리
see from the Hong Kong despatch
of the 1st of November, 1928, that
the estimat ed deductions amount to
something like a third of the total
contribution, so that you would
have been decidedly worse off if
these had been made. Moreover
it must be remembered that the
valuation increased less rapidly
than the aggregate revenue during
the disturbance of prices in
the war years owing to the natural
slowness with which house and land
rents had just ed themselves to the
new level of prices. In the last
three or four years you will observe
that the assessment has risen
although the revenue has fallen,
and looking at the pre-war years only
the two systems give almost identical
figures ($17,800,000 and $17,500,000
respectively).
It is dangerous,
therefore,