(1/45) [4421B] Wt. 18047/424 50m. 7/45 C.N.Ld. 748
C. O.
Mrss Ruston 42 11.46
Mr....
Mr...
Mr.
Mr..
Caine
25川
DRAFT. LETTER
H.. DOWNIE, C.M.G.,
44..
Permt. U.S. of S.
Parly. U.S. of S.
Secretary of State.
For
123 Cario's
się walur
Dear Downie,
O.B..,
CROWN AGENTS.
FURTHER ACTION.
D.J. Sloss, Vice-Chancellor of Hong Kong
University, has been talking to me about the
-.
Universitys finances and particularly the position
of the Staff Provident Fund. The University, as
you may know, was badly damaged during the Japanese
re-established occupation and has not yet been rebuilt. Meanwhile
the University's funds are being administered by a
small statutory Committee which has assumed some or
the powers of the Council of the University and of
which I am a member.
The capital of the Staff Provident Fund,
amounting to £79,000 is invested in 3 per cent Saving Bonds 55/59 the security of which is held by
the Hong Kong and Shanghai Banking Corporation
London. Necessary payments which the Provisional
Powers Committee have authorized since April 1946,
amount to £52,000 which leaves the deposit account
overdrawn to the extent of £40,376,
on uhrien 14 Bank Ws wandued asian
are hoping have suggested to Sloss that, as an alternati
to meeting this dericit by selling the 3 per cent
Saving Bonds the Crown Agents might be willing to
advancis be
די
accommodate the University by making a loan to thom- Colarial Fund ih 10, say,
about £40,000. Further payments are due to be made
from the Provident Fund in the fairly near future
amounting to perhaps £15,000 so that the ultimate advanc
loon required will be about £55,000. Any advance. would of course be charged on the Fund, industments
he
/It
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