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military contribution should be levied
on actually realised profits arising
from the appreciation of investments
made out of surplus General Revenue of
the Colony, without distinction between
the profits arising from sterling
appreciation of the securities and
profits arising from depreciation of
the Hong Kong dollar. In so far,
however, as the investments may be held
to have been made out of the land sales
revenue, which is not itself subject
to military contribution, it is under-
stood that the Army Council would not
claim military contribution on the
profits arising from the appreciation of
such investments, in spite of their
refusal to agree that the ordinary
income from such investments, i.e..
interest, should be exempted from
unless such interest is reinvested assessment As previously indicated,
the total land sales revenue of the
Colonial