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As regards raising the rebate on capital expenditure from revenue from 4 to 6 it is considered that some increase above 4might be justified in respect of such capital expenditure incurred between 1915 and 1930, the increase to run from the current year to the end of the several periods of 50 years for which the rebate is permitted. It is suggested that a rebate of 5 would be adequate and that the increase should be similarly applied to capital expenditure met from revenue between the dates mentioned above on any other undertakings in the Colony approved for treatment on the basis of "net" receipts. As long term rates of interest are now lower again the increase to 5% for ant
should not apply to expenditure after 1930.
(B) Use of Government Motor Vans. Я
It is considered that the revenue from this source might be treated on the basis of net receipts if it can be clearly established that it arises from an undertaking outside the normal functions of the Hong Kong Government, i.e., that besides being commercial in character it is not an activity which that Government would normally undertake. on its municipal side.
(C) Gap Rock Lighthouse.
(This item has always been in the revenue and it is considered that it should not be excluded now.
(D)
Anti-Piracy Escorts.
The revenue from this item might be totally exempted from assessment to contribution on the grounds of the special circumstances in which the service is given and because the provision of the escorts is somewhat foreign to the Colony's general governmental activities.
(E) House Service Account.
(E)--
The revenue from this item might be totally exempted, as it would appear not to be revenue but a reimbursement of expenditure of a special kind.
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(F)/
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