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crisis. The Committee, which had been appointed under the presidency of Sir Henry Gollan, Chief Justice of Hong Kong, to consider the vision of the salary scales and conditions of service of those members of the academic and administrative staff of the University whose emolu- ments were in sterling, had just completed its work. Its recommenda- tions, which were adopted by the Council and Court of the University, involved 媳 considerable increase of expenditure. In the meantime the exchange value of the Hong Kong dollar was falling steadily and it was found impossible to balance the University's budget. The University owes a great debt of gratitude to Sir William Peel through whose intervention the annual grant made by the Colonial Government was raised from $50,000 to $850,000. This increase of the Government grant augmented by the interest on the grant of £265,000, received on 31st April, 1931, from the Boxer Indemnity has enabled the University to give effect to a revised scheme of salary scales and to carry out, to a certain extent, urgent and long standing schemes of expansion. sum of £265,000 received in 1931 from the Boxer Indemnity was invested in sterling, half in the 5% War Loan of 1929/47 and half in the 4% Government Funding Loan of 1960/90. The University's holdings in the 5% War Loan of 1020/47 have since been converted into the Government 34% Conversion Loan. The total of the University's sterling investments amounts to £361,161 and the total of the silver investments to $4,012,841.
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The total income of the University from all sources is estimated at $1,025,243. This includes the interest on a sum of $500,000 lent by the late Mr. Loke Yew of Kuala Lumpur to the University, free of interest, for a period of 20 years from July 1915. This sum is repayable in July 1936. The Univer- sity maintains four scholars nominated by the Trustees of the Loke Yew Estate, free of cost in respect of tuition and board and lodging. In addition, four other scholars nominated by the same Trustees receive free tuition at the University,
Under Statute 22 of the University Ordinance, as originally drafted, every donor of $10,000 to the University Fund was entitled to nominate a scholar to receive free tuition at the University. For every additional sum of $10,000 another scholar could be nominated for a free studentship up to a maximum of four. The Statute has since been amended and the privilege of nominating donor scholars is restricted to subscribers of $50,000 and over. This amend. ment does not affect the right of individuals or firms who contributed towards the Endowment Fund of the University prior to the passing of the Amending Ordinance. The total number of donor scholars in any year may not exceed fifty, except with the sanction of the University Council.
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One thousand seven hundred and thirty students have been admitted into the University; of these 85% have graduated. There are to-day 364 students on the University's rolls. This is the highest number yet attained. The Faculty of Medicine accounts for 154; that of Engineering for 107 and that of Arts for 103. Thirty-seven of these students are women- 14 being in the Faculty of Medicine and 28 in the Faculty of Arts. The admissions total includes the students still in the University. Three hundred of these students, 82%, are Chinese. The other races represented are 14 Russians, 12 Portuguese, 12 Eurasians, 9 Indians, 8 Philipinos, 5 Malays, 2 Europeans, one Japanese and one Jew.
The University's whole-time teaching staff consists of 15 Professors, 3 Readers, 9 Lecturers (including 3 Tutors and Lecturers in English) 8 Assistants
STEVEN SPIEL
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