24-JAN-1992 18:17
P.04
current) from the £1 million Sir S K Tang Bequest. (We
understand the other one-third of the interest was
designated for other purposes than scholarships). We are
very happy to agree additional FCO contributions to the
Scheme (to enable 9 new awards to be made annually and up to
1996/97) providing all of the additional costs can be
contained within these existing sources of finance.
We have noted the reference at (3) of Appendix IV to a
figure of £708,000 as being the accrued interest on the £1
million Bequest at 1/9/91 We assume that this represents
the total accrued/current interest not just the two-thirds
for scholarships. On the basis that two-thirds therefore
•
equals £472,000 we have assumed this would cover the total
£408,850 addition that is required.
As I indicated in my earlier proposed draft reply, agreement
on the foregoing basis would take us forward for the next 5
years up to 1996/7. We shall need more time to look at the
arrangements for the operation and placing of the Sir S K
Tang Bequest post-1997. For that reason we should prefer to
delay agreeing any arrangements for the Scheme beyond that
date until we can make some further joint review in say
1993/94.
However, the problem here is that if, repeat if,
the Scheme is to continue after 1996/97, an agreement now on
the basis of paragraph 3 above would mean that the accrued
interest would presumably be exhausted by 1996/7. There is
little prospect of our finding alternative sources of
CHJABI
No comments yet.
Private notes are available after approval.