CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 73

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that the position of the Army Council

is that they eleim that 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

the profits of revenue which are not subject to military

itself

contribution, it is understood that the

Army Council would not claim military

as

Jolbus. They

مل

clami wilitary contribution

amy

Fransfered to

reverme under

Col. Reg, 291

in respect of the appreciation investments, representing

merely book profits. On

hand Bey are

The au

wable to accept the

contention of

authorities

the H.K.

of the

that a aistimation

should be drawn betwem

Sterling appreciation &

an this

dollar appreciation; Laine Lin P. Cunliffe hister is in cut in queer, will

The A.C. Finally the

A. C. as et clami

military contribution on profits ausing pon The appreciation of

mvestments,

contribution on the profits arising from appreciation of

Luch

the investments in spite of their refusal

to agree that the ordinary income arising

when realised, unless the investments in

quest in were out of the several

Lune

from the interest such investments ie wildest reveline

should be exempted from assessment. As

previously indicated, the total land

sales

a

surplus

Ibalances of the

uces of

Colary.

3. In the result,

the

net claims of the A.C. is