3.
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and in addition to previous benefactions, two Chinese merchants have quite recently contributed between them a
sum of $180,000 for the purpose of building a Chinese Library
and a School of Chinese Studies at the University; while a further sum of $200,000 has been subscribed by the Chinese community of Hong Kong towards the endowment of this School of Chinese Studies. These facts speak for themselves. position, therefore, is that, while the needs of the University are urgent, the people of Hong Kong have done their utmost under the present depressed conditions of trade towards providing a generous proportion of the expenses
involved in the maintenance of the University.
5.
The
It is an arresting fact that, while in 1921, when the Government subsidy of $50,000 was assessed as a reasonable grant towards University expenses, the income and expenditure of the University balanced at a figure slightly in excess of $400,000, in 1929 the income had risen to $609,000 without any corresponding increase in the grant from Government. The budget of the University for 1930
provides for an estimated expenditure of $666,545 against an estimated income of $603,500. The budget is a normal one
In other words, and contains no new or unusual features.
the deficit is not due to expansion, or to extravagance, or to any avoidable cause; it is in the main the result of the
The salaries of fall in the exchange value of the dollar. the permanent University teaching and administrative staff are on a sterling basis and in merely translating sterling salaries into dollars a loss of over $50,000 is entailed on University funds under existing currency conditions, and the estimated deficit of $62,845 has, owing to recent currency movements, increased to something like $80,000.
In addition to this, the subject of the adequacy or otherwise of these salaries has provided cause
6.
for