CO129-625-6 Hong Kong University- endowment fund 1-5-1951 - 30-9-1951 — Page 17

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The original proposal in (3) was as follows:·

Hong Kong Jockey Club Hong Kong Government H.M.G.

$2 million = £125,000 2 million = £125,000 $4 million £250,000

8 million = £500,000

but this was considered to be inadequate.

In (10) we replied that there was little chance of any further money being made available by E..G. and we asked the Governor to consider hypothecating all or some of the Japanese assets for the establishment of the Endowment Fund.

In (17) the Governor, after consulting Unofficial Members, suggested $12 million of the Japanese assets should be set aside and if invested in local utilities would provide an annual income of $1 million in addition to the $1 million annual Government subvention.

At the meeting with the Secretary of State on 27th July [see (25) Sir A. Korse suggested that if $12 million came from the Japanese assets it might be possible by local contributions to raise the figure to $16 million (i.e. £1 million).

This was put to the Governor in (30) but in (32) the Governor, after further consultation with the Unofficial Members, is of the opinion that the whole $16 million should be found from the Japanese assets.

It would appear from paragraph 2 of (3) that the University budget for 1951/52 shows a deficit of just over $1 million and

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