4.
•
$6
Freas.20008/11
7.
Section 3 of the Ordinance is now out of date,
in so far as in the last paragraph the percentage of four
per cent is taken/ The Colony's previous loans are fund ed 2t 31 enant
and 4 at the time the Ordinance was drafted, was a
4quant
proper percentage to include interest and sinking fund on loans. Times have now altered and six per cent would now be more accurate and should be taken for all expenditure from
revenue since the beginning of 1915.
8.
to
Under this Ordinance relief is given in the case of Kailways and telephones and other productive under-
takings of a similar character, and in Mr. Harcourt's despatch No.250 of 19th August, 1911, a request was made
that in the event of reproductive undertakings other than
Railways or Telephones, the principle of assessment of net
receipts shall not be extended to them without previous
reference to the Secretary of State. Under this clause I
shall be compelled to press, if the Treasury will not agree
to the new proposed method of assessment, that various
further undertakings be included among those upon thich only
net receipts are taken for calculation of Xilitary
Contribution. I refer for example to the following:-
(a) Wireless Telegraphy. This obviously canes under the
heading Telephones and similar undertakings'
"not really" quotation
(b) Waterworks. These are productive undertakings, and
the Colony has now to invest large sums in such
undertakings.
(c) Aerodrome. This is as necessary for transit by air
as is a Kailway station for transit by rail. (d) Harbour Dredging. Allowances should be made for
interest on loan or revenue used on capital
expenditure.
+ No. 26608/1
.
(e)
64
4