CO129-516-3 Military contribution of Colony assessmenet of contribution 13-3-1929 - 28-3-1930 — Page 50

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assessment of net instead of gross receipts are

based on sound principles, the War Office is

prepared to examine them.

The Treasury agree generally with this

conclusion of the War Office that the proposed

new system is not only not justified on its own

merits, but is likely to prove unfavourable to this

country. In addition to the arguments of the War

Office they add :-

(1) that the recent gradual fall in the

price of silver may possibly continue

and that the property valuations may not

be adjusted thereto; while there may be

a recovery in the price of silver, the

fall that has already occurred is in any

case likely to be much more fully reflected

in the yield of revenue generally than in

rateable value.

(2)

(3)

that they suspect that the revenue of

the Colony for the years 1925 and onwards,

.was so much affected by the boycott and

the disturbances in China generally, that

the comparison between actual yield on the

present basis of assessment and that under

the proposed new system for these years is

of very doubtful value.

the present system has stood the test of

time and has not worked unfairly. The

proposed new system would be likely to

cause

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