CO129-519-4 Adjustment of exchange account- payment of military contribution on profit on exchange 10-9-1929 - 10-6-1931 — Page 9

9

This netnothe brene in mind. The H. K. Gore gays no

income tax.

G. L.

Burea

Failing

a decision to recard these

"profits" as exempt from Military

Contribution, I think that we ought

to explain the position to Crown

Agents and ask that in managing

the investments of Hong Kong they

look for should phase high interest returns

Cefards both be upon rather its on for / capital affreciation

(always bearing in mind the effect of income tax on interest yield).

when 62832 was recirculated

to me

to

arrange

a

coufe with wo

and Treasy

you

I discussed with

and you suggested that it

would be as

a

well of

we

first had

preliminary conference of out

own

to fich are our scheme

attack (or defence).

We might

wo

"

? Sand copy (1) to Wo officially, asking

Trees4