CO129-625-6 Hong Kong University- endowment fund 1-5-1951 - 30-9-1951 — Page 48

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DRAFT ANNOUNCEMENT

48

The University of Hong Kong has recently sought

assistance from H.M.G. towards the creation of an Endowment

Fund of £1 million for the University.

As has recently been announced, the Japanese

assets in the territories which were over-run by the Japanese

will be placed at the disposal of the Secretary of State for

the Colonies to be applied for the benefit of all the

territories so over-run.

After consulting the Governor of Hong Kong the

Secretary of State has decided that a sum of £750,000 out

of the assets so made available for the benefit of Hong Kong

should be contributed by H.M.G. towards such an Endowment Fund

in the confident expectation that the balance of £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 of 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.