CO129-376 - Governor Sir Lugard - 1911 [3-4] — Page 392

weipts was to included in

the revenue assessable for

antribution,

as w? if the

rachos.

me a commercial

speculation and allowing for

the interest on capital expenditure,

be available for the payment

dividend. The report

received the approval of the

L.C. and the Seaty & state for

war de principle may entodied in the romances 1 Cayton. Mentais othe Straiti sitte which deal with Affpragment of the Contestation

3

and it was

accordingly

strants

enacted in Ceylon, the S.Bettlements

Maurituis that the

assessable revenue from

shones the Railway and be the

مه

sud & 4248/04

h

379

good receipts less the changed

for maintenance.

/

and for

interest a sinking fund

on amounts formed for

caitong continction & extension.

3. In this latter fx. bro3/04)

the 19th at pind 1904

addressed to the War Office

the Lord to expressed their

greement

in the principle

that where a Colony has

inchuted telep one or railway "expenditure be capital. nature in its ordinary annual expenditure instead Cresorting to borrowing a deduction 14% I such capital expenditure may he make for 50 years,

from

the

V

gross weipti & such