made by Secretary of State hera and if you agree this will involve substitution of following for statement at end of your paragraph 2:-
3.
"It is estimated that assets available for Hong Kong will be over $20 million. The Hong Kong University has recently sought assistance from H.M.G. towards the creation of an Endowment Fund of $16 million for the University and after consulting this Government the Secretary of State has decided that a sum of $12 million out of these assets should be contributed by H.M.G. towards such an Endowment Fund in the confident expectation that the balance of the $16 million required will be raised by local subscription for this extremely important purpose. The Secretary of of State has expressed the hope that a proportion of the income from the fund so created will be applied towards the provision annually of an adequate number of scholarships at the University for the benefit of the general community of Hong Kong.
The remaining Japanese assets would be available for such other purposes as would be of benefit to the whole community and the Hong Kong Government proposes to set up a Committee on which there would be an unofficial majority to advise it, in consultation with the Secretary of State, as to how best the money could be used."
We thought it better to omit the words "as Hong Kong thought fit" as although it is most unlikely that we should demur to any proposals you may make about the disposal of the balance, the fact is that these funds have been placed at the disposal of the Secretary of State,
4.
Original intention was to release announcement by Secretary of State simultaneously here and in Hong Kong but as you now propose to refer to the University in your own general announcement you may not consider separate announcement by Secretary of State necessary?
Enda.
39