50
as
have of the
amarynient
recaurly proposed
under which they world act generally as ajunts for the tuiversity in
The V.K.
advance payment by the Government of Hong Kong for which the
University was not technically responsible.
4. It was agreed that, as there was an overdraft on the
Staff Provident Fund amounting to £40,376 on which the
Hong Kong and Shanghai Banking Corporation were charging
interest at the rate of 4 per cent, and as the Fund's capital
of £79,000, invested in 3 per cent Saving Bonds, was earning
interest at the rate of only 3 per cent, it would be
preferable that the capital should be realized to the
extent of about £40,000 for the purpose of paying off the
major part of the overdraft; but the possibility was
suggested that advances might be obtained at a lower rate
of interest than 4 per cent in which event it was agreed that
this decision should be reconsidered. In this connection
it was agreed that the Crown Agents should be approached with
a view to seeing whether they would provide the necessary
accommodation at a lower
rate.
5. It was agreed that the Council of the University
(when reconstituted) should be invited to give consideration
to the following matters:
(a) whether gratuities for war service were properly
deducted from payments made to members of the
University staff when calculations were made of
the amount required to bring their "service" pay
up to what they would have received from the
University as salary for the period January 1st
1942 to August 31st 1945, it being understood that
both the Hong Kong Government and the Government
of the United Kingdom regarded such gratuities
as capital bonuses and consequently no similar
deductions were made in the case of Government
officials;
(b) whether any payment for salary, in whole or in
part, should be made (i) to those members of the
/staff
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