CO129-524-2 Hong Kong University- financial position- Chinese studies- future of the Chinese school and the Annual... 27-1-1930 - 12-8-1930 — Page 214

6.

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to the endowment fund of the University form one half of its

total present income and nearly five times the sum which was

estimated by the Chater Committee, in 1908, to be the

probable total annual expenditure of the University.

10.

It is obvious from what has been already said

that, if the University is left to carry on its work on its present income of a little over $600,000 per annum, its budget must, unless there is an extraordinary and unexpected rise in exchange, close with a debit balance annually, and these debit balances must, in the course of a few years, add up to a sum which may render the University insolvent.

11.

I have asked the unofficial members of the

Legislative Council to consider what measure of assistance they are willing to give to the Hong Kong University; and Sir Henry Pollock, the senior unofficial member, now infomas me that, at a meeting held on the 20th January, he and his colleagues unanimously adopted the following resolution:-

"That, as a measure of relief to the University of

Hong Kong for the current year, and subject to the amount being refunded, if a grant is obtained for that University from the Boxer Indemnity fund, the sum of $200,000 (in addition to the sums of $50,000 and $40,000 respectively appearing in the Estimates for 1950 as 'University of Hong Kong, $50,000' and 'University of Hong Kong, School for Chinese, $40,000') be voted by a supplementary vote of the Legislative Council for the year 1930."

As Your Lordship will see from the speech which I made to Congregation on the 15th January (enclosure No.4 herein), I cordially support this resolution of the unofficial members, and I now ask for formal leave to place a vote for an additional subsidy of $200,000 before the Legislative

Council