53
sanctioning approval of expenditure or an amount of H.K.$350,000,
the approval having been telegraphed to the Governor of Hong Kong
on the 27th August, 1946. It was agreed that the attention of
the Governor and of the University Interim Committee in Hong Kong
should be drawn to this position with the recommendation that it
might await sanction by the University Council when reconstituted
or alternatively that it might be regarded as a provisional
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 to the Fund's capital or £79,000, invested in
3 per cent Saving Bonds, was earning interest at the rate of only
world be preferable 3 per cent, it was desirable that the capital should be realized
to the extent of about £40,000 for the purpose of paying off about the way or part
mayor
but be pouibiti, was sugared
In the event of it being possible
6.7
four-fifths of the overdraft, Bet advances might be drained
m umen (16)
to raise a leen at a lower rate of interest than 4 per cent this
It was agreed that decision should be reconsidered.
الحممدمه
In this connection it was
suggested that the Crown Agents should be approached with a view
to seeing whether they would provide the necessary accommodation
A
lover
at the rate of 2 per cent.
•
It was agreed that future meetings of the Provisional Powers
'Committee would take place in Hong Kong in view of the presence
there of Mr. Morse and Mr. Sloss.
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