Time was that Hong Kong could not assent to extend the principle of paying net receipts to receipts from other public undertakings which are altogether different from railways (e.g., character & productiveness).
The Straits percentage was raised from 17½% to 20% in 1899 for a similar reason. The case of Hong Kong is because the cost of liability, defence works, and the cost of building's lands were deferred.
In 1904, the W.O. & Treasury agreed that from the gross revenue of railways and the revenue of the Straits and telephones, there might be deducted not only the working expenses, interest, and sinking fund on moneys borrowed for construction but also the cost of 4% for 50 years construction deferred out of assessable revenue to arrive at the net revenue.
This was a logical extension of what had previously been agreed to, and they did not ask that any change should be made in the percentage.
In taking up the position, W. & S. Ltd. stated that the mode of calculating the military contribution on assessable revenue is altered, and therefore, the percentage must be altered too, assuming the Treasury takes a strong position. They will no doubt take a similar line in reply to Lake Anderson's despatch when they have recovered from the shock which that caused them.
It is certainly very difficult to lay down a satisfactory way of calculating net revenue, excluding appropriations in and from assessable revenue, as a consequence of the principles of the financial system of the Colonies. It would, I think, clearly be to the benefit of the Colonies to calculate the military contribution, whenever possible, on net revenue, even though the percentage had to be raised.
The military contribution thus levied increases faster than the net revenue. This postal agency question is but a small part of it.
43644/07
time
wames that Huma could not
assent to extend the principle of paying net receipts to nceipts from other public undertakings which
an
Pop
altogether different from railways (pl)
character & productiveness
im
The Straits perceul äge
raised from 171⁄2% to 20% in 1899
for as a reason
case
-
similar to
the
of stongkong - is because the
col Goût was
to
Kliever
The
of liability
Sefray the cost of bulding's lands Sefence works
In 1904 the W.0. & Treasury agreed that from the gross
of railways (+
the
j
riveune
of Starts
of telephones there might be deducted,
mailen Road
only the working, expenses mierest sainking fund
ON
moneys
borrowed for construction, but also
cost of 4% for so years
construction Sefrayed out of
ssessable
art
Leather
order
amir
net Hocune.
as
•
breu
small a logical extension
the
merly
agned to
they
баб
what had
previously
Sis not ask that t
any change should be made in
the percentage.
In taking up the position
W. & S. Ltd. 16679---0,000-16-7. that
the mode of
calculating the
YEVİ Uut
for military contribution
assessable
is altend
a
the percentage must be allend 100
assuming the Treasury two. strong position. They will no doubt similar line in reply to
Lake
auderson's despatch
Print A
Sir J
when they have recound
This proposal
43644/07
Straits
from the shock which that
cause them.
Lj
ما
calculate 5
certamily very
any rally
while it as
Sifficult to lay
Down
satisfactory way of calculating.
net not nul
excluding appropriations
Ever
the
in and from assessable nevinne consequence of the principles of financial system of the Colonie's, it would I think clearly be to the bruejs of the Colomes to calculate the military contribution
whenver possible
on
eira
net
rotuu E
though the percentağa had
This tendency
to be raised.
the love undertakings to extend
is
for
The
Lo
military contribution thus lends minase faster than the net porume This postal agencies question
is
but
small
on &
apart from
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