5
would have to be considered. The same applies to another large claim,for the exemption of
the Post Office receipts.
I am afraid there
is no doubt that the War Office are right.
The questions both of municipal revenue and
Post Office receipts were raised in 1895 and 1896
and decided against Hong Kong (see pages 44 and
45 of the print, Eastern No
therefore press these large
124). We cannot
& claims without them
the deductions to be made from the revenue
would in any case be so small as not seriously to influence the War Office in favour of the
new proposal.
The War Office are however more kindly disposed towards the other claims put forward by Hong Kong and I think it will probably be most advantageous to try and get as many as possible of these conceded and not worry about the 12% proposal.
The claims for relief are classified in paragraph 11 of the War Office memorandum. regards (i)
www
As
Profits on sterling securities when
deny
sold, due to the fall in exchange, - the War Office point out that liability profits on securities are due to preciation of sterling value,
has already been admitted, and find that distinction can be drawn between the two kinds of profit. I am disposed to agree. Hong Kong for good or ill, makes up its accounts and measures its wealth in dollars, and cannot justifiably draw any distinction between one profit measured in dollars and another. The War Office do however throw out a suggestion that these transactions on investments should
be
No comments yet.
Private notes are available after approval.