69
Colonial Government during the period
in which the investments have been
made very considerably exceeds the
amount of its p investments.
I am accordingly to request you to
inform the Army Council that any
portion of the appreciation in invest-
ments which should be regarded as
appreciation in investments made
from General Revenue can in any
event be only very small. Sir Philip
Cunliffe-Lister will be glad to
learn that, in these circumstances the
Army Council are prepared to agree to
the exemption from assessment to
military contribution of realised
profits on the appreciation of the
of
investments now Held by the Hong Kong
Government.
4.
A copy of this letter is
being sent to the Treasury.
I am, etc.,
(Sgd.) HR. bowell
J