5 -
was trifling. Clearly the University was established with no
understanding of what modern University work is bound to cost.
A few endowments wore acuzak accummulated; the Rotkefeller 1
Medicine Trustees gave a partial endowment of chairs and surgery,
Cynaeology, Messrs John Swine and Company for Engineering equipment, and a sum of £265,000 was assigned to the University
from the Dritish shore of the Chinese Foxer Indemnity Funds
to be a permanent endowment for general purposes,
Local
funds were invested for high interest in local and Shanghai
mortgages.
Recent happenings in Shaphai have permanently
reduced the possessions of the University.
Scholarships pro-
vided out of the funds of various Chinese Provincial Government
gradually declined until only one remained (Statement of the
University's finances is in appendix).
9.
In 1937 the Governor as Chancellor of the
University, set up a Committee of the
University Court with Mr. N.L. Smith as Chairman, to survey the
affairs of the University, It was obvious that as an instri-
ment of British Policy towards Chin the University was
aut
achieving little as an institution of Hong Kong education
it was too costly. The Committee made useful proposals of
economies but strongly supported the view that the University
must maintain more than a merely local reference.
The
present Committee is, in fact, a consequence of the 1937
Committec. Mr. A. Morse, a member of the Committee became
Treasurer of the University and made major reforms in
convinced the Goverment of the
University finance which
reasombleness of raising its annual grant to the University from Hong Kong dollars 100,000 to 350,000 (1se, from £5250 to
£21,875) In 1939 Sir Geoffrey Northcote, the Governor, set
246