Page 98
The credit balance of the account now remaining in the Hongkong and Shanghai Bank amounts to $33,768.12 to which will be added interest when the account is finally closed.
The Committee beg to suggest to Your Excellency that this balance be taken charge of by the Government as a trust fund to be used as the Governor may from time to time direct in assisting people resident in the Colony who may on future occasions suffer similar loss by storms.
When the fund was first started, Your Excellency undertook that the Colony should double the amount collected by subscription.
In consequence of the generous response made to our appeal, it has fortunately not been necessary for the Committee to ask the Government for any part of their contribution.
The General Committee have consequently unanimously agreed to suggest to Your Excellency that under these circumstances, the sum for which the Colony became liable to the fund be expended for commencing at the earliest possible date, the construction of the new typhoon refuge for small craft, a work which is so greatly needed in the interests of humanity and the prosperity of this Port.
We believe that no better means of disposing of this surplus could be found as a typhoon refuge for boats is so closely allied with the relief fund for which this money was to have been voted.
I have etc.,
(sd.) C. P. Chater, Chairman.
(sd.) Edbert A. Hewett, Honorary Secretary.
Page 98