CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 67

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revenue under Colonial Regulation

291 in respect of the appreciation of

investments, representing merely

book profits. On the other hand they

are unable to accept the contention

of the Hong Kong authorities that a

distinction should be drawn between

sterling appreciation and dollar

appreciation; on this point

Sir Philip Cunliffe-Lister is in

entire agreement with the Army

Council.

Finally the Army Council

do not claim military contribution

on profits arising from the

appreciation of investments, even

when realised, unless the investments

in question were made out of the

general revenue or surplus balances

of the Colony.

3. In the result, the net

claim of the Army Council is that

military