1108
Mode of calculating percentage.
Consideration
No. 1 of 1901.
DEFENCE CONTRIBUTION.
Provided also that from and after the 1st day of January, 1911, in the case of any railways, telephones or other productive undertakings the cost of the construction of which has been or hereafter may be defrayed out of the revenue of the Colony and not by means of a loan, there shall be deducted annually from the gross receipts of such railways, telephones or other undertakings during a period of fifty years a sum equal to four per cent. on the capital expenditure incurred in the establishment of such railways, telephones or other undertakings, and the percentage shall be struck on the net receipts, if any, after deducting the said sum of four per cent.
4. In the first instance, the said percentage shall be calculated on the estimated revenue of the year and shall be paid at that rate, subject, however, to revision and adjustment in the manner following:
(1) after the close of any year for which payment has been made, when the actual revenue has been ascertained, if there proves to have been an excess of receipts over the estimate, a further payment of twenty per cent. of such excess receipts shall be made; and
(2) if there proves to have been a deficiency of receipts compared with the estimate, a deduction equivalent to twenty per cent. of such deficiency shall be made from the next payment due for the defence contribution.
5. The said percentage shall be deemed to be a fixed contribution payable by the Colony in full return for the annual cost of the Imperial garrison, including all capital expenditure required for military lands and buildings, and the cost of maintenance of all military works and buildings, and the cost of lodgings in lieu of barracks, and all other military charges whatsoever: Provided that in no year shall the sum paid by way of percentage exceed the cost of the garrison for that year.
Mode of payment of percentage.
6. The said percentage shall be paid monthly, on or about the last day of every month in each year, into the Imperial treasury chest in the Colony on account of His Majesty's Government.
1108
Mode of calculating percentage.
Consideration
No. 1 of 1901.
DEFENCE CONTRIBUTION.
Provided also that from and after the 1st day of January, 1911, in the case of any railways, telephones or other productive undertakings the cost of the construction of which has been or hereafter may be defrayed out of the revenue of the Colony and not by means of a loan, there shall be deducted annually from the gross receipts of such railways, telephones or other undertakings during a period of fifty years a sum equal to four per cent. on the capital expenditure incurred in the establishment of such railways, telephones or other undertakings, and the percentage shall be struck on the net receipts, if any, after deducting the said sum of four
per cent.
4. In the first instance, the said percentage shall be calculated on the estimated revenue of the year and shall be paid at that rate, subject, however, to revision and adjustment in the manner following:
(1) after the close of any year for which payment has been made, when the actual revenue has been ascertained, if there proves to have been an excess of receipts over the estimate, a further payment of twenty per cent. of such excess receipts shall be made; and
(2) if there proves to have been a deficiency of receipts compared with the estimate, a deduction equivalent to twenty per cent. of such deficiency shall be made from the next payment due for the defence contribution.
5..The said percentage shall be deemed to be a fixed for payment contribution payable by the Colony in full return for the of percentage. annual cost of the Imperial garrison, including all capital expenditure required for military lands and buildings, and the cost of maintenance of all military works and buildings, and the cost of lodgings in lieu of barracks, and all other military charges whatsoever: Provided that in no year shall the sum paid by way of percentage exceed the cost of the garrison for that year.
Mode of
payment of percentage.
6. The said percentage shall be paid monthly, on or about the last day of every month.in each year, into the Imperial treasury chest in the Colony on account of His Majesty's Government.
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