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System of fixed annual payments to be subject to review.
Repeals
Ordinances No.1 of 1901, No. 43 of 1935. No. 15 of 1908, s.5, proviso No. 41 of 1912. s.9 (8), No. 12 of 1916, s.14, No.15 of 1933, s.13, No. 11 of 1934, s.13.
5. The system of settling annual defence
contributions at a fixed sum shall be regarded as an
experiment, which shall be reviewed during the year
1943 so that His Majesty's Government in the United
Kingdom and the Government of the Colony may agree
to continue it for subsequent years, if found satis-
factory, or to revert to the percentage system hitherto
prevailing or to adopt some other basis of calculation,
if found unsatisfactory:
Provided that: If in any year the sterling value
of $6,000,000, calculated at the average rate of
exchange for the year, should fail below £350,000,
or in the event of a formal devaluation of the dollar
which would reduce the value of $6,000,000 below
£350,000, the amount of the contribution shall be
reviewed at once.
6. The following enactments are repealed except
in so far as they may affect any contributions outstand-
ing in respect of the year 1938:-
The Defence Contribution Ordinance, 1901, and the
Defence Contribution Amendment Ordinance, 1935, the
proviso to section 5 of the Widows' and Orphans' Pension
Ordinance, 1908, section9(8) of the Boycott Prevention
Ordinance, 1912,section 14 of the War Loan Ordinance,
1916, section 13 of the Public Works Loan Redemption
Ordinance, 1933 and section 13 of the Hong Kong Dollar
Loan Ordinance, 1934.