It is not impossible that the great value of the property may considerably add to their anxiety to retain the grant, and withdraw from the Grant in aid Scheme on conscientious grounds. It will be seen that a portion of the money for the building, beyond the value of the land site, has been borrowed, and the help of the Government is wanted in order to pay off the debts.
I suspect that pecuniary profit does not weigh much with them. But it is not unreasonable to ask that they may be allowed to withdraw from the Scheme on re-payment of the Building Grant, for which nothing was given them for building; they might withdraw at any time. I would approve the insertion of the repayment clause, only instead of making it a debt at 5%. I would insist on prepayment of the amount.
Such changes as Bishop Raimondi suggests can be made without six months' notice, which would give time to provide a sum bearing a reasonable interest on the value of the property.
A grant of $10,000 is of course out of the question as it is more than half the actual cost; $5000 would be a handsome donation towards a building costing $14,400. I still think we must accede to the recommendation of the Governor in this matter.
No. 16C
REC?
REG: 19 SAPOK
Government House, Hongkong, 14th August, 1883.
Monsignor Raimondi, the Roman Catholic Bishop, and Chief Manager of St Joseph's College at Hong Kong, has requested me to forward for his consideration...
M.24/9.
To the Right Honourable The Earl of Derby, Her Majesty's Principal Secretary of State for the Colonies.
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