8. My feeling is that we should go as far as is considered possible and prudent towards meeting Hong Kong's request that we should agree to all of the endowment fund being invested in local stocks. I would suggest tentatively that we should limit our pressure that money should be invested outside Hong Kong to the £250,000 which we hope to obtain from H..G. This would mean as pointed out in paragraph 4 above) that a like donation by the Hong Kong Government would leave only 350,000 to be raised otherwise; if a public appeal should result in more than this (Mr. Adams has suggested $6,000,000 (i.e. £375,000) as a possibility) the surplus would form a useful reserve in case e.g. the yield of the utilities should drop and could, if thought desirable, be invested outside the Colony in addition to the £250,000 which I have proposed.
9. If we fail to get the Treasury to produce £250,000 we shall be on weaker ground in resisting the wish to invest all the endowment fund in the Colony. In this case, even if Hong Kong give £250,00 ́, a substantial public subscription would be necessary to build up even the minimum necessary fund.
10. I suggest that at the present stage we should reply to (4) pointing out the desirability of adding tothe funds invested outside Hong Kong, saying that provided that a certain minimum sum (which we might specify if a figure can be agreed - I have suggested £250,000) is invested outside Hong Kong we should have no objection to the rest of the endowment fund being put into the local utilities and adding that the sooner we know from Hong Kong whether they are prepared to put up £250,000 for the fund the sooner we shall be in a position to go with a fairly good case to ask the Treasury to contribute £250,000 as well and thus reach a position where we know how much has to be raised from the public and from other Governments.
? so proceed.
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29. 11. 50.
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Faiscloup's proposal
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para. 10 of
Lear
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The finances position.
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1/411/20
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