82756/1931.
&
23
Downing Street,
6
February, 1952.
Dear Roseway,
I have now looked further into the
question of the revenue from Hong Kong lands sales.
The total receipts from that source from 1907 to
1930 were $20,229,620.
The Statement of Assets
and Liabilities shows that there were no investments
tom
for surplus funds until 1919; from 1919 to 1950
the maximum invested (at cost) was $8,972,105 (1924);
and the minimum invested (at cost) was $1,240,712
(1929).
There seems no doubt at all that in effect
the whole of the Hong Kong investments are, und,all
along, huve been due to Land Sales Revenue, and in the
circumstances we trust that you will agree that the
income from them should be regarded us wholly exempt
from military contribution.
Yours sincerely,
JAC.
G. D. ROSEWAY,ESQ,