In addition to salary, the Council contributes 10 per cent. of the basic pay of an employee to a Superannuation Fund, the employee himself contributing 5 per cent. The value of this contribution has diminished proportionately to the drop in exchange, but of this loss the employee, as the result of an order recently issued, will bear 57 per cent., the Council only 43 per cent. As salaries had been fixed on the basis of a dollar worth 1/2%d., the Council in 1938 considered that it should share with the employees the consequences of the heavy fall in exchange which had taken place. There was therefore introduced in respect of Superannuation Fund withdrawals on termination of service, a guaranteed rate of 1/- and corresponding rates for American and Japanese employees. Notice was recently given to all employees that with effect from May 1, 1940, this guaranteed rate would be reduced to 8d, to the dollar.
Finally it is desired to point out certain facts to those who comment that a very large percentage of the Council's expenditure is devoted to staff salaries foreign and Chinese. Of the whole of the Council's expenditure some 48 per cent. is devoted to staff salaries and allowances exclude ing pensions. Of that 48 per cent., almost half is attributable to the Police Force. This amount spent on Police personnel, compared with the amount which has in other cities to be devoted to purposes of security, is enormous.
Text read from the printed page and cleaned; old type leaves the occasional error.