f the latter
I have been
18
6.
The total payment was about £23,500. Endowments were a diminishing source of income. Sums had been invested in high interest-bearing mortgages in Shanghai and in Hong Kong. A certain number of the University in 1938 and 1939 was able to be rid offin order to invest the capital in British Government Securities, the remainder have to be written off as they repaid in seriously depreciated Chinese dollars in Shanghai. The Hong Kong mortgages may recover their values but for the present it is impossible to expect any interest return on them. The University is thus left with some £350,000 in sare investments in the United Kingdom from which it receives an annual return of about £12,000. Of the capital sum £265,000 was a gift from the British Govern- ment out of its share of the Chinese Boxer Indemnity, and the interest on this is at free disposal for University purposes. A part of the remainder was given by the Rockefeller Trust and the interest is earmarked for part payment of the salaries of professors of Medicine, Surgery and Gynaecology. The University's annual income may therefore be taken to be (£22,000 + £12,000 + £23,000) about £57,500. In the most favourable circumstances the University will therefore require aid to the extent of £133,600 £57,500 £76,100) or if endowed professor- ships are not forthcoming, of £86,600.
SẼ
The major causes of this gap between proposed expenditure and resources are:-
1.
2.
tracking
an increase of staff, professors, readers, lecturers, junior and part-time lecturers, demonstrators and recommended tutors in the
establishment, and in the establishment now recommended Increase scales of pay for all ranks in the teaching and administrative staffs of the University. i..., bringing them up to the level of those proposed by the Irvine Com- mittee, which regards the scales they propose as the lowest that can be offered with a hope of attracting an effective staff to a University far removed from the academic centres of British life.