Grants to Department a.
Grants to Library..
Scholarships and Maintenance
£2,500 per annum
.£2,000
Grants for students from China.
£20,000
:#
*
H
.26,000
#
Research (excluding Fisheries).....£7,000 Other charges.
* £37,500
29
Jo Income
The former
There are three main sources of income which may be presumed t be still available to the University interest on endowments, grant from the Government of Hong Kong and fees. Before the war, endowmenta were a diminishing source of revenue. Some had been invested in high interest bearing mortgages in hanghai and Hong Kong. have to be written off as having been repaid in seriously depreciated Chinese dollars. In 1938 and 1939 the University was able to be rid
the of a certain number of the Hong Kong mortgages and to invest capital in British Government securities; the remainder cannot for
The the present be sxpected to produce an interest retum. University is left with a sum f about £320,000 in safe investments in the United Kingdom from which it receives an annual return of about £11,500, of the capital sum £260,000 was a gift from the British Government out of its share of the Chinese Boxer Indemnity, and the interest on this is at fres disposal for University purpose s.
A part of the remainder was given by the Rockefeller Foundation and the interest is earmarked for part payment of the salaries of professors of Medicine, Surgery and Gynaecology.
The Government of Hong Kong made an annual grant to the general fund of the University, maintained a certain number of scholars and contributed to the support of students in training to become teachers. The total payment from this source was about £23,500 per annum.
The fee income of the University had risen before the war to apout $22,000 per annum
The total income that might be available to the University from these three sources is therefore about £57,000 per annum.
10.
Summary
These financial estimates can be summarized as follows:
Non-recurrent expenditure
1.
11.
Repair of buildings £46,000) Equipment
£70,000)
£116,000
iii. New Building
£600,000
iv.
Endowment of basic chairs
£350,000
£1,066,000
Recurrent expenditure
1.
Salaries
11.
Departmental Grants
2104,480 per annum
#
€ 37.500 £141,980 per annum (less
#
12
income of £57,000 =) £84,980 per annum
In broad terms therefore the provision of a University of the scale and standard proposed by the Committee will call for an exenditure from sources other than those now available to the University of approximately 21 million capital and £85,000 annually.