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To Messrs. Butterfield & Swire, Messrs. John Swire & Sons Ltd. of London and Messrs. Alfred Holt & Co. of Liverpool the special thanks of the University are due for the continuance of the grant of free passages to Britain for selected graduates of the University who are going there for the purposes of further study and training. Since the close of the period under review two of the University's recent engineering graduates have been enabled by the generosity of these firms to avail themselves of the student apprenticeships offered to this University by Messrs. Metropolitan-Vickers Electrical Export Co. and Messrs. Norris, Henry and Gardners Ltd., Oil Engine Manufacturers of Patricroft, Manchester.
The University is under a great obligation to these two firms for the offer of these apprenticeships. The latter was arranged through the good offices of Mr. Stanley Dodwell of Messrs. Dodwell & Co. Ltd. of London.
It is hoped that these generous offers on the part of leading industrial firms in England will inaugurate an era of co-operation between British Engineering works and the Engineering Faculty of the University.
ADMINISTRATION.
At the beginning of the second session the Vice-Chancellor was ill and had to leave the Colony for a month, Professor K. H. Digby, Ho Tung Professor of Clinical Surgery and Pro- fessor of Surgery acted as Vice-Chancellor during this period.
TEACHING STAFF LEAVE.
Professor C. A. Middleton Smith, the Taikoo Professor of Engineering, was on leave from the 28th April, 1931, to the close of the year. Professor K. H. Digby was granted leave from the 20th November, 1931; Mr. B. G. Birch, Lecturer and Tutor in English was granted, with effect from the 1st May, 1931, 15 months leave, the usual leave period of 9 months being ex- tended to 15 months for the purposes of study. Professor W. Brown the Professor of Mathematics was on deputation with the Henry Lester Trust for the whole of 1931.
NEW APPOINTMENTS.
Dr. L. J. Davis, M.D., was appointed to the Chair of Pathology. He arrived on the 3rd December, 1931. Mr. N. H. France, M.A. was appointed to the Readership in History. He
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arrived on the 24th September, 1931. Rev. Father D. J. Finn, S.J., M.A. was appointed as a part-time lecturer in geography from the 16th September, 1931.
1. General Endowment 2. Fees
3. Government Grant
FINANCE.
4. Government Supplementary grant for Chinese School 5. Donations
6. Income from other sources
$387,993.75
151,988.65
350,000.00
25,000.00
11,000.00
84,576.60
$1,010,559.00
The income from the General Endowment increased from $259,098.44 in 1930 to $387,993.75 in 1931. This was due to the fact that the grant from the Boxer Indemnity, £265,000, was received in April 1931 and invested half in 5% War Loan 1929/47 and half in the British Government 4% Funding Loan 1960/90. The total of the University's sterling investments amounts to 360,834 and the total of the silver investments to $3,647,318.19. There has also been an increase of $15,705 in fee receipts. This is due to the fact that the annual tuition fee was raised from $300 to $400 from 1930. But only new students, joining the University after 1st January 1930, are required to pay the increased fee. It is to be noted that notwithstanding the increased cost of living no increase has been introduced in the board and lodging expenses which still stand at $300 a year-a very moderate fee.
As regards expenditure, the chief feature is the increased cost of the salaries of the sterling paid staff. The salaries were raised during the year 1931 by 33.1/3% over the scale of pay in force in 1929, but sterling salaries are now converted into local currency half at 1s. 6d. to the dollar and half at the current rate. This arrangement is a temporary one and is due to be reconsidered at the end of 1932.
Full provision has been made in the Balance Sheet for bad debts under the head Reserve for Bad Debts." The year 1931 ended with a credit balance of $131,432.
As was stated by the Vice-Chancellor at the recent University Congregation the additional income which may be expected to
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