CO129-625-6 Hong Kong University- endowment fund 1-5-1951 - 30-9-1951 — Page 41

of Hong Kong should be contributed by H.M.G. towards

such an Endowment Fund in the confident expectation

that the balance of the £1 million required will be

raised by local subscription for this extremely

important purpose. The Secretary of State has

expressed the hope that a proportion of the income

from the fund so created will be applied towards the

provision annually of an adequate number of scholar-

ships at the University for the benefit of the

general community of Hong Kong".

2.

We concur in terms of announcement given in paragraph

1 of your telegram No. 812 except that in second sentence

of first paragraph for "such assets" substitute "the assets

OR

in the over-run territies".

We think also that paragraph

about University should be in similar terms to that to be

made by Secretary of State here and if you agree this will

involve substitution of following for statement at end of

your paragraph 2:-

"It is estimated that assets available for Hong Kong

will be over $20 million. The Hong Kong University

has recently sought assistance from H.M.G. towards the

million creation of an Endowment Fund of $16/for the University

and after consulting this Government the Secretary of

State has decided that a sum of $12 million out of these

assets should be contributed by H.M.G. towards such an

Endowment Fund in the confident expectation that the

balance of the $16 million required will be raised by

local subscription for this extremely important purpose.

The Secretary of State has expressed the hope that a

Proportion of the income from the fund so created will be

applied towards the provision annually of an adequate

number of scholarships at the University for the benefit

of the general community of Hong Kong.

The remaining Japanese assets would be available for

be fo

such other purposes as would/benefit the whole community

and the Hong Kong Government proposes to set up a

(28)

41

/Committee