Guaranteed Rate of 1/- to Reductions of the guaranteed rate of the Chinese dollar, which was With effect from'May 1, 1940 the guaranteed rate of one shilling will be reduced by 4d. to 8d. and by similar sums in American and Japanese currency.
The Council's statement follows: At the present time withdrawals from the superannuation fund in respect of contributions paid into the fund, which are not already subject tion under the to $100; and U.S. $24% to $100.
These guaranteed rates were introduced from June 1, 1938, [consequence of the fall in exchange in that year, the burden of which it was felt should be shared between the Council and its employees. The Council is desirous of maintaining this principle, but the present much lower level of exchange involves a corresponding increase in the burden borne by the Council, and it is felt that this cannot be continued indefinitely.
Text read from the printed page and cleaned; old type leaves the occasional error.