60
logically have been exempted
from assessment, and he has no
doubt that the Army Council
referate the fat treatment undertaking of the New Territory
Water Works and
of
havd
would agree. In fact, the
revenue from land sales, which
has amounted since 1896 to
approximately $24,450,000, very
considerably exceeds the amount
of the investments at present
held by the Hong Kong Government.
his P. Cunliffe Lister.
Thomas therefore considers
that these investments could
reasonably be regarded as having
been wholly made out of the
proceeds of land sales, and that
income from them might reasonably
be regarded as wholly exempt from
military contribution. He would be glad to know whether the A. C. agell.
E In this, as in the
matter of the deduction of an
allowance on capital expenditure
on Water Works met from revenue,