38
77. In view of the considerations adduced above,
and of the fact that the Council consider that they are
with at present imperfectly informed of the situation wich
regard to the stock which it is now proposed to redeem,
they would be glad if the Governor could be asked to
explain the reasons for the addition of this item to the
original composition of the loan, revenue for the service
of which they agreed to exempt from assessment for
military contribution (War Office letter number as above
of 25th February, 1933). They would also be glad to be
informed what effect the inclusion of item No. 7 will have
on the military contribution.
(16) in 92622
Prima facie, the exemption
from assessment to contribution of revenue raised for the
service of this section of the loan will reduce the total
assessable revenue by at least a part of the revenue so
exempted; and the reasons for exempting the main loan for
general development would clearly not apply to a loan for
the replacement of an old issue itself liable to assessment
by a new issue
which, it may be remarked, is to bear the
-
same rate of interest as the old.
"
leeri
32
defechash usk
8. /