CO129-532-1 Basis of assessment for military contributions 9-12-1930 - 29-3-1932 — Page 24

82756/1931.

&

23

Downing Street,

6

February, 1952.

Dear Roseway,

I have now looked further into the

question of the revenue from Hong Kong lands sales.

The total receipts from that source from 1907 to

1930 were $20,229,620.

The Statement of Assets

and Liabilities shows that there were no investments

tom

for surplus funds until 1919; from 1919 to 1950

the maximum invested (at cost) was $8,972,105 (1924);

and the minimum invested (at cost) was $1,240,712

(1929).

There seems no doubt at all that in effect

the whole of the Hong Kong investments are, und,all

along, huve been due to Land Sales Revenue, and in the

circumstances we trust that you will agree that the

income from them should be regarded us wholly exempt

from military contribution.

Yours sincerely,

JAC.

G. D. ROSEWAY,ESQ,