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The winding up of the German and Austrian firms is now approaching completion. Practically all the assets in all the liquidations have been realised, with the exception of a few leasehold properties and certain shares held by secured creditors. The leasehold properties will soon be sold, and the secured creditors referred to will be required to realise their securities.
In a few cases the completion of the winding up is delayed by litigation or other disputes with claimants.
One of the most notable events of the year was the first Congregation of the University of Hongkong, which was held on December 14th. The Chancellor (Sir F. H. May, K.C.M.G., LL.D., B.A., Governor of the Colony) having declared the Congregation opened, a message from the President of the Republic of China was read of which the following is a translation:--
All types of men are here; their gifts diverse:
Plant growths oft mingle; each stem has its root.
Each scholar's competent: his learning shows complete,
A boon received through course of study meet.
Were not your teachers versed in wisdom's lore,
Who could awake young manhood's mind to soar.
China and Western lands have now one aim,
One thought and purpose; learning to acclaim.
May scholars throng your portals, there to seek,
Training and strength of mind, as plants when weak
Are trained to grow and thrive.
Your methods, wise and clear, are seen to be
Marks of this learning by the Southern sea.
Brief though the course of your years
Achieved is your glorious fame.
Your status is seen to be great
As the Hung To School of Hon days.
Your praises are published to-day.
They will surely be known through the world.
The Vice-Chancellor (Sir Charles Eliot, K.C.M.G., D.C.L., LL.D., M.A.) then delivered an address, after which Honorary Degrees were conferred on the following:-
A
Sir F. D. Lugard, Governor-General of Nigeria, and
first Chancellor of the University. (In absentiâ.)
Monsieur Finot, Director of the French Institution in Hanoi, founded for the purpose of research in the literature and ancient civilisation of French colonial possessions.
Sir Robert Ho Tung, a merchant of Hongkong, who for many years has been well known for his generous philanthropy and his interest in education. Since the foundation of the University he has been one of its most prominent supporters, among his bene-