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and this has been the case for several years.
It is not entirely clear what will be the effect on
the military contribution of the inclusion of item 7 in the
new loan. The service of the old loan is at present met in
part by the profits on the Railway (taking profits as gross
earnings less working expenses) and in so far as these are
not sufficient is presumably made up from general revenue,
on which military contribution is assessable.
service of the loan is now exempted per se from assessment
Army Funds will presumably lose this amount ($50,000
in 1933).
If the
As at present advised, we see no ground for a change
which will have this effect and we feel bound to ask you for
further information as regards this item, so that, if you
think it necessary, you may ascertain from the Governor
whether our surmise above as to the nature of item 7 is
correct, and, if so, on what ground this additional item has
been included in a loan the composition of which has previous-
ly been agreed with you and us.
1
Yours sincerely,
Ashewling
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