-26-
9. Recurrent expenditure on departmental maintenance, etc.
In making an estimate of the annual maintenance expenditure for departments, for scholarships, research, etc., (excluding salaries of staff), the Committee took into account the pre-war expenditure of the University on such items, the estimates for the University Collogo of the West Indies made by the Irvine Committee, and the special purposes of the proposed University (such as the need for a generous provision of scholarships for students from tho Chinese mainland). The Committeo judged that the following would be required:-
Grants to Departments
Grants to Library
Scholarships and Maintenance
Grants for students from Ching Research (excluding Fisheries) Other charges
£2,500 per annum £2,000
**
$1
£20,000
•
£ 7,000 £6,000
"
$1
11
£37,500
10. Income
Some had been
There are three main sources of income which may be presumed to be still available to the University interest on endowments, grant from the Government of Hong Kong and foos. Before the war, endowments were a diminishing source of revenue. invested in high interest bearing mortgages in Shanghai and Hong Kong. The former 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 of a certain number of the Hong Kong mortgages and to invest the capital in British Government securities; the remainder cannot for the present be expected to produce an interest return. The University is left with a sum of 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 free disposal for University purposes. 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 about £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.
11.
Summary
These financial estimates can be summarized as follows:
/Non-recurrent
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