67
revenue under Colonial Regulation
291 in respect of the appreciation of
investments, representing merely
book profits. On the other hand they
are unable to accept the contention
of the Hong Kong authorities that a
distinction should be drawn between
sterling appreciation and dollar
appreciation; on this point
Sir Philip Cunliffe-Lister is in
entire agreement with the Army
Council.
Finally the Army Council
do not claim military contribution
on profits arising from the
appreciation of investments, even
when realised, unless the investments
in question were made out of the
general revenue or surplus balances
of the Colony.
3. In the result, the net
claim of the Army Council is that
military