74
during the period
mi which the m'estments have,
ween made
sales revenue of the Colonial
Government very considerably exceeds
the amount of its present investments.
I am accordingly to request you to
inform the Army Council that any
portion of the appreciation in
investments which should be regarded
as appreciation in investments made
from General Revenue can in any
event be only very small.
be say that Sir Philip Cunliffe-Lister
in these cines.
will be glad to learn that the Army
Council are now prepared to agree to
to military
the exemption from assessment contri-
bution of realised profits on the
Low
appreciation of investments/held
by the Hong Kong Government.
3.
A copy of this letter is
being sent to the Treasury.
I am etc.
(5951
J.A. caede