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loan from the sinking fund deposit.
It is for consideration whether it
might not be simpler and more convenient
to charge finally against revenue in any
year the cost of capital works up to
the amount of sinking fund which it is
proposed to deposit.
5.
In connection with the proposal
to redeem at an early date the $5,000,000 1929
Public Works Department loan, an important
question arises in connection with
the military contribution.
The Sinking
fund and interest on the 1927 loan are
exempted fassessment for military
contribution, but, as you are aware,
the War Office are pressing for the
repeal of that exemption. It may be
possible to resist for some time the
that section 15 of ordinance No. 14 of 1927
War Office claim to
should be refealed,
saction in the 1927 ordinaree, but it is
quite