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necessary capital purposes (such as the provision of hostels, etc.,) necessarily led in the course of time to the inadequacy of the suns available as endowment -a situation which was remedied by the generous assistance of the Colonial Government. In 1921, what may be called the original capital account was definitely closed, and the whole of the available monies were allocated to endowment for which pose they constitute what is in effect a trust fund. pur Not only are they intangible for the purposes of cur- rent expenditure, but even necessary capital expendi- ture can at present be met only out of current revenue, save so far as special benefactions may be received for such purposes,
Guarantees of efficiency and economy,
Much educational work at present being carried on in China under the most difficult conditions is deserving at once of sympathy and respect, and in calling attention to certain advantages which the Hongkong University enjoys in comparison with most other educational institutions in China, no dis- paragement of those institutions is intended. Those advantages may be summarized as follows:-
(a) situate in a British Colony, it is assured of stable political conditions under which to carry on its work :
(6) as a British University, attempting to reproduce a British atmosphere, its ain is that all the principal teaching posts
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