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BRITISH TRADE COMMISSION IN HONG KONG
9th Floor Bank of America Tower 12 Harcourt Road Hong Kong Mail Address GPO Box No $28 Hong Kong
Telex HX 73031 Cable Address Uktrado Hong Koag. Toisphoas 5-230176 Fax 5-8452870
Michael Long Esq
Overseas Student Policy Section
Cultural Relations Division
FCO
Dies Michael.
Your reference
Our referenco
Date 26 March 1992
208 265/393/1
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CHOLARSH
UK/HK SCHOLARSHIPS SCHEMES
Thank you for your letter of 20 March and for despatching so promptly the Department's reply to John Chan's earlier letter. The reference in my letter of 18 March to additional interest was based on my belief that it ought to be possible to get a better rate of interest than the 10. 375% quoted in the annex to Mr Chan's letter, if not in Hong Kong perhaps in another off-shore territory. Following enquiries here I understand that the bequest of £1million was deposited by the HKG on instructions from the FCO with the Hong Kong & Shanghai Bank in a one month renewable deposit account. This was supposed to be a temporary arrangement, pending further instructions from the FCO. However instructions have not yet been given and the capital remains in a one month renewable deposit account.
Another unresolved issue is the status of the bequest. not a trust as such. But here might be advantage in creating a trust and since it would in essence be a scholarship fund - in appointing the British Council as trustee.
It is
I understand that the FCO decided in late 1987, that two thirds of the interest accruing from the capital would be set aside for scholarships for Hong Kong students in the UK, the remaining
What is not third to go to the Cancer Research Foundation. clear however is whether any sums have been commited to cancer research, or whether it would still be possible to review this decision with a view to making more money available for scholarships? HKD probably have the answer.
Yours and Manees
J Smith-Laittan
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CC:
Nigel Cox Esq, HKD, FCO
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