CO129-566-21 Military contributions 7-5-1938 - 31-1-1939 — Page 25

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System of fixed annual payments to be subject to review.

Repeals

Ordinances No.1 of 1901, No. 43 of 1935. No. 15 of 1908, s.5, proviso No. 41 of 1912. s.9 (8), No. 12 of 1916, s.14, No.15 of 1933, s.13, No. 11 of 1934, s.13.

5. The system of settling annual defence

contributions at a fixed sum shall be regarded as an

experiment, which shall be reviewed during the year

1943 so that His Majesty's Government in the United

Kingdom and the Government of the Colony may agree

to continue it for subsequent years, if found satis-

factory, or to revert to the percentage system hitherto

prevailing or to adopt some other basis of calculation,

if found unsatisfactory:

Provided that: If in any year the sterling value

of $6,000,000, calculated at the average rate of

exchange for the year, should fail below £350,000,

or in the event of a formal devaluation of the dollar

which would reduce the value of $6,000,000 below

£350,000, the amount of the contribution shall be

reviewed at once.

6. The following enactments are repealed except

in so far as they may affect any contributions outstand-

ing in respect of the year 1938:-

The Defence Contribution Ordinance, 1901, and the

Defence Contribution Amendment Ordinance, 1935, the

proviso to section 5 of the Widows' and Orphans' Pension

Ordinance, 1908, section9(8) of the Boycott Prevention

Ordinance, 1912,section 14 of the War Loan Ordinance,

1916, section 13 of the Public Works Loan Redemption

Ordinance, 1933 and section 13 of the Hong Kong Dollar

Loan Ordinance, 1934.