sacrifice of possible prospective benefits way as those of the Straits Settlements and and for the loss of management.

Federated Malay Baten it, in desirable' that; the valuation should be made in order that the [des "Anupgarda" the contention

disclosed by it be distria: tion to the fund by agreeing to pay interest of

atbuted among the the high rate of 6 per cent on the monies shape of increases to the pensions. For this, would point out that the rate of interest assumed for the purposes of the valuation. of the dollar bas recently the Hongkong and Shanghai Backing Coss fallen from abost to 1/10 As the value of poration since 1891 has been :..

labilities

#things Man kan tage To the To the "

Then the starling

the value of the future sterling contributions; * Public, Gorstament, the higher the sterling: value assumed for thei

„the results of the valuation, and liahould bavi prepared to allow the valuation;to be carried, out at a rate, not exceeding 3/3, which you and the Législative Council may consider fair and reasonable I have, &c, MUAM MAN (Alroad), ELDIK

With the Bill, which was introduced into the sing the proposat diva, my, reasons' for, pres between the unsets and liabilities. Do the scheme of compulsory Insurance "hich would charved on loans agaient éṛst class security by f. The exchanges at be: græslar"tha

Hand and of the management and control of mi expl may serve to remove the through the small size of the Hongkong tand.sually get somvent or very nearly all the direct-From .1.1.91 10:31,8.gr. 7% par an. "St X'por an." J‹doliar the more favourable to the fund will b

thd

are based,

upon which the objections The Hongkong Widows and

and Orphans' Fund was started in 1896. For the calculation of pensions under the system then established three kinds of particulars are required. There must be first the code of rules governing the I constitution of the system, such as that each member shall contribute 4 per cent of his salary or pension for a certain number of years that Government will pay a given rate of interest upon the balances, that widows

on re-marriage,

and по pensions are to cease on on. Secondly, it is decessary to have a table of and pensioners will die if an mortality showing at what ages the contributors Average is taken of a large number of individuals. Lastly, from the mortality table and the rules there are

butions; while all

beneft in return for his contri-

ors and contributors feel that the Hongkong fund has bad such a specially favourable start and is accumulating so rapidly that they confidently look forward to the possibility of an if the fund is kept separate and fresh valuations are made from time to time.

may

་

"whorn distinct' fonds with» soparate "accounts increase in pensions-even on the Ceylon rates From 1.1.91 to data 1.2 74 Pident that the 80 k

12 Besides those indicated above, the policy recommended bas other adrantages. The sea cessity for periodic costly and troublesome valuations is avoided. Moreover, the ex- perience of other colonies has shown that wh exist it is difficult to satisfy the members, who when the assets of the fund have reached considerable figure: ara apito think thai tho

an pansions can be considerably increased or the contributions reduced. this question of the

necessity of the income of a fund in its early years largely exceeding its outgoings it is to remain solvent, I do not think that I can do better than refer you to the enclosed of memorandum on the subject by Messrs. T. E. Young and G. H. Ryan, *the Actuaries

should on valuation show deficit, as has occurred in some colonies, hard- ship and dissatisfaction are liable to be caused. by the reductions which would necessarily follow. It is therefore much more satisfactory for all partles that the Government should take the responsibility and guarantee pensions which will not be

B. In these circumstances I would recom- mend that the proposal to transfer the fund to the Government be dropped, and that if necess sary the actuary be consulted as to whether the tables attached to the Ordinance can with safe ty be adopted. If the report in favourable 1 would ask Your Lordship to sauction their, in clusion in the Ordinance.

[ take this opportunity of acknowledging of February-1 have,

F. H. MAY The Right Honourable

The EARL OF ELGIN, K.G., His Majesty's Principal Secretary of

State for the Colonies,”

kej &c. &c.

|

1.9.91 30.9.92 1.10.92399.95 7 2.10.95, date 6 and on current account :-

per ac... From these figuren it la monies belonging to the fund deposited with the Government have possessed a value to the Government of 3% to 51% varying with the state of its banking account. And it is witbla our knowledge that for some years past and for periods v account with the Bank has been overdrawn as varying in length the Government's a result of currency transactions.

wrote: "So kena have the efforts of the deduced by scigarail methods the rates of pen-hand, therion fund. If, on the other the receipt of your despatch No. 25 of the 5th 6.

sion which can properly be paid to the widows or orphans of contributors to the fuad, and these pansion rates are embodied in pension tables from which, given the amount of contri- bution and the respective ages of husband and wife, ile pention of any individual beneficiary can be ascertained by arithmetical calculation more or less simple

dica

in dealing with the matter. In the circum the amount required to maintain su equilibrium directors and contributors are considering stancos I can

trusting that if in Hongkong normal condition of the land is the one of cordove the unpopularity of the present fund Legislative Council last Thursday to provide the object to it are ward to those lenis more or less unstable equilibrium, and this uns for the reason that each contributer would for the transfer to the Government of Hong. have been brought forward in other colonies satisfactory condition would be intensified know that be, his heirs or assigns would event kong of the Widows and Orphans Pensies such the passions of widows and orphans and to consolidate theʻlaws in relation thereto," there WES laid before the Council a series of corres pondence which passed between the Colonial Government and the Secretary of State for the Colonies

We cannot do more in the present 'issue then

general than reproduce the "sessional paper it was presented to the Legislative assembly.

Repeated reference has been made, during past three years, in the editorial columpa of the Hamptong Telegraph, to the proposal by Government to transfer the funds to the gezeral revenue of the Colony. On each Occasion we combatted the proposal as arbitrary and inequitable one. Our last re- ference to the subject was mada in lengthy leading article on the 6th April when we Government bean to sweep the Fund out of existence that it is practically certain a further and more drastic attempt will be made at no distant date to secure possession of the Fund and to swallow up the credit balance and the contributions. ls a known fact that the Go vernment are bard pushed to find the revenue to meet the current and necessary expenditure of the Colony, and there is the over-present fear 7. The accuracy of the pension tables thus that the end of our financial difficulties is far depends upon two factors, first the closeness from being in sight yet. Indeed, the probab of the approximation of the mortality ex- ility la that we are only on the outer rim of the perienced to that assumed in the mortality table vortex and have still to experience the real adopted, and secondly the accuracy of the parit of

financial swirl. Be that as it may, actuarial process by which the passion tables the

If this course is adopted any surplus the.Government look with a hungry eye on are deduced from the mortality table and the

which may be disclosed by the valuation which this ever-expanding balance, and it is not rules of the fund. It may, i think, be assumed would be made would be devoted wholly to the beyond reason to believe that the Secretary of

that the state of actuarial science in such that benefit of members of the fund in the shape of State for the Colonies watches the Fund with the latter factor may be deglected as a source increases to the prospective pensions of the a wolfish glard. For that reason, it is je be of erres when actuaries of bigh standing like

widows and orphans of the contributors to the expected that another effort will be mada to Messrs. Young and Ryan are employed. For fund at the date of the valuation, and of former secure the $318,000 and to administer, the practical purposes, therefore, the accuracy of contributors who had ceased to contribute on scheme through the ordinary official chan- the pension tabler depends on how closely the attaining the age of 65 or on leaving the scr pal, without the distinction of separate ideo.

martality experienced by the fund approxi vice, as well as of increases to the existing pen: tity. Should that attempt be made, we may

sales to

to that embodied in the table of morsions of the widows and orphass of those who be certain that it will be carried to a suc-

lity cessful conclusion and that the Widows and When the Bongkong Widows and Or have died since the 31st of December, 1900-the date of the last valuation-in such stares and Orphans' Fund, as a Food will become n phans' Pension Fund was founded, there were proportions as shall be recommended by

the thing of

the past," The attempt we referred hardly any precise data of the mortality experi- actutry. Whether the members, of the fand to in April has now beer made. The follow.enced by Government officers and their wives have any legal claim under the originah ing correspondence explains in detail the Gov. in tropical colonies, and the Northampton ordinance to participate in the whole or indeed erament's efforts at securing the absorption of table of mortality was accordingly used as the in any part of such surplus may be a matter most natiqfactory basis then available, Similär

of argument. It was, however, recognised that Downing Street, funds have, however, beeu established in severn! If the Government look over the fund it was other colonies as mentioned above, and dur-desirable that the contributors should not feel ing the last twenty years statistics of the that they had a grievance in being deprived of mortality experienced of those funds have be the surplus (if any) and my predecessor agreed come available and a table of mortality has that the whole of it should be assigned to them, recently been framed after ab examination of

on the question as to their legal righti is soma. nidad and the Straits Settlements. The actuaries' that, if the Fund is not lakep over, the dala furnished by "Caylon, Jamaica, Tri-

what scademic. I would however point out it i prac. Chamberlain's despatch No. 447 of the 17th of report on the subject was enclosed in Mr.tically certain that the actuary will advise that December, 1993; you will observa. from it that

the fund

16th January, 1907. Sir, I have the honour to acknowledge the receipt of your despatch No. 280 of the 15th of *Novembar forwarding for the signification" në

His Majesty's "pleasure transcripts of an Or dinance to amend the Widows and Orphans Pension Fund Ordinance, 1900.

to or decrease, and there is I think sufficient reason for being. satisfied that the pensions which the new Ceylon tables will provide will on the one hand be fair, to the contributors and recipients, and on the other band not throw an unreasonable burden on the Government.

Hongkong, 18th November, 1905. Excellency the Governor to put forward the Sir-The commillee appointed by His ews of the civil service on the subject of the Widows and Orphans Pension Fund have the bongur to report that after consulting all con tributors to the Fund they find

10

to the Government.

Governor

Sir F.D. LUGARD, K.C.HO., CA, D.30,

DAMAGES TO A JUNK, OGGE

SAFTERMATH OF A COLLISION.

It is also evident from the figures that the monies belonging to the fand have possessed marketable value during the whole period

. A collision which took place in the harbour equal to and during part of the period, ing the Government contribution

some time in April last was the subject of Further, we have made enquiries

ice and als

"ate. "Litigation in the Supreme Court, on the 1st löst. informed on gand authority that the fund could The case was that in which Chin Kwok Yau, of be leat out on mortgage at the present time at Cheung-aha wao, the owner of coolle bost No as much as 8 per cent. so g

so per cont. and that 1784 ought to recover the sum of $254.60 this form of investment would offer, the very from Chan Man Shun, residing at 23, Tampla beat security to the contributors. As

Street, Yau-ma-ti, the charterer of the storm 4. We would suggest therefore as a means of launch Ping Po for damages caused to plalatia's surpluses that the Government might itself in bean caused by the negligence of the coxswain relieving itself of the border of paying 6% on boat in the collision, which was alleged to hava vest or appoint trustees to invent the monies of The Ping

Mr. S. W. T'so appeared for the plaintiff. local belonging to the fand in approved. securiljes,

in

P. Sydenham Dixon

represented the ubi

defendant.

Plaintiff's solicitor stated that "the collision- took place at West Point, near Jardine's wharf, Originally, the action was brought against ode U. Yat Yu, but the writ had since been, allered making the chaiterer of the launch the delen. dant, and

5. In conclusion, we would respectfully mit that the large majority of the contributors, view of the fact that they are never likely to be transferred, cannot be regarded as being affected by the argument for the fund baing taken over by the Government and for the in- troduction of the Ceylon table that "it is very desirable that the pansion rates in Hong koog, the Straits Settlements and the Federat ed Malay States should be the same, especially as for some purposes the three ad ministrations are manned by a joint servico, The vary small section of contributors who are eligible for transfer have presumably no other advantage to gale, the pension fonds of the three administrations being distinct, than that 2. With regard to the question of the trans fer of the food the committee desire to point they would oot on transfer find themselves out that the Government has, under section 13 possibly compelled to subscribe to a fund at a of Ordinance No. 30 of 1899 and section selbigher rate than that to which they have baca Ordinance No. 3 of 1930, guaranteed that all accustomed. contributions shall during the continuance of the fund bear Interest at the rate of 6% per andum.

4. That the service is unanimously opposed 16 the proposal that the fand should be transie

if That a majority of contributors are in favour of a compulsory insurance scheme in place of the present pensions scheme.

That a minority prefer that the existing scheme should continus, but are of the opinion that the passions are insufficient la view of the large amount of the total annual contributions, They suggest that the daughters of deceased officers should be supported from the fund. until marriage instead of until the age of

twenty-one years only,

3. Under present circumstances the Govern employs the fund for purposes of general expenditure paying 6% compound interest for the use of the money. The committee under- stands that it is now proposed that the Govern

5. B. G. Ross, FRANCIS CLARK, E. £. D'AQUINO, R. CROFTON,

Directors

Downing Street,

2. The pension systems of the Colonies--like that of this country-require, speaking general. ly, no contribution from the officer towards his owo pension and allow nothing to his widow or children after his death. To prevent the possibility of widows and orphans of deceased colopial officials being left destitute through the omission or inability of the latter to make proper provision for them, funds were establish ed during the eighties and early nineties--in that the ratio of the actual number of brought into line with gkong may" be balance of.Sáz0,000, which at the rate of in- ber, 1997.—I have, &c,

Ceylon, Mauritius, the Straits. Settlements, the Federated Malay States, Hongkong, Jamaica, Trinidad And British Guiaos; and all permag. ent officers were required to contribute 4 për cent of their salaries to the fund. The Goveru- ment made in effect a large contribution to the fund by agreeing to pay interest at the high rate of 6 per cent on the monies belonging the fund which were deposited with it. Pan

sions were paid to widows er orphans of con-" tributors according to pension tables prepared by actuaries based upon the best mortality statistics available.

Was

for want of new members

take

was

that

it would not be prudent to distribute the whole-ment should continue to use the money but. the actual Bamber of, death was compared of the surplus which a valuation might dis should cease to pay "interest upon it, on the close, but a substantial portion, such one Mutual Table; which was considered to afford quarter, as in the case of Ceylon, have to be called upon to pay in pensions and expenses of

reserve against management a sum equivalent to the total pre a good standard for the measurement of the relained, in order to form

possible adverse fluctuations in the future.went capital together with future annual con- tate of mortality prevailing among a body of 14. For the reasons which I bave given tributions with 4% compound interest added. persons residing in a tropical climate but above I must ask that this matter may be The fund has at the present time a credit

favourably situated, and the result reconsidered, and otherwise

the Beighbouring terest guaranteed by the Government, and administrations of the Straits Settlements and with the addition of a year's contributions, Federated Malay Slates. In order to leave the climated at $29,000, would at the close of field clear, for further consideration of the from the Actuary I am unable to sanction the sum of $5.475 and the expenses of management matter and because without a further Report 1926 be increased to a total of $26,200. The pensions payable in 1956 are estimated at a adoption of the Tables dached to the during that period would probably not exceed Ordinance while, the fund is continued, the sum of $2,500; so that at the beginning of have felt it necessary to advise His Majesty to 1967 there would be a total sum of $254,225. exercise his powers of disallowance in respect which would continue to increase at com- of Ordinance No, 17 of 1906 and it is disallow pound interest. ed accordingly. I informed you of the dis 5. The Government is apparently of the opin allowance in my telegram of the path instantion that the annual expenditure in respect of I have, &C.,

(Signed ELGIN,

jamaica,

deaths to the number allowed for, was 69 among Asiatice and Eurasians, and 79among Europeaus Ceylon, 66

in the actuaries accordingi framed a table on the Straits Settlements; and 1.06 in Trinidad. The combined Ceylon and Jamaica experience and recommended the adoption for the Straits Settlements and Trinidad of the Barbados mutual morality table and of pension tables framed on it.

9. In this investigation the statistics of the Hongkong fund were after careful considera- tion rejected as being tra scanty to furnish any indication of the probable future experience of that fund, and the great difficulty of dealing satisfactorily with so small an institution had previously been emphasized in Mr. Young's report an the valuation of the Fund as it existed on the 31st of December, 1900,

jo. That valuation, which was of course based on the old pension tablas, after making allowance as far as possible for the peculiar character of the experience of the fund, show ed that the gross abilities of the fund then amounted to $132,337 and the surplus to $10,275 54

to

Governor

Sir M. NATHAN, KCMG.,

prasipas and cost of management will ultimate ly equal if not exceed the sum of the asqual contributions together with interest on the capital culculated at 6%. The civil service, on the other hand, anticipate that the capital 1. Government House," of the fund will increase so largely as Hongkong, 24th June, 1907 to make it possible at some future date to receipt of Your Lordship's.despatch No. 11 of and they are prepared to undertake for them

Sir I have the honour to acknowledge the revise and to increase the rates of pension: the 16th of Jascary on the subject of the Orselves the risk that the Government now pro- disance to amend the Widows and Orphans, posts to undertake, namely that the expendi- Pension Fund Ordinance, 1900,

Ture may eventually exceed the locome:*

6. With regard to the second of the com-

2 The only explanation I can offer of the

siter's finding it is arged by a majority of

th February, 1907.;

Sir, In continuation of my despatch No. 11 of the 16th of January; I have the honour to inform you that in view of the delay which bas occurred in the transfer of the Widown and Orphans' Pansion Fund to the Government, it would be well to alte the date on which the valuation of the fund should be taken from the 31st of December, 1905, to the 31st of Decem-

(Signed) Etork

Governor,

Sir M. NATHAN, X«G M.07

2

&c. &c.

DOWNING STREET,

. 28th December, 1907, receipt of Mr. May's despatch No. 169 of the Sir, I have the honour to acknowledge the 24th of June with regard to the transfer of the Fund to the Colonial Government. Hongkong Widows, and Orphans' Pension

Mr

Mr. Dixon said that he wanted this to ba

proved, and inquired of Mr. Teo if he could do so...

Mr. Tso observed that he had a copy of the

charter party, but not the original:

Thereupon Mr. Dixon asked for an adjourn test, and after more argument, consented to judgment "balug, antered against him, “the matter of damages to be left la thé Registrar.

A GRANITE DISPUTE,

CONTRACTORS" AT LOGGERHEADS,

Mr. Justice Gomperts, presiding in the Sum- mary Coun, last Thursday, listened attanijvely to a dispute, between 'two' contractors, Tho parties were Li Plag, of 10, High Street, plaid.. tiff, and the Sang Lee Согорилу, of So Des Vœux Road Central, defendante. : The plaintiff. claimed Sços demeges from the defendants for damage and trespass which took place at the Mati Quarry, and for the valus of decomposed. granite alleged to have been removed by the defendants without the sanction of the plaints.

Mr. E. J. Grist, of Messrs. Wilkinson and....... Grist, was for the plaintiff, Mr. F. B. L. Bowley, of Mestre, Dannys mod. Howley, appeared for the 'defendantsoo lang di

A

- It was stated by Mr. Grist that defendants'

servants:removed from plaintiff's quarry ...5 363; cubic feet of decomposed granite, which was. used for making roads. The price of granite. was thres cants per cubic fest; which would, make something Rice S166.50. The quarry, disinfecting station at Ya-ma-landrin Mr. Grist explained, was situated near sha: well into the roadways Plaintif (could act

granite defend estimate exactly how much Mats servants, removed. They knew, he 2. Mr. May states that the great majority of could not get the granite from any other the contributors of the fund are still op. place; and as a matter of fact defendants ad- posed to the transfer, and he suggests mitted and were seen. Tompring the staff from that the proposal should be dropped and this particular: Consequently, plaintif

guany the actuary consulted as to whether the Ceylon were charging defendants for taking the whole panico tables can with safety be adopted by the of the granits from the road. "There wera alad. Hongkong food. He adds that the majority of damages. för trespass, Mr. Grist went on to the directara and contributors are considering a remark, The defendants were Government remove the unpopularity of the present fund, scheme of compulsory insurance, which would contractors. They were engaged in metalling the road near the quarry and in order to do the due, I gather, to the fact that under the system work decomposed granite, had to be procured, i upon which the fund in based the contribullons and it was procured from plaintiff, quiery members who do not happen to leave widows without his consent. And the vary fact pensions for the dependants of those who do, and by their presence prevented plaatin

orphan children telp to provide adequate that defendants", servants entered the guairy

damages.

of

accumplating so rapidly that they may con had such a specially favourable start and is

if the fand is kept separate and fresh valua increase in pensions, even on the Ceylon rater, Adently look forward to the possibility of an

3. I may say at once that I am not prepared to consider the substitution of an insurance

tions are made from time to time.

tions are practically impossible, deguna m

The Court-Was there a fight?

doing the work for the Government, charge of defendants ang said, they were Mr. Grist said "No, because the mop in

matter.

Early in the present century it became 3: evident, that the fund system, though neces- sary to enable the pension system to be start

not altogether satisfactory, and the policy of successive secretaries of state recent ly has been to get the Colonial Governments to take over the fueds and to. guaranica the pensions-ic return for the 4 per cent coutri butions. This has been done in the traits Settlements the Federated Malay States, Jamaica and Trinidad. • The Government of British Gulaod took; over the fund (which was not solvent) but decided to make all new offi. cers insure their lives instead of contributing

that the surplus was between 4 fact that in 1903 the directors; of the fund and the contributors that each officer is in natural Mr. May also statos that "the directors and workmen from carrying out their work amosat-" and per to trespass, for which plain calmed towards widows' and orphans' pensions. How for this arrangement will prove a success time of f the valuation of the Straits Settlements fond for the taking over of the fund by the Govern will show, but its advantages hardly appear in outweigh those of the pension system in surplus disclosed was a little under to per cent fund nor any member of the Executive Council, been compelled to surrender. They suggest (also as as the 31st of December, 1900) the ment, is that zeither the then chairman of the terest of that portion of his salary which he has Mauritius a decision on the matter has been of the deferred pending the result of an actuarial in-being used) so that the Straits fund was found who were contributors raised at the time say: fedection of salary with the stipulation that gross liabilities (the same pension tables was a contributor. None of the four director individual lasurance based upon the present in place of the existing scheme of compulsory vestigation of the fund. In Ceylon, where the to be in a rather better position than the Hong abjection to the transfer, and this being so the% fund

was much larger than in any other kong fund. But as I have stated in paragraph chairman and the Executive Council concluded the policies shall be held by Government or Colony and in a prosperous condition, many 8 above, the moitality experience of the Straits that there was no apposition to the proposal on by a board of director and that an officer

"A letter was sent to the defendants, Mr. members of the service, chiefly through a mis Settlements was 90 as compared with .66 in the part of the contributors who do not appear his wife or children or to discontinue his pay-scheme for the fund.

shall have no power to allenate his policy from

Grist proceeded, demanding payment for the apprehension of the reasons for, and the effect. Tamaica and 69 and 79 in Ceylon. to the to bave given the matter detailed consideration.

granito, Defendanta replied bffering the sum of the Government taking over the fund, adoption of the pension tables framed upos

of 55.5o. Subsequently, plaintiff sant: them. 3. When, Appropriation for thereon." objected to the measure, and it was finally de: the more favourable mortality experience of +957, which the Widow-and-ChuThe committes-have-taken steps to the future prospects of the fund, I fear that bill-for-5--xud bich-betsfused to par the fund should be coaliqued so farat femnica and Ceylos, the service of the Braits Pension Fand var included as revenge, came ascertain the prospects of each individual they have got paid sufficient attention to my otherwise there would have been an and to the existing officers were concerned but that new Settlements has, as you will see, been treated before,lbe Legislative Council the unofficial contributor under an insurance scheme based despatch No, 11 of 16th January last and exper Officers should not contribute to the fund, the liberally; and, as far as the small size of members, as has been explained in Sir M. upon these principles and when definite cially to the memorandum by Messrs. Young Witnesses for the plaintiff wire than called Government, instead receiving their contribu the Hongkong fund allows a defialte opinion Nathan's despatches No. 243 of the 5th of figures have been ablained they propose to

and examined, each one corroborating the sad Ryan enclosed therein. But at any rate tions and paying the pensions of their widows to be expressed, the position of that food October, 1905, and No. 283 of the 15th nox for a defalte expression of opinion from they must admit that the fand cannot be main above statement after which a counter claim thus allowing the old fund gradually to die out is such that the adoption of the Ceylon November last, objected to the inclusion of the all officers concerned.

4. The proposal that the Government should son tables for use in Hongkong would fund. A reference to the reports of the meely

pension

8. In the meantime they have the honour to lined, without periodic valuation; and, 1 for $500 a heald, This was I man also be quite as liberal a measure af in

from the Sang-Len Companyia kenarty. ings of the Council forwarded with the Hongkong

be good enough to move the Secretary-of-State-15 The land is a dollar fond, the accounts who want the hadith November, Government by the Secretary of State in July, 1932, and in February 100-your-the-Straits-Seltisments, and the Federated by Mesin R. Shewan and G. Stewart who had nection with the propound-transfer of the fund, at any time it represented by a debt das by

desirable that the pension rates in Hongkong: possession of the remarks made on the subject to postpone for the present any action in con are kept in dollars, and the balance of the fund $997, without plaintify; permission. prodocessor wrote stating that the Executive

tive Malay States should be the same, especially been deputed by the unofficial members of as the Ordinance suthorizing the transfer, can, Government of so many dollars. In the case mana Council and the directors of the fund unas for some purposes the thice administrations Council to review and criticles the Budget for In the event of such proposals as may be put of a considerable (and increasing) number of LAB the clock tower, which ream itself so coo Laimously agreed to be adoption of that course. Correspondence followed-mainly as to be somewhat rough actuarial examination of the

"are manned by a joint service)- and, after a the current year the Legislativa i tröspeativë' and' with effact from the date. sterling and the widowa’and orphans' pensions. ¡in Queen's Road Cantrel," and whose purposs forward being disapproved, be made re officers, however, the contributions are fixed in spicuously above the surrounding die and bortle ther the pension tables recently introduced in

4. Prior to the meeting of"ths: effect on the reserve of the food of adopting Council referred to, Sir M. Nathan had receiv- orginally intended. We bave, k Ceylon might properly be adopted in Hongkong the Ceylon tables, my predecessor, came to ed repres

will ultimately be payable in storing currency has never been understood, even by the videst the transfer from when the fund was taken over--but is April,

representations against the conclusion that, while not completely contributors to the fund; and he, therefore,

As the sterling contributions of officers on steri- Inhabitant, suddenly decided to become a ing antaries are credited to the fund to dollars beacon for this limping hom

home in the late hours. Lyttalion forwarded a draft of an clearing up the question, this examination was decided not to introduce the Bill to amend the 1905 ordinance to effect the transfer of the fund sod sufficient to justify their adoption is the event Widows and Orphans Pension Fund Ordin-

at the current. rate of the dollar at the time ofanerening ? aika a correspondent: Last night. saked that it might be introduced as soon as of the Hongkong Government taking over ance until these representations had been put

when the contribution is paid, it follows that?

*the four dials were so brilliantly illu- (1st, last.), Convenient, and in March roof, 1 suggested the fund. But the Actuary bar peyer com into definite shape by small committee of

the valua to the fond of the future contributions minated that the hour and in outó hands cogid .tlint cortala amendments should be made inmitted himself to recommending the adoption civil servants constituted for the purpose

of axinting members on sterling enturies can be distinguished at Kowloon, At frit it asemed the Hongkong law so as to bring it into con of the Ceylon tables in the case of the

only be estimated with accuracy if the faturs as if one were the victim of an optical delusion. formity with the more, liberal sys om- which Hongkong, fond not being taken over, a

I now enclose copy of the report of the com.

values of the dollar 7 (say) the next thirty-five For years the resident la Hongkong bas vainly. prevails in some other colonies as regards the applies to the concessions, to bachelors mittes. The figures and definite expression of the views of the contributors to the Widowe

SAMA

VARTE are known the band cat andevoured to discover, tão jokes in treatment of bachelors and widowers without and widowen without pensionible children. report have not been, received for the reason, that the Government should take over the fand existing contributors also depends on the future neck in the direction in which it waruppered opiclon promised in the 7th paragraph of the and Orphan Persian Fund on the proposal may be imposed on the fand in respect of the dark, by atraining his eyas nan cricking BE

· pensionable children, and, thus to remedy the must be borse in mind, that, if the fond is as I understand, that as Sir M. Nathan was, we find so system ander which such officers were malcted not taken over by the Government, it would opposed to the scheme of compulsory issue-

fluctuations of the dollar. Of course, if the pay that one or the other faces of the clock, was only be possible to aaaction she adoption of ance, the contributors who favoured such opposed to the fund being taken over by the were to be substantially equal in amount, no could be distlegulated wegdim mowane

That a large majority of members is strongly mente and receipts in sterling during each year situated. But it WAT Vain Lanch, fors The ordinance now before me, authorizes such revised tables as the actsary, might deff scheme did not consider it worth while further Govermengard to this Goding it is argued the variation of the dollar; but this will not be aight; howeval, richange

loss or gain would docus to the fund through relive of young mood i adoption of the now Caylon passion tables nitely recommend as suitable for the circums: Toon receipt of Your Lordship's despatch that the valuation of the food as it existed on: the Chic By the rail: of the: nopial stèiling | spirit of the clock tower, and confers upon ildren the beneft just I will now, proceed to explain the reze

to parson the subject;

objective bachelors and widowers stances of Hongkong. without pansionable

under acknowledgment, MAS.. alluded to, but numita altogether the provisions

with its en- gist December, 1909 showed that the gross contributions to the manual sterling paallont

frantiy ligated, so much so that for the Government, taking over the Fond conse to tehostar of the fund. By this closes printed tod circulated, angeg all the inbildiet of the fand, then I mounted to will obviously, decrease, least, as soon at all bays, been more and course the interests of members of the fund contributors to the fund: A moetlag of repre- $333,337% that there is surplus of between the pons to which sterling salaries are attached anxions cocheck i guarantooing; the pensions in view of which are in no way injured The Government binds sentatives from each department and of the per cent, and the other chesses were suctioned. la ex itself to pay pensions according to pansion ta directors of the fund, was subsequently held and that therefore the fund was so fat in 6 I have, therefore, come to the conclusion the rperimbat lady

per cent of the liabilities ars filled by officers on sterling salaries, we with Hongkong 4k planation of this change of policy I am labies mentioned in the Ordinance, and the rates and was presided over by the Treasurer who is squod fintncial position that although the that the original proposal that the Govern Ringed formed that all committee under the contained in those tables are based on the aft chairman of the directors appetiseal present abilities of the fand could not be ment should take over the fund and guarantee may be chairmanship of the Attorney General, had sumption that compound Interest at & per cent Mr. A. M. Thomson who is an advocate of determined until a fanber valsation took place, pensions, on the Ceylon pansion tables in represented to Govoromant that it was tho is, and will contions in effect: to be paid by the transfer of the fand to the Gover unanimous desire of the contributors that the the Government: The only advantage: which explained the purport of Your Lords

to endit of the food on gest | roturn for the four par cant contributions muit proposed, tisaster of the fund should not be Government obtains is that it is follaved from patch, and the quasional Jelly

unjing, to $172,033, ap«: be, adopted, and I have to regjumst that your adowitaat, kereupon the directors of the fand the necessity (inherent Un; the old system, of Rut the great majority of the coor

that the fund was maini will take staps at an early defe to 'lojradoi and the Executive Council concurred in advise these fanda) of contributing 6 per cent rom all of the directors, except the cha fing against the transfer to which they had pound interest on surplesse khonki soch ax.si, yppa

over the fund was first placed before the the Straits Settlements. If however, very those despatches-will-place-YouRest (bat His Excellence the Governor will will proceed to explafe, such periodic value," Against::Lit Ping,aled!!for@ruboving/gamulta:

for the benefit of their married brother officers,

d the

| to the trebaler of the fand.

HENRY S. BERKELEY, FRANCIS CLARK, ·" ́ ́L. A. M." JOHNSTON,

AG, M. FLETCHER. The Honourable blind pe

The Colonel Secretary. Hon. Colquial Secretary-After ascertaining

clowed by