Smruth
117
(9565/05)
ssrs Young & Ryan
July 1904 (In 24929
04 Ceylon)
intensified through the disproportionate size of
the Hongkong Fund.
12. Besides those indicated above,
the policy recommended has other advantages.
The necessity for periodic costly and troublesome valuations is avoided. Moreover the
experience of other colonies has shown that
where distinct funds with separate accounts
exist it is difficult to satisfy the members,
who when the assets of the Fund have reached
a considerable figure are apt to think (as
you apparently were from paragraph 3 of your
despatch No. 49 of the 22nd of February 1906)
that the pensions can be considerably increased or the contributions reduced. On this
question of the necessity of the income of
a fund in its early years largely exceeding
its outgoings if it is to remain solvent, I
do not think that I can do better than refer
you to the enclosed copy of a memorandum on
the subject by Messrs T.E. Young and G.H. Ryan,
the...
Smruth
117
(9565/05)
ssrs Young & Ryan
July 1904 (In 24929
04 Ceylon)
intensified through the digitre size of
the Hongkong Fund.
12. Besides those indicated above,
the policy recommended has other advantages.
The necessity for periodic costly and trouble-
some valuations is avoided. Moreover the
experience of other colonies has shown that
where distinct funds with separate accounts
exist it is difficult to satisfy the members,
who when the assets of the Fund have reached
a considerable figure are apt to think (s
you apparently were from parsersch 3 of your
despatch No 49 of the 22nd of February 1906)
that the pensions can be considerably in-
creased or the contributions reduced. On this
question of the necessity of the income of
a fund in its early years largely exceeding
its outgoings if it is to remain solvent, I
do not think that I can do better than refer
you to the enclosed copy of a memorandum on
the subject by Messrs T.E.Young and G.H.Ryan,
the
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