CO129-625-6 Hong Kong University- endowment fund 1-5-1951 - 30-9-1951 — Page 69

Code

INWARD TELEGRAM

TO THE SECRETARY OF STATE FOR THE COLONIES

COTY FOR REGISTRATION

69

17

FROM HONG KONG (Sir A. Grantham)

D. 231 July, 1951. R. 23rd

13.40 hrs.

RECEIVED 2 4 JUL 1951 COLONIAL OFFICE

Correction received from Tel. Section.

IMMEDIATE

No. 792.

Begins.

Confidential.

Your telegram No. 866.

University Endowment Fund.

Following personal and confidential for Sidebotham.

I have consulted Unofficial Members who have agreed that if Japanese assets are placed at our disposal, $12,000,000 should be set aside for establishment of University Endowment Fund. If invested in local utilities, etc., rather than in trustee funds, this sum should provide an annual income of about $1,500,000, in addition to $1,500,000 subvention to the University which the Government will still have to pay. The remainder of the sum realized from Japanese assets would be available for disposal on advice of committee mentioned in my telegram No. 748.

20

Unofficial Members further advised that some of the income from the Endowment Fund should be set aside for the establishment of ten to twelve 4 year scholarships every year for students of local schools. This might help to reduce possible local criticism that Japanese assets were not being utilized to benefit the whole community. Value of a full Government scholarship at the University is now about

Labeling $4,2

4,200 a year.

3. If this is approved it is most desirable that it should be announced as a decision by H.M. Government, including point about the scholarships.

Ends.

DEFENCE & GENERAL 2 4 JUL 1951 REGISTRY