means of a loan, there shall be deducted annually
from the gross receipts of such railways, telephones
or other undertakings during a period of fifty years
a sum equal to 4 per cent. on the capital expendi
ture incurred in the establishment of such railways,
telephones or other undertakings, and the percentage
shall be struck on the net receipts, if any, after
deducting the said sum of four per cent.
4.
In the first instance, the said per-
centage shall be calculated on the estimated
revenue of the year and shall be paid at that
rate, subject, however, to revision and adjustment
in the manner following:-
(1) after the close of any year for which
payment has been made, when the actual revenue has
been ascertained, if there proves to have been an
excess of receipts over the estimate, a further
payment of twenty per cent. of such excess receipts
shall be made; and
(2) if there proves to have been a deficiency
of receipts compared with the estimate, a deduction
equivalent to twenty per cent. of such deficiency
shall be made from the next payment due for the
defence contribution.
5. The said percentage shall be deemed to be
a fixed contribution payable by the Colony in full
return for the annual cost of the Imperial garrison,
including all capital expenditure required for
military lands and buildings, and the cost of
maintenance of all military works and buildings,
and the cost of lodgings in lieu of barracks, and
all
25
Mode of calculating perfentage.
Consideration for payment of percent- age