3. I appreciate the point made in your paragraph 8 about the desirability of making payments to the University. It would not, however, be possible to make such payments from Japanese assets until the legislation referred to at the end of paragraph 1 is enacted. There would, however, be no objection to advances to the University being paid from Hong Kong revenues if you wished to adopt such a
course.
4.
The repayment of the loan of £30,000, which was made to the University from Hong Kong funds, (your paragraph 9) was not taken into account when the Endowment Fund proposals were under consideration. I leave it to your discretion to consider whether the University should be asked to repay the loan or not in the changed circumstances.
SECER.
6
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