subscription for this extremely important purpose.
The Secretary 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.
17
2. We think therefore that any announcement made by
you should be in similar terms, and if you agree this will
involve substituting for statement at end of para. 2 of
your telegram No. 812 :-
"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
(28)
Secretary of State has decided that a sum of $12 million fee Affi
out of these assets/should be contributed by H.M.G
towards such an Endowment Fund in the confident expectation
the
that the balance of $16 million required will be raised
by local subscription for this extremely important
purpose. The Secretary 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 benefit 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".
3. We thought it better to omit words "as Hong Kong
thought fit" as although we shall probably not wish to
object to any proposals you may make about the disposal of for the benefer of the community generally balance,
the balance, the Secretary of State will still wish to be
consulted.
44
/4.