CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 60

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I am also to refer to your letter No.92622732 of 14th October, 1932 and previous correspondence on the subject of the assessment to contribution of realiged profits arising from the appreciation of securities hefa by the Government of Hong Kong, and to state for the information of Secretary Sir Philip Cunliffe-Lister that the Council accept the statement of the War Office views contained in paragraphs 2 and 3 of your letter under reference, on the understanding that the investments hitherto made from general revenue can

can only be small and their appreciation correspondingly negligible; and, with the concurrence of the Treasury they accordingly agree to the exemption from assessment to military contribution of realised profits on the appreciation of investments of the Hong Kong Goverment, subject to its being agreed that realiged profits from investments of general revenue are in principle subject to assessment to military contribution.

I am to add that the Council will be glad to have an opportunity, in due course, of considering any draft amendments to the Military Contribution Ordinance which arise from the various points on which agreement has been expressed above, and also the terms of the draft Ordinance relating to the proposed new loan.

艹

I am

dc.)

ST'your obedient Servant,

Jove. At Widdows

a. E. Widdows

No. ċ 926 22

22/32 [No.11]

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