13
Way
Account" would be for other Colonies.
I am
sure that the right thing to do is to enter as revenue any appreciation in investments shewn at the end of the year, and to make the valuation of the investments in Hong Kong dollars, that is, in silver, thus making no distinction between appreciation in ordinary sterling values and appreciation solely due to a fall in the price of silver. Similarly, depreciation resulting from a fall in the sterling value of securities or from a rise in the price of silver and consequent appreciation of the Hong Kong exchange, ought to be charged as
expenditure.
This appears to me to be merely
hether
a question of correct account keeping. the Military contribution ought to be charged
on items entered as revenue on account of
appreciation of securities or a fall in the silver exchange is another question, and it seems to perfectly clear that the Military contribution ought not to be payable on such
items.
nice
I have not delayed this paper to
read up again the question about the Hong Kong Military contribution, but it seems to me
quite clear that it is at present on a wrong
basis altogether, and that if we are to
continue the system of a percentage of revenue
we ought to have a schedule shewing exactly
the revenues which are to be included, and
these should be based on a general principle
of including receipts from taxation and
nothing else.
You will see that we are supposed to be going to have a Conference about this,
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