5.
34
47207/25
Treas,
20764/1900.
7.
The liability for Military Contribution in
respect of the existing "Suspense Account" has, therefore, a twofold aspect; and, though the same considerations broadly apply, a certain differentiation is necessary, because the itan of $461,540.13, which constitutes the major portion of the account, is due to realizations on the part of the Colony caused by abnormal events in the past, whereas the balance,
though small, is the result of the Crown Agents domestic
routine and may, particularly under the Crown Agents' new
system, increase.
8.
I may here state that, though I agree with
the arguments set out in Sir R. E. Stubbs' despatch No.554
of September 18th, 1925, I think that, in the discussion
which ensued, the narrow accounting aspect of the issue has been stressed and that the broad question of the policy
involved has been somewhat obscured.
In asking Your Lordship's sanction to exempt
the item of $2,307,700.60 from assessment of Military
Contribution, I now invite special attention to the policy which Mr. Chamberlain had in view (as stated in his despatch
No.337 of October 24th, 1900), when the contribution was
instituted, viz. "that the contribution should fall less
heavily in years when the Colony was in financial difficult- ies and should rise in proportion to its prosperity".
this instance, in consequence of the disastrous effects of
the anti-British boycott on the revenue of Hong Kong, not
only had all projected works to be abandoned and a drastic
programe of retrenchment in every direction to be carried
out, but the Colony was also obliged to realize its invest-
ments to pay its way. I feel certain that had this aspect
of the position been represented to Mr. Amery at the time,
exemption
In
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