CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 69

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Colonial Government during the period

in which the investments have been

made very considerably exceeds the

amount of its p investments.

I am accordingly to request you to

inform the Army Council that any

portion of the appreciation in invest-

ments which should be regarded as

appreciation in investments made

from General Revenue can in any

event be only very small. Sir Philip

Cunliffe-Lister will be glad to

learn that, in these circumstances the

Army Council are prepared to agree to

the exemption from assessment to

military contribution of realised

profits on the appreciation of the

of

investments now Held by the Hong Kong

Government.

4.

A copy of this letter is

being sent to the Treasury.

I am, etc.,

(Sgd.) HR. bowell

J