CO129-593-5 Rehabilitation of Hong Kong University. For extracted photographs see CN 3-45- Provisional Powers Committee 21-8-1946 - 23-12-1946 — Page 55

53

sanctioning approval of expenditure or an amount of H.K.$350,000,

the approval having been telegraphed to the Governor of Hong Kong

on the 27th August, 1946. It was agreed that the attention of

the Governor and of the University Interim Committee in Hong Kong

should be drawn to this position with the recommendation that it

might await sanction by the University Council when reconstituted

or alternatively that it might be regarded as a provisional

advance payment by the Government of Hong Kong for which the

University was not technically responsible.

4.

It was agreed that, as there was an overdraft on the Staff

Provident Fund amounting to £40,376 on which the Hong Kong and

Shanghai Banking Corporation were charging interest at the rate of

4 per cent, and as to the Fund's capital or £79,000, invested in

3 per cent Saving Bonds, was earning interest at the rate of only

world be preferable 3 per cent, it was desirable that the capital should be realized

to the extent of about £40,000 for the purpose of paying off about the way or part

mayor

but be pouibiti, was sugared

In the event of it being possible

6.7

four-fifths of the overdraft, Bet advances might be drained

m umen (16)

to raise a leen at a lower rate of interest than 4 per cent this

It was agreed that decision should be reconsidered.

الحممدمه

In this connection it was

suggested that the Crown Agents should be approached with a view

to seeing whether they would provide the necessary accommodation

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lover

at the rate of 2 per cent.

•

It was agreed that future meetings of the Provisional Powers

'Committee would take place in Hong Kong in view of the presence

there of Mr. Morse and Mr. Sloss.

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