INWARD TELEGRAM
TO THE SECRETARY OF STATE FOR THE COLONIES
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Capy
in
54147/1/1/50
75
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COPY FOR REGISTRATION
RECEIVED 5001 1009 COLONIAL OFFIC
FROM HONG KONG (Q.A.G.)
D. 5th October 1950. R. 5th
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10.20 hrs.
27
PRIORITY
No. 1135
Confidential.
Your telegram No. 1473.
C.D. and W. Grant to University.
I consider that early announcement is desirable of C.D. and W. grant to University provided that the question of administering authority is not dealt with in too definite terms. It will clearly be preferable for the University to administer the grant and I anticipate that the University authorities will be able to comply with the necessary conditions, but they have not yet been able to give me the required assurances. I have asked that the matter should be expedited.
2. On the question of the Endowment Fund it now seems clear from discussions here in which your Adviser on Education took part during his recent visit,
that a fund of £(sterling) 500,000 will not be adequate to meet the additional cost of development schemes if investments are to be confined to gilt edge securities and that on that basis about £(sterling) 1,250,000 would be required. There seems little prospect of raising this sum. the other hand, no objection is raised to the money being If, on invested in local public utility shares, £(sterling) 500,000 would be adequate provided that the Stock Market does not rise much in the meantime. I should be grateful for your views on this proposal with which, I hope, you will agree.
I
3. As regards the proposal that this Government should contribute £(sterling) 250,000 to the Fund, while it seems probable that financial position will permit this, prefer to wait until a little later in the financial year before committing this Government to the contribution. I prefer, therefore, that any announcement released now should not contain any reference to the Endowment Fund.
Whis MacDonald
9.0.
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