CO129-625-6 Hong Kong University- endowment fund 1-5-1951 - 30-9-1951 — Page 84

NOTE OF A MEETING AT 11.30 A.M. ON

16th JULY in H.344 TO DISCUSS THE ESTABLISHMENT OF AN ENDOWMENT

FUND FOR THE HONG KONG UNIVERSITY

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Present :

Mr. Sidebotham

in the chair

Sir Arthur Morse

Mr. T.N. Chau

Members of Executive Council

Sir Man Kam Lo

Colonel Ride Vice Chancellor Hong Kong University.

Sir C. Cox.

Mr. W. Adams

Mr. Armitage Smith

Mr. Hall.

Mr. Sidebotham opened the meeting by saying that Mr. Paskin was very

sorry that he could not be present but he was attending a meeting with the

Minister of State at that moment.

This particular meeting had been called at the Governor's request and the members had all seen copies of Hong Kong Savingram No. 756. The need

for an endowment fund was vital but the problem was how to find the money.

The savingram suggested that H.M.G. should make a further contribution of

£250,000. Perhaps Mr. Armitage Smith, who was representing the Finance

Department, could indicate what chance there was of obtaining this money. Sir C. Cox asked whether this was the same proposal as the one put

forward by Dr. Mouat Jones and Mr. Adams as a result of their visit to

Hong Kong in April, 1950, i.e. H.M.G's contribution would be matched pound

for pound by the Colony. This was confirmed.

Mr. Armitage Smith said that he was only in a position to talk about

C.D. & W. funds. C.D. & W. funds were only allocated for capital purposes

and the recurrent element of any expenditure should normally be borne by the

Universities or Governments concerned. C.D & W. funds had never been used

for any purpose approaching that of an endowment fund and they were only

supposed to be used for specific works. He thought that the accounting

problems involved in using C.D & W. funds for an endowment fund would be

considerable. The chances of obtaining funds for this purpose from some

other source might be a little more hopeful, but he did not think that there

would be any hope of getting a further allocation from C.D & W. funds for

this particular purpose.

/Mr. Sidebotham