4.
9. The University's present resources go only a little way to meet these recurring costs, Before the war the fee income had risen to about £22,000. The Government of Hong Kong made a grant of Hong Kong dollars 350,000 to the general fund of the University, main- tained a certain number of scholars and paid subsistance allowance and fees for students in training to become teachers. The total pay- ment was about £23,100. Endowments were a diminishing source of income. Sums had been invested in high interest-bearing mortgages in Shanghai and in Hong Kong, The University in 1938 and 1939 was able to be rid of a certain number of the latter in order to invest the capital in British Government curities, the remainder have to be written off as they have been repaid in seriously depreciated Chinese dollars in Shanghai. The Hong kong mortgages may recover their values but for the present it is impossible to expect any interest return on them. The University is thus left with some £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 free disposal for University purposes. A part of the romainder was given by the Rockefeller Trust and the interest is earmarked for part payment of the salaries of professors of Medicine, Surgery and Gynaecology. The University's annual income may therefore be taken to be £57,000.
10.
A nie have woom The major causes of this gap between proposed expenditure and
resources are:-
1.
2.
an increase of teaching staff, in the establishment now recommended;
Ancroused scales of pay for all ranks in the teaching and administrative stuffs of the University, i.e., bringing them up the level proposed by the Irvine Committee, which regaris the scales they propose as the lowest that can be offered with a hope of attracting an effective staff to a University far romoved from the academic centres of British life.
69
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SUMMARY OF FINANCIAL PROPOSALS.
Probable income of the University
£57,000
Recurring costs of proposals:
i.Staff: (a) Assuming grant of en-
dowments of basic professorships
(b) Without endowment
ii. Departmental Grants
Non-recurring charges.
Total
i. Repair of buildings £4.6,000
ii. Re-equipment
£70,000
iii. Endowment of basic professorships
iv. Rebuilding between fourth and tenth
year after University's rcopening i
£102,180 £112,680
£ 37,500
£139,680 or £150,180
£116,000
£350,000
་
600,000 to £1,000,000
Between $16,000 and £1,466,000
The requirement of a University such as the Committee has recom- mended may be set out as follows:
1. With endowment of basic professorships.
(a) Non-recurring.
1,416
A sum between £16,000 and £1,466,00e according to building costs.
(b) Recurring. 1),380. less £57,000 = 982,580.
2. Without endowment of basic professorships.
(a) Non-recurDAVI mn between 8716,000 and £1,116,000.
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