XN000022-1997-03-19 — Page 14

- 12 -

Sir Edward Youde Memorial Fund (Amendment) Bill 1997

Following is a speech by the Secretary for Education and Manpower, Mr Joseph W P Wong, in moving the second reading of the Sir Edward Youde Memorial Fund (Amendment) Bill 1997 in the Legislative Council today (Wednesday):

Mr President,

I move that the Sir Edward Youde Memorial Fund (Amendment) Bill 1997 be read a second time.

The Sir Edward Youde Memorial Fund was established in 1987 with initial donations from the community to commemorate Sir Edward Youde, the late Governor of Hong Kong. The prime objective of the Fund is to encourage education and research among the people of Hong Kong. A Board of Trustees was established to manage the fund and its investment while a Council was also established to determine all matters governing the application of the income of the Fund. At present, the asset value of the Fund is about $168 million.

Over the last decade, the Sir Edward Youde Memorial Fund has awarded a total of $53 million to about 6,400 secondary and tertiary students. Many of them are now working in various fields in Hong Kong, contributing to the well being and development of the territory.

In addition, the Fund also sponsors the Young Friends of Hong Kong Arts Festival which benefits about 25 000 local secondary students each year. The scheme increases the exposure of these students to performing arts and thereby help cultivate their appreciation of the arts. Recently, the Fund has established a Visiting Professorship Scheme to promote education and cultural exchange between Hong Kong and overseas countries by inviting eminent scholars to deliver public lectures and conduct seminars in Hong Kong.

Under the existing Sir Edward Youde Memorial Fund Ordinance (Cap 1140), the Board of Trustees can only accept voluntary donations, subscriptions and bequests. The Bill before Members seek to empower the Sir Edward Youde Memorial Fund Council to solicit donations, subscriptions and bequests. Similar power to solicit donations, for instance, has been given to the Li Po Chun Charitable Trust Fund Committee, which also awards scholarships to local secondary and tertiary students. This amendment will ensure adequate funding for the Fund's existing schemes and enable any future expansion in its scope of activities to benefit more Hong Kong students in education, research and learning.

Mr President, I beg to move.

End