CO129-460 - Governor Sir Stubbs - 1920 [1-4] — Page 42

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Ne 17.

N°

My Lord,

10742

HEAD

REC FEB 20

GOVERNMENT HOUSE.

HONGKONG. 19th January, 1920.

41

I have the honour to transmit the enclosed

copy of a letter from the Bishop of Victoria, Hongkong, in which he asks for a loan from the Government of the sum of 860,000 towards the cost of a Hostel recently erected in con- -nection with St. Paul's College.

2.

It appears to be impossible for the College

to raise the money from other sources as owing to the fact that

the site of the Hostel is held on condition that it reverts to

the Government if it ceases to be used for educational purposes,

the property is not good security for a mortgage and the

Chinese gentlemen, on whose promised contributions the College

reliad when it incurred this large expenditure, are unable or at least unwilling to fulfill their promises at present. (The

'other causes' which the Bishop mentions are, I believe, that

most of them have either lost heavily by gambling in exchange

or desire to employ their ready money in that form of specula-

-tion.

3.

The light-hearted optimism with which the

College Authorities embarked on so heavy an outlay without

making due provision for financing it is not an example to be

commended but the Institution is one of great value to this

Colony, both as a school and as a feeder to the University,

HE RIGHT HONOURABLE

VISCOUNT MILNER, G.C.B.,

&c..

&C.,

&0...

and