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Institution has, in fact, now reached a point at which either
additional sources of income must be found or expenditure
must be reduced with consequential reduction of its activities.
In my despatch of the 18th May, 1927, I
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explained that the present financial position of the
Government of Hong Kong is such that it cannot increase
substantially its grant to the University. I added that it
would be difficult, if not impossible, to raise large local subscriptions. I must here explain that the decrease in the
University's income is not due to any considerable falling
off in the enrolment of students. Since the anti-British
boycott of 1925 the enrolment has stood firm at a figure which ranges between 290 and 300; and the fee receipts during
the current year are actually in advance of what was collect-
ed last year. But the University endowments are largely
invested in local mortgages, and, as outstanding mortgages
have been paid off, it has been found impossible to reinvest
the capital at the same high rate of interest which was
previously obtainable. In this way the University's annual income has already been reduced by not less than $20,000 and this particular difficulty is likely to continue and even to
increase.
4.
I have already addressed you with regard to
the debt that the Central and Provincial Governments of
China owe to the University on account of scholars sent by them to the University on the basis of scholarships which were not paid. This debt amounts to $114,690. Most of the scholars concerned have left, and new scholars are not
being admitted on this basis.
5.
The principal object with which the Hong Kong University was, with the approval of His Majesty's
Government