58
in years when auch profil, accrue, while not being entitled to deduct book losow
in estimating the revenue iny cars when such doors accme, the result would clearly be to impree an inequitable burden on the Colony.
appreciation or depreciation or
to exchange differences tend to
cancel out in the long run, they
do not generally cancel out
within any period of 12 months,
and if during that period there
has been a considerable de-
preciation of the Hong Kong
book
dollar, a large/profit may be
shown which will probably later
be compensated by a book loss
when the exchange moves in the
opposite direction. If
therefore the Colonial Government
were expected to pay military
The "revenne" represented by contribution on such book profits
—it would probably lose consider-
ully or buitrecț
Sis P. Cunliffe Lister
La tramas therefore
considers that the fair way of
treating these transactions would
be