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saved by ite abolition; and we gladly advise that their
proposel be accepted.
We also recommend the consideration of a suggest-
ion made to us by Mr. Williams that commercial studente might gain some practical experience of accountant's work by instruction in a Chartered Accountant's office, which his
firm offers to give.
5.
PROPOSALS FOR DEALING WITH THE FINANCIAL SITUATION.
We have made an approximate estimate, on the basis of the proposed economies, and of the actual teaching staff at present existing, plus the additions to it we have immediately recommended; and we calculate that the minimum
yearly cost of carrying on the University will be about
£115,000 in excess of its present income from all sources; which are fees, endowment, the Government anual grant of $20,000, and current annual benefactions. This 8115,000 &
year will have to be available forthwith; and as certain of
the current annual benefactions may soon cease, some further
provision mey ther become necessary.
We are of opinion that it is not only inevitable
but right that the Honkong Government should largely
increase its support. We therefore propose that a capital
amount of not less than $1,000,000 be raised for the endow-
ment fund by a special temporary increase for two or three
years in the assesment tax. This amount could be invested
on mortgage at about 8 per cent; which would leave (say)
another $35,000 a year, to be found probably for the present
by the Hongkong Government. The British community here and
in China can, we have reason to believe, be depended upon to
contribute a far greater share in the future than the past,
if proper control of finances is assured, and if the Hongkong
Government
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