49
Departmental ¡¡aintenance Grants etc., (based on, but not repenting the Irvine Committee's recommendations)
Grants to Departments.
11
Library...
Scholarships and Maintenance Grants
of Students from China.
Research Grant (excluding Fisher-
ies) Research Institutes.
Cther charges
•
£2500 £2000
£20000 (Para 4
Pt. II last £7000 sentence)
£7000
£38,500
The University's present resources go only a little way to Before the war the fee income had meet these recurring costs. risen to about £22,000. The Government of Hong Kong made a grant of H.. dollars 350,000 to the general fund of the Univerity, maintained a certain number of scholars and paid subsistence allowance and fees for students in training to
The total payment was about become teachers in its schools. £23,500. Endowments were a diminishing source of income. Sums had been invested in high interest-bearing mortgages in The University in 1938 and 1939 Shanghai and in Hong Kong. was able to get rid of a certain number of the latter, in order
the to invest the capital in British Government securities, remainder have to be written off as they have been repaid in
The Hong Kong serious depreciated Chinese dollars in Shanghai. mortgages may recover their values but for the present it is
The impossible to expect any interest return on them. University is thus left with some £350,000 in safe investments in the United Kingdom fran which it receives an annual return of about £12,000. Of the capital sum £265,000 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 remainder 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 (£22,000+ £12,000+ £23,000) about £57,500. In the most favourable circumstances the University will therefore require aid annually to the extent of £149,180 less £57,500 1.6. £91,680.
The major causes of this gap between proposed expenditure
and resources are:
1.
2.
an increase of teaching staff, in the establishment now recommended.
Increase scales of pay for all ranks in the teaching
1.0.
• 9 and administrative staffs of the University, bringing them up to the level of those proposed by the Irvine Committee, which regards the scales they propose as the lowest that can be offered with a hope of attracting an effective staff to a University far removed from the academic centros of British life.
/SUMMARY
*This sun includes an average annual charge of £2000
for passages. This charge will depend on the standard of passenger fares in the post war years.
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