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damage sustained by it in the earthquake of the previous February, and the College Authorities decided to rent the
premises in Kennedy Road formerly occupied by the Club Germania from the lat. May till the end of the school year.
The Government made a grant in aid of rent of two-thirds of $450 a month up to the end of 1918, being a sum of 82,400. As the premises were considered suitable for the reorganisation of the school the building was subsequently purchased from the Union Insurance Society of Canton for a sum of $155,000, pay- -able by 850,000 down and the balance of $105,000 by the 31st. December, 1918, the rent of $450 a month being payable till
the 31st. December, 1918, in lieu of interest.
4.
The school is now housed partly in the new
premises, and partly in the annexe on the old site, and as this arrangement is an inconvenient and unsuitable one, the places being half a mile apart, the school authorities propose to build an extension on the new site, and it is for this that a building grant is required. The old site belongs to the Vicar Apostolic of Hongkong, and it was lent to the Christian Brothers who erected a new building on it at a cost
of 860,000. This sum is now to be refunded to them by the Vicar Apostolic and the old site, Inland Lot 579 including the new building referred to will revert to the Vicar
Apostolic.
The financial position is set out by the
5.
Director as follows:-
Cost of acquiring the new premises
(formerly Club Germania)
Cost of alterations.
$156,000
7,500
Cost of Sanitary Block on new premises. Anmal interest on a loan of $100,000..
2,500
7,000
$172,000
Repaid by Vicar Apostolic..
60,000
Total......
.X112,000
The