5
receipts of the Railway and the working expenses
thereof is exempted from assessment for Military
For example the figures for 1933
Contribution.
were as follows:
Railway gross receipts
Railway working expenses
Service of 1906 loan:
$1,630,611 $886,381
Interest
775,911
Sinking Fund
221,069
996,980′
996,980
Gross working expenses
including service of
1906 loan
$1,883,361
In calculating the amount of the Colony's revenue
on which Military Contribution is assessable the
gross figure of revenue for the year is taken as
the basis. From this figure certain deductions
are made including a deduction in 1933 of $1,630,611
on account of the gross receipts of the railway.
Certain additions are also made including the net
profit on the railway in the calculation of which
the cost of service of the 1906 loan is taken into
account on the expenditure side. The net profit
on the working of the year 1935 was nil ($1,630,611
$1,885,361). If, however, the amount required
for the service of the 1906 loan had not been taken
into account in calculating the profit on the
railway the position would have been:
Gross receipts
Working expenses
$1,630,611
886,381
Profit
$ 744,230
and Military Contribution would have been payable
in respect of this profit. Therefore in effect
under
No comments yet.
Private notes are available after approval.