CO129-593-3 Rehabilitation of Hong Kong University. For extracted photographs see CN 3-45 12-1-1946 - 27-10-1946 — Page 70

ì.

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endowment of Chairs and taking the capital sum required as £720,000 (see paragraph 7) and the recurring sum required as £90,000 (see paragraph 6) the total sum over a period

of ten years would be: £720,000 plus £90,000 X 10 less

say £20,000 for the lat year, 15,000 for the 2nd year,

£10,000 for the 3rd year and £5,000 for the 4th year, since full expenditure cannot come into operation for the

first years.

That is a total of £1,570,000 in ten years.

It is suggested that in round figures £800,000 should be

met on the Colonial side and £800,000 on the Imperial side. The Colonial side is envisaged as:

annual contribution over 10 years

Government capital contribution for repairs to buildings

£100,000, Colonial Development and Welfare source £200,000.

On the Imperial side the Treasury to be asked for a capital

grant of £500,000 and an annual grant of £30,000

£300,000 over ten years.

Hong Kong Government

£500,000, Hong Kong

www

i.e.

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Recurrent Expenditure

6.

As to recurrent expenditure, it is shown in

Paragraph 1 that the additional annual amount ultimately

called for in the Committee's Report is £84,980. If the

endowment of chairs estimated at a capital expenditure

of £350,000 is for the moment ignored, the figure for

recurrent expenditure would be increased by £10,500 bringing

it up to £95,480 - say £95,500.

(see footnote on Page 24

of the Report). The amount of the annual income of

the University from sterling investments is given as

£11,500 on Page 25 of the Committee's Report but the

Vice-Chancellor has recently received a statement of the

financial position from the University's accountants

showing that this figure should be increased to £15,500.

The total of £95,500 may therefore be decreased to

£91,500.

In addition the University derives a small

/income

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