CO129-594-1 Rehabilitation of Hong Kong University. For extracted photographs see CN 3-45- Advisory Committee report 29-3-1946 - 3-7-1946 — Page 29

Grants to Department a.

Grants to Library..

Scholarships and Maintenance

£2,500 per annum

.£2,000

Grants for students from China.

£20,000

:#

*

H

.26,000

#

Research (excluding Fisheries).....£7,000 Other charges.

* £37,500

29

Jo Income

The former

There are three main sources of income which may be presumed t be still available to the University interest on endowments, grant from the Government of Hong Kong and fees. Before the war, endowmenta were a diminishing source of revenue. Some had been invested in high interest bearing mortgages in hanghai and Hong Kong. have to be written off as having been repaid in seriously depreciated Chinese dollars. In 1938 and 1939 the University was able to be rid

the of a certain number of the Hong Kong mortgages and to invest capital in British Government securities; the remainder cannot for

The the present be sxpected to produce an interest retum. University is left with a sum f about £320,000 in safe investments in the United Kingdom from which it receives an annual return of about £11,500, of the capital sum £260,000 was a gift from the British Government out of its share of the Chinese Boxer Indemnity, and the interest on this is at fres disposal for University purpose s.

A part of the remainder was given by the Rockefeller Foundation and the interest is earmarked for part payment of the salaries of professors of Medicine, Surgery and Gynaecology.

The Government of Hong Kong made an annual grant to the general fund of the University, maintained a certain number of scholars and contributed to the support of students in training to become teachers. The total payment from this source was about £23,500 per annum.

The fee income of the University had risen before the war to apout $22,000 per annum

The total income that might be available to the University from these three sources is therefore about £57,000 per annum.

10.

Summary

These financial estimates can be summarized as follows:

Non-recurrent expenditure

1.

11.

Repair of buildings £46,000) Equipment

£70,000)

£116,000

iii. New Building

£600,000

iv.

Endowment of basic chairs

£350,000

£1,066,000

Recurrent expenditure

1.

Salaries

11.

Departmental Grants

2104,480 per annum

#

€ 37.500 £141,980 per annum (less

#

12

income of £57,000 =) £84,980 per annum

In broad terms therefore the provision of a University of the scale and standard proposed by the Committee will call for an exenditure from sources other than those now available to the University of approximately 21 million capital and £85,000 annually.