C.92
92622/32 [No.8]
Dear Calder,
P.1
RINTE
USE
OF
Lastin COLONIAL OFFICE
RECEIVED
22 SEP 1932
ICOL, OFFICE
THE WAR OFFICE,
LONDON, S.W.1.
75
2 September 1932.
21
with reference to your official letter
వ
acted lyth August 1y33 on the subject of the Hong Kong
2
Zontribution there would still appear to be some misunderstanding regarding the question of the treatment of profit. rising on the sale of securities which is wealt with in paragraph 11.
In paragraphs 10 and 11 of our letter of the Beth 1ybe agreed that an appreciation in the value of invested securities which might be included in the revenue as a result of accounting arrangements, i.e., where the Color in act received no cash as a result of the appreciation end any military contribution levied on the "paper" appreciation would have to be paid from other revenue which had already been subject to militery contribution, should be excluded. We
rued, however, that in the case of the sale of securities where the Color actually received cash we are entitled to claim. militery contribution in respect of any appreciation whether in sterling or dollars except where the securities sold were originally bought from funds arising from the proceeds of land sales.
It was our intention to make clear that in claiming contribution on the increase in the dollar value of old surplus balance securities due to depreciation in the value of the doller we vers clailling no more than is due under paragraph 241 Colonial Regulations.
Actually, under this paragraph any profit realized from the sale of ever Colonial investment should pay Military Zontribution bas you will see from correspondence between Vernon, Waterfield and Iy on about the end of 1924, -
that we were content to restrict our entitlement to the profite arising on the sale of investment purchased fro the surplus balances of general revenue.
J. A. Salder, Esq.,
S.V.1.
W ཀ
Colont Office
une.
+ No. C 92622 32 2110.5]
+ No. 926251 [32 ENO 1]
Strail wit for Gp6, 131/2963 24. 8/34. (18305) M. +
Agein
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