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17.

Report.

We also suggest that the Finance Com- mittee should investigate the possibility of erect- ing a block of flats in the University grounds for the use of the staff. . If the Shanghai mortgage portion of the endowment fund can be realised, this would seem to be a profitable method of reinvesting that portion of the endow- ment fund.

18. Secondly there is the Sterling Super- annuation Fund. Apart from the contribution made by the University, the interest allowed by the Bank on the sums paid by the contributors themselves has now to be supplemented by as much again from the general funds of the Univer- sity to bring it up to 4%.

We suggest that the Bank deposit, less a small liquid amount, might be invested in the general funds of the University.

Resolutions of Senate and Faculties.

Resolved that the Senate welcomes the proposal to build additional residences even if immediate realization of Shanghai investments proves to be impossible, provided that inquiry shows that the saving on house allowances result- ing from the building of residences represents an interest return higher than the income accruing from the investment of a sum equal to the cost of building residences in British Government Securities.

Also resolved that the Senate recommends that commitments entered into by members of the staff who have had to seek accommodation outside should be given sympathetic consideration if and when increased housing accommodation in the University grounds becomes available.

Resolved that the Senate recommends that the Superannuation Fund be maintained as a separate fund in the University accounts and that the capital sum be invested in British Govern- ment Securities provided that the University is prepared to hold itself responsible for the amount standing to a subscriber's credit, that amount being arrived at by instalments paid as at present by the University and by the subscribers and by interest thereon calculated at the present rate and in the present manner.

Also resolved that the Senate recommends that the dollar Superannuation Fund should be maintained as a separate fund.

Resolutions of Council.

(1) Resolved that the Finance Committee be asked forthwith to consider from the financial point of view the project of building four to six flats on the University estate for bachelors or younger married lecturers or professors.

(2) Resolved also that the commitments entered into by members of the staff who have had to seek accommodation outside should be given sympathetic consideration if, and when, in- creased housing accommodation in the University grounds becomes available.

Resolved that the sterling superannuation fund be maintained as a separate account and the capital sum be invested in British Government securities, the present guarantees of the Provi- dent Fund being maintained.