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FM FCO
TO ROUTINE BTC HONG KONG
TELNO 9
OF 111233Z JANUARY 89
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ра
HKD 286/1
156136
MDLOAN 5985
YOUR TELNO 18: UK/HK SCHOLARSHIPS 1. 9 AWARDS WERE MADE IN 1988/89. IF THESE ARE FOR 3 YEAR COURSES AT FULL COSTS (APPROXIMATELY POUNDS STERLING 11,000 EACH PER YEAR) AND IF A FURTHER 8/9 NEW AWARDS ARE MADE IN 1989/90 AND 1990/91 THIS SUGGESTS THAT THE ESTIMATED TOTAL ANNUAL INCOME FOR THE NEW SCHEME SHOULD BE FULLY ENGAGED BY YEAR 3 (SOME 24 AWARDS MADE ANNUALLY). THE COMMITTEE WILL NEED TO DECIDE WHETHER AND IF SO HOW MANY ADDITIONAL AWARDS COULD BE MADE FROM INCOME ACCUMULATED SO FAR. BUT CARRY OVER COSTS ON THESE WILL OF COURSE NEED TO BE TAKEN INTO ACCOUNT.
2. THE END 1989 REVIEW RELATES TO OUR ANNUAL POUNDS STERLING 2 MILLION SUPPORT FOR THE UK-HK JOINT FUNDING SCHEME AND WILL NOT AFFECT THE CONTINUATION OF THE UK/HONG KONG SCHOLARSHIPS. THE TWO-THIRDS PROCEEDS OF THE SIR S K TANG BEQUEST ARE FIRMLY COMMITTED TO THE LATTER SCHEME. FOR THE FORESEEABLE FUTURE WE HAVE NO INTENTION TO DIVERT THESE PROCEEDS TO ANY OTHER PROJECT. SIMILARLY WE HAVE NO INTENTION OF DECREASING THE CURRENT ANNUAL COMMITMENT OF POUNDS STERLING 40,000 FROM FCOSAS RESOURCES. WE ASSUME THE HONG KONG GOVERNMENT'S (THE ROYAL HONG KONG JOCKEY CLUB) CORRESPONDING COMMITMENT TO THE NEW SCHOLARSHIPS SCHEME IS SIMILARLY NOT IN QUESTION. THERE IS THEREFORE NO NEED TO
ALLOCATE AWARDS IN THE EXPECTATION THAT OUR FUNDING FOR THE
SCHEME WILL CEASE IN THE FORESEEABLE FUTURE. THE POINT IS ACADEMIC, BUT HAYWARD IS RIGHT THAT OUR GENERAL PRACTICE ANYWAY IS TO RUN DOWN ANY AWARDS SCHEME GRADUALLY RATHER THAN END IT ABRUPTLY.
3.
PARA 2 OF TUR. WE DID SEND THE DRAFT LETTER TO THE BRITISH COUNCIL. AFTER A LONG PAUSE THEY HAVE ONLY JUST REPLIED
SUGGESTING THAT A DECLARATION OF TRUST IS NEEDED INSTEAD. WE ARE
STUDYING THIS.
HOWE
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