I know this has been covered many times before on this site but as of today with the current exchange rate 1 pound in 1912 is equal to about $150 US in today. So Murdoch pay of 17 pounds 10 shillings in 1912 would be about $2,625 US a month today or 2,019 british pounds give or take a few dollars. But these numbers don't tell the whole story because they are just inflation based. The purchaseing power of currencies don't always follow inflation. 1 pound in 1912 might have bought more tea and biscuits than 115 pounds would today. If your interested you can look at the link below. They can explain it better than me. Cheers.
Value of 1912 British pounds today | UK Inflation Calculator
This inflation calculator uses the official UK consumer price index. An inflation rate of 4.59% per year means £100 in 1912 is worth £14,613.65 in 2023.