CO129-516-3 Military contribution of Colony assessmenet of contribution 13-3-1929 - 28-3-1930 — Page 45

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the purpose of the military contribution

assessment. In addition to this, the Governor

contributions to

pointed out that the Government Pension Scheme

W

and the proceeds the sale of condemned stores

were also excepted, and that only the net receipts

from the Opium Monopoly were assessed. In the Hong

Kong Government's opinion it would also be only

right to exempt the increase in the book values of

sterling securi ties, when sold, due to the fall in

exchange. These securities form part of the surplus

balance of the Colony, due largely to proceeds of

land sales, and should be considered as part of the

Colony's capital; while under Colonial Regulation

309 the "profit" had to be carried to Current

it was not considered right that any

Revenue,

increased

such dollar value of sterling securities should be

treated as revenue for the purpose of the Defence

Contribution Ordinance.

Other criticisms of the existing

arrangements made by the Governor are:-

(1)

Among the list of exemptions authorised

by the Defence Contri buti on Ordinance of

of a sum equal to 4%

for consent incurred in

1901, there was exemption

of capital expenditure in regard to the

establishment of railways, telephones, or

other productive undertakings, the cost of

which was defrayed out of the revenue of the

Colony and not by means of a loan.

The

Governor