11
A.
assuming that the Colom's gross turime is constant C. Generally, Army funds stand to
gain as a result of the redemption
of the 1918/45 Sterling Stock
because when that operation is
completed they will receive Military
Contribution on the profits of the
Railway as a result of the lapsing
of the 1911 agreement, although they
at the same time suffer a
legitimate but smaller loss as a
result of the redemption of the 1887
and 1893 and, to some extent, the
1906 loans. Therefore it would be
unfair to penalise the Hong Kong
Government by rendering the $3,400,000
included under the 1934 loan to redeem
the remainder of the 1918/43 Stock
liable to assessment for Military
Contribution.
? Inform War Office semi-officially in the surse of. aat Afabove in reply to (5) and ask them,
if they wish to do so, to let us have their
objections to the inclusion of item 7 in the
schedule of the 1934 Loan Ordinance officially
for communication to Hong Kong for observations.
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