CO129-509-8 Military Contributions- claim for relief 24-2-1928 - 15-12-1928 — Page 57

4.

•

$6

Freas.20008/11

7.

Section 3 of the Ordinance is now out of date,

in so far as in the last paragraph the percentage of four

per cent is taken/ The Colony's previous loans are fund ed 2t 31 enant

and 4 at the time the Ordinance was drafted, was a

4quant

proper percentage to include interest and sinking fund on loans. Times have now altered and six per cent would now be more accurate and should be taken for all expenditure from

revenue since the beginning of 1915.

8.

to

Under this Ordinance relief is given in the case of Kailways and telephones and other productive under-

takings of a similar character, and in Mr. Harcourt's despatch No.250 of 19th August, 1911, a request was made

that in the event of reproductive undertakings other than

Railways or Telephones, the principle of assessment of net

receipts shall not be extended to them without previous

reference to the Secretary of State. Under this clause I

shall be compelled to press, if the Treasury will not agree

to the new proposed method of assessment, that various

further undertakings be included among those upon thich only

net receipts are taken for calculation of Xilitary

Contribution. I refer for example to the following:-

(a) Wireless Telegraphy. This obviously canes under the

heading Telephones and similar undertakings'

"not really" quotation

(b) Waterworks. These are productive undertakings, and

the Colony has now to invest large sums in such

undertakings.

(c) Aerodrome. This is as necessary for transit by air

as is a Kailway station for transit by rail. (d) Harbour Dredging. Allowances should be made for

interest on loan or revenue used on capital

expenditure.

+ No. 26608/1

.

(e)

64

4