Saving.
54147/1/A/50
From the Secretary of State for the Colonies.
To the Officer Administering the Government of... HONG KONG..
Date
15
January, 1950.
44
Saving.
TVILNIJIENOJ
li
Your telegram No. 1135.
University Endowment Fund.
10
1. It may not have been made sufficiently clear in paragraph 6 of my savingram No. 708 of the 15th July, 1950, that His Majesty's Government have not in fact reached any decision on the proposal mentioned at B(iii)(a) on page 9 of the Report of the Visitors, that
His Majesty's Government should make a further grant of £250,000 towards the creation of an Endowment Fund for the University.
2. His Majesty's Government have already agreed to make available a total of £500,000 from United Kingdom funds for capital expenditure and, I would be glad therefore to know whether it would not in fact be possible to provide the money required for the Endowment Fund from Hong Kong sources. I am prepared to agree that money provided locally by public subscription or by the Hong Kong Government should be invested in public utility shares, and it would appear that if a return of 12% can be obtained a fund of about £375,000 would be sufficient to yield £45,000 p.a. and meet the additional costs involved.
13.
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