CO129-529-1 Diocesan Boys' School and Orphanage- appeal for money 2-1-1931 - 10-5-1932 — Page 49

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the Hong Kong Dollar, which had averaged 2/- for some years, fell during 1929 and 1930 until it reached a level of just under 1/- and its value has remained at this figure during

the greater part of 1931. The cost of education, therefore,

per head, in terms of Sterling, has not risen materially in

spite of the increased Dollar cost. The School itself has

suffered materially from this drop in value of the Dollar in that payments for Passages and Home Leave have practically doubled in terms of Dollars, and in this connection an

important point to be recorded is that Masters on Sterling

pay while in the Colony have received no compensation for the

drop in the Dollar. It is only while on Home Leave that

salary payments are made in Sterling at the current rate. No

compensating increase in Income has been received to offset

items of "Passages" and pay on leave, the Government Grant,

for example, has remained the same in Dollars.

(27) The continuation of the School as a separate Unit

depends entirely on the attitude likely to be taken up by the

Government in connection with the loan to the School, the

Interest and Sinking Fund on which are a burden which it is

unable to meet.

(28) A cancellation of the loan of $175,000.- plus

Interest and Sinking Fund payments from 30th June 1930 would enable the School to carry on, in spite of general World conditions, provided it encountered no further dislocation

from outside political disturbances, but in order to enable

it to be developed as it should be and to compensate its Teaching Staff adequately, further assistance in the way of an Annual Grant from the Government of Hong Kong is needed. (29) The Committee of the School had anticipated that