59
2.
and the Committee are informed by a letter addressed to the Registrar from the Hon. Dr. R. H. Kotewall, C.M.G., dated the 17th October that to date $132,282.11 has been collected and that of this total $32,282.11 is on current account in the Bank of East Asia and that $100,000 is on Fixed Deposit with the same Bank for six months from the 21st June bearing in- terest at the rate of 4% per annum and it is understood that these Funds are in the name of the Honorary Treasurers, Mr. Fung Ping Shan and Mr. T. N. Chau. The Hon. Dr. Kotewall in the same letter adds that steps are being taken to realize the balance of promised donations amounting to $60,000, which will bring the total to approximately $200,000 in all.
Mr. Tang Chi Ngong has subscribed and paid $60,000 to the University for the express purpose of erecting a building in which the studies will be held. This money is being placed on Fixed Deposit with the Hong Kong and Shanghai Banking Corporation bearing interest at the rate of 4% per annum.
Under date of the 14th August, 1928, the Colonial Secretary advised the Registrar that the Secretary of State for the Colonies is prepared to approve a grant by the Hong Kong Government for the year 1929 of $46,000 towards the founda- tion of a School of Chinese at the University subject to review of the position at the end of that year but provided His Excellency the Officer Administering the Government is satisfied that a suitable building for the School can be erected for $60,000.
The Committee understand from enquiries that have been made through Mr. C. G. Wood, of Messrs. Leigh and Orange, that a School can be erected for the above named sum.
From the above it will be seen that the revenue to be derived from the money collected and grants made in aid of the School assuming that the whole $200,000 is collected and that it can be invested at 7% will amount to the following:
$200,000 at 7%
Government Grant for the year 1929
$14,000 46,000
Making a total of $60,000
Interest on the $60,000 invested in the Hong Kong and Shanghai Banking Corporation has not been included as the capital is to be spent in the erection of the School building.
From the figures supplied by the Vice Chancellor it would appear that the expenses of running the School will be approx- imately for the year 1929 $34,600
۱۲
It
11
1930
48,380
I
11
11 1931 57,190
11
IT
TV 1932 64,360.
include
The figures for the last three years in the salary and allowances of a Principal.
The Committee wish to place on record that they consider it will be inadvisable to commence the School building with the Fund so generously contributed by Mr. Tang Chi Ngong as unless further substantial subscriptions can be collected it may not be possible to carry on the work of the School after the close of the year 1929. If the Government Grant is continued it would appear that the School can be carried on for certainly
No comments yet.
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