TELEGRAM
To:--
Draft
*
File No.
1.6
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SAVINGRAM
• The word Priority may be entered here, if necessary.
Governor, Hong Kong
Mr.
C.O.
Mr. Fairclough: 3/2
Hall 14/12
Repeated to:-
Mr. Palms rel
Jarmute
же
Mr. Robeson
Bir Adams
My Sidelothes Permt. U.S. of S.
Parly. U.S. of S.
Priority:-
Nil.
Reply urgently required.
Important.
S. of S.
Immediate. Most Immediate.
54947/1/4/50
Sent.
To be transmitted :-
No.
In Clear
hours.
..194...
Code
Cypher
Restricted. X Confidential. X
Secret.
Top Secret
and Personal.
Distribution:--
Further action:—
Wt. 15855/746 5M 6-48 Wa, & Co. 51/3 Wt. 29377/790 50м 11-48 Wa & Co, 51/3,
(4)
Your telegram No. 1135.
University Endowment Fund.
Suggestion in paragraph 2 of your telegram
under reference that endowment fund should be
invested in local public utilities has been carefully
considered. I appreciate advantage of this proposal
in that much smaller endowment fund would be needed
than if fund were invested in gilt-edged securities.
I am not, however, convinced that it would be prudent
to invest the whole of the fund in local utilities
nor do I consider it likely that I. ́.G. would con-
template contributing to fund unless their contribu-
tion were to be invested in gilt-edged securities.
Although the companies in which you
propose to invest money are utilities and therefore
no doubt reasonably secure investments, it seems to
ine unwise to rely completely on ther or on their
present high rate of interest continuing indefinitely.
I consider therefore that some part of the endowment
fund should be invested in really secure stocks such
As gilt-edged securities so that some income at
least is definitely assured. In all the circumstances
I have come to the conclusion that the prudent course
+
would be for £250,000 to be so invested. This
/would