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both to Oxford and to Cambridge, while the Matricn- lation Examination of the University is norinally accepted in lieu of their own by the authorities of a number of British Universities.
Government of the University.
While the University is closely connected with the Colonial Government and is able to count on its sympathetic support, it is in no sense a Government institution. All purely academic questions are normally decided by the Senate, ou which the teach- ing staff of the University predominate. The execn- tive authority of the University is the Council, which, under the presidency of His Excellency the Chancel- lor, is composed of officers of the University and of bigh Government officials, together with the Chinese members of the Legislative Council. Questions of larger policy come before the Court, a most representa- tive budy which includes the principal benefactors of the University. For financial questions there is a Finance Committee, which includes leading business men in Hongkong and which has a veto ou bew expenditure. The principal administrative officer of the University is the Vice-Chancellor, a full-time officer who has had both academic and administrative experience elsewhere.
Accounts.
In the earlier years of the University, a single fund was available to meet capital expenditure and to serve as an endowment fuud, and the expenditure on
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