CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 29

letter of the same number dated 25th February, 1933, but

29

the Council do not propose to raise any objection to the

inclusion in the Bill of this section as drafted provided it

is accepted that, so far as realised profits which arise

from investments of surplus balance of general revenue

are concerned, the exemption may be reconsidered in the

event of the balances so invested becoming of large amount

at any time in future. The Council assume that they

will be informed should this contingency arise.

(b) Section 3(3) (ii)

The Council assume that no additions will be made

to the list of recognized undertakings contained in this

sub-section without prior reference to the Treasury

and this Department.

(c) Section 3(4) The Council consider that this section

wh

as drafted does not indicate the intention of the

agreement with sufficient clarity and I am to suggest

that it should read somewhat as follows :

(4)

In the case of any productive undertaking

(including the Government Wireless Telegraphy

Services), the capital expenditure on which, or a

part thereof, has been or may be defrayed out of

the Revenue of the Colony, and not by means of a

loan, there shall be deducted annually from the

gross receipts of such undertakings, during a