CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 68

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military contribution should be levied

on actually realised profits arising

from the appreciation of investments

made out of surplus General Revenue of

the Colony, without distinction between

the profits arising from sterling

appreciation of the securities and

profits arising from depreciation of

the Hong Kong dollar. In so far,

however, as the investments may be held

to have been made out of the land sales

revenue, which is not itself subject

to military contribution, it is under-

stood that the Army Council would not

claim military contribution on the

profits arising from the appreciation of

such investments, in spite of their

refusal to agree that the ordinary

income from such investments, i.e..

interest, should be exempted from

unless such interest is reinvested assessment As previously indicated,

the total land sales revenue of the

Colonial