1922-01-10 — Page 2

2

NOTICE.

W. S. BAILEY & CO., LTD.

ENGINEERS & SHIP- BUILDERS, HOK UN KOWLOON.

HARBOUR REPAIRS Call Flag "L"

Sole Agents for "KELVIN MOTORS." Motors from 12 B.H.P. to

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also spare parts.

.

Works

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Manager...

K.630.

"

Secretary

K.369.

UNIVERSITY OF HONGKONG.

Statement on Finances

for the Year.

THE HONGKONG TELEGRAPH.

TUESDAY, JANUARY 10. 1922.

Budget for the year, just ended basis at not less than $2,500,000. was drawn it was not known For further development we still when payment of the subsidy have available out of the original would be resumed. Nor was it benefactions ao approximate sum then known as from what date of $10,000 for the equipment of the additional Government assist-the medical schools, and the Ho fance would become, available. In Tung Workshop Fund of $100,000 these circumstances, by direction of which $23,000 has already been The following uste, accompanying of the Government, # Sum of paid, for the building and equip the University accounts for the year 3107,336 was credited out of the ment of a workshop. For the eating 31st August, is signed by Sir special grant as a receipt for the guidance of would be donors it William Brungate, Vice Chancellor, year 1920-21, and it is shown both may be stated that amongst ou. and addressed to His Excellency the in table IV ) and in table 1.most pressing needs in the near Chancellor and to the Members of In the events which have happened fature will be additional quarters the Finance Committee, Council and sum of $39,00304 only was re-for the staff and hostels for quired for the parpose of balanc-students, next in order coming

Courh

Auditors there is, as an exceptional/owing to the regretted death of shown in tables I and IV, com-

heretdare in use.

I have the honour to submit here- the Budger, and the balance the construction of adequate en- of $70,85296 really reverted to gineering buildings on a suitable with the accounts, duly audited, for the general credit balance on site. In the more distant future! the year ending the 1st August, working account. Out of this it may be hoped that the gift of 2. Tables to XVI including sum, a sum of $20,000 was used Separate library buildings of an Xus II (a) and IV (3) give the see table I for writing off adequate character will ́set free position of the University finances arrears of what is known as the for teaching purposes the rooms in the form which was approved in Cheung Pat Sze Benefaction, for in the main building at present

taken in the occupied by the library. principle for future use by the Court which credit was at its 18th Meeting held on Septem- previous Balance Sheet but which

Endowment. has since become · irrecoverable fber 2nd, 1921. At the request of our

Our general endowment fund is) the late Dr. Tjeng A Fie. A furpleted, as regards the Loke Yew measure, added thereto a generalither sum of $45,000 is reserved

Loan Fund, by table XI dealing Balance Sheet intended to link in table IV (a) as a reserve for with the Loke Yew Sinking Fund.Į the new form of accounts with that bad and doubtful debts, and the The original present value of the dnat balance' remains as the sur Loke Yew Fund on a 6 per cent. plus of $34,490.33 at the 31st

baxis was alightly in excess of August 1991 shown in table $350.000, and as our Sinking Fund As the only doubtful debts dues calculated at the same interest) Although the accounts for the year to us are those from the Peking rate to replace the entire sum of are necessarily placed at the begin-Government in respect of the $500,000 when the lean becomes ning in Table and 1, Tables 11 Peking Government Scholarships.due for repayment, the present Jan 11, IV, WV, which (and as these are fully covered by value of the loan and Sinking (show the Esanrial position at the reserve in question, the sur- Fund at any given moment ex- August, 1982), on the completion of plus of $84,130.83 represents a ceeds the sum of $500,000 by not the recent financial reorganization, undoubtedly realizable cash credit less than three-tenths of the If and when the Peking Govern-accumulated Sinking Fund. The of all kinds, especially for shin. I like bisturical precedener. As it is ment is in a position to meet sterling Endowment fund consists! building and engineering works Istble that the present accents abilities that surplus will belef the original gift of £30,000 will receive a wider publicity than increased to approximately from Messrs. John Swire & Son*. Complete stock. Best terra's.

my recent Note accompanying the|$130,000. I have so far spoken Ltd., secured by debentures of the Immediate delivery.

Interim Badget for the period of the re-organization as

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I

THE NEW FRENCH REMEDY. THERAPION No. THERAPION No. 2

Results of the Financial

*Reorganization.

*

originally $300,000--varies with

Final Accounts 1920-1921,

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1 return to the final accounts

| September-December. 1021, it will completed by the 31-t August.

berapa be consentent that I should | 1921. The change in the ananthe rate of exchange and at the recapitulate the genesis and nature (cial year does, however, involve moment of writing is somewhat in of the recent re organization. Briefly crediting the four months Sep excess of $200,000. It will be tember to December 1921 with

seen that our entire Endowment.) stated, the Talverty spened in

half a year's interest a certain represented by specific invest me with excellent main buildings of our investments, with the rements. exceeds $2500.000. dise to the generosity of the late Sirisult that the period is expected to mixes already received in respect H. Mody, and with a substantial. show a surplus-in One sense nadequate, fiinda raised by publie fictitious-of not less than $10.000 represent, as appears from table of sums payable by instalments a aborription, mat of width suber-lary When this has been realised, our, a further sum of $135,000. baiblings and necessary equipment current surplus will be increased had to he bowshed leaving the by a corresponding amount, and balance" Available for parpowers ipur accounts will pun ΟΣ in 2

To that fund normal way from year to year for the 1920-1921 shown in tables reasons already biring were free time think it probable that a portion and It. For free time receive 1. heut by 1920 therm

(of this surplus may be advantage-stated. the surplus en the year's jously invested and, indeed. 23 working shown in table is with- | hurt heren, spent the frost on Hostel, appears from table III. a sum of practical interest, being stuff aborters, wo 3pment and the 820.600 is already so invested as wholly due to the inclusion in the like a very of Ken we leating aja temporary measure-but. in accounts of a sum, taken from the Iran pletely inadoute endowment view of possible commitments in special Government grant, which Fared for de muerent purposes of the the future, I should be reluctant has proved needlessly large in An sinatred defit of to see any portion of the surplus view of the additional Government syuo had an unsolated on work permanently transferred to our assistance of a more permanent What ing a spares her thoumper (Amger intangible Endowment Fand richaracter lace received. 100% ani, but for the assistante ought perhaps to add that, withits of more practical importance the approval of the Court, credis comparison between the the bowal to Serrotent, the situation has been taken as a receipt in the estimate of income, and more par- awal in n. e short time leave Recent year just ended for a sum of ticularly of expenditure, put for an troguessible one. At this staze, asi gani in respect of Government ward a year ago with the actual a result of the pepitamo neittiene el subsidy and 35,000 in respect of results as now appearing.

#

was

The

the

ti t'ommission presided over is Government endowment, which estimate of expenditure for the Har Mr. Sharp, K.P ́n the fin-fare actually payable in December Year

$314,435, as against sthement value to the resete, with ajand which figure for the moment (which there has been actual ex- the heading penditure of $326.03631, or *K grant of edge sapna, stington »f which in table V under

over the estimate of was to be une ligd be prastinta o"Sundry Debtors,”

311,651.31. Such excess, which the bank ceritaft then approach

THERAPION No. 3ow and in regularising the| Buildings and Equipment.

No. 1 for Barddon Catanen, No. 2 bp Bird &

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the estimates.

and and of members of the staff re-

which before the grant was actual a pre-War basis at $200.000. If been markedly exceeded is that doned.

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An excess of 420 on pal Council Debentures at an the accounts, it is because a clear

I

is almost entirely explained by an The Hongkong Government En- examiners' fees for local examina- three Medical schools properly excess of $10.421.05 on the item dowment Fund figures at 328,000 tions, due to the decision not to separated, although they are in Įsituation in ogled reagents, leaving i Our buildings and equipment į"passages and travelling ex.and the Government annual grant accept the recommendation of the fact still served by a single, the sum of geçen avu`able as an are now free of all debt and the penses" is more than covered beat $33,233, neither of which sums recent commission, under which though separate, banking account. ndition to the endowment Farrisum they have cost us is shown the excess over estimate of fees was provided for in the original members of the University staff The total invested fund of $33,000 This grant

in table II (a-a table which it 39,746.21, together with the subsequently aug.

in-estimates. Power Station earn-would have been required to is represented by mortgages ad- is not intended to ested by an additional

reproduce increased income of $2.19265 re-ings fall short of the estimate by examine for the local examinations|ditional to those shown in our future years. stacjowo, remaining for the nemurit expended is

The total sum ceived from our sterling invest-3685, but this is more than ofset without fees. Under the beading Endowment Fund Scholarship $1,539,150.96. (as a debt due from the Government whole of thx expenditure

The meats, due entirely to the fall in by a reduction in the cost of elec-library" there is a regrettable funds are similarly shown separ- betul bearing interest as from the 1st incurred prior to the 31st August the same time of increasing our fits are also less than the estimates books and periodicals.

was exchange which has the effect at trie lighting of $310. Hostel pro-saving of $1,295 on Maintenance, lately in tables XV and XVI. January, Itet, at 6, and by the in 1920 and our capital account may passage charges. The excess over by $921.

As already-stated, the Balance The results of the OTHERS take your photos, but crease as from the same date, of the now be regarded as closed, save estimate of the item "Passages

year are Sheet is included for this year at · by our 3 years experience we flowernment subsidy from 2010 toļso far as special benefactions of and Travelling expenses" is, how fully developed in Table II, there cipated in my recent Budget Note. would only guard myself against

Of the Expenditare side, more some $30,000 better than I anti-the request of our Auditors. take yours 10 EXCELLENT | 830,900.

which the Ho Tang Workshops ever, mostly one of form. A3 is an excess over CONDITION and NATURALI

estimate of As regards 36,000 this is due to the saggestion that the Assets Fund of $100,000 is typical-may stated in my recent Budget Note, 31.138 on the salary of the Vice- the carrying over till the next there shown are available to meet, The Special Grant.

be received for the purpose. Our we decided. in view of the large Chancellor drawing salary from a accounts of the Hostel repairs; indiscriminately The manner in which the special Auditors once more draw atten-surplus available, to bring into

the liabilities. grant of $700,000 was to be ap-tion to the fact that no value has the accounts now submitted the date prior to that provided for in and there I may observe that the shown on the other side of the plied was laid down in the Govern been placed on our land and of travelling expenses of new staff $1,249 in respect of Fire Insurance the new term is such that the any such view, which would be excess of number of students entered for account. It is indeed to combat ment letter under cover of which machinery presented to it was transmitted, but the pracno allowance has been made for turning from leave which accord.is wholly due to charging the carrying forward of the sum in partially in accord with past tical effect of this application is depreciation. Our land has been ing to the more ordinary practice balance of premia anexpired on question need not upset our bud-practice, that the accounts have shown. in a form selected by our valued in the Calendar at $176.297 would have appeared in the next the 31st August, 1920, for which getary estimates. A further sum been split up into separate tables. Auditors, in table IV (a). The and the Engineering plant pre-accounts.

was taken in last year's of $4,460 is due to our receiving I have dwelt at almost need- The only other item credit deficiency account of $213.914.30, sented to us has been valued on under which the estimates have Balance Sheet-à policy now aban-jinterest on our Shanghai Munici-less length on certain aspects of ly received had been increased by to the sam so arrived at there be of Maintenance and Repair of telephones is due to the fact that earlier date than we had anticipat-financial statement is a necessary a farther sum of $11,993.40 in added the sums spent this year University buildings, where there the item is paid in sterling and that ed. The balance of the difference preliminary to say appeal to the respect of interest on the bank on the equipment of the medical has beea an expenditure of exchange has fallen. The holding can only be explained by the fact public for further assistance, and overdraft, was wiped off. A sam schools out of the capital funds $10,315.42 against the estimate of of two congregations accounts for that our accounting staff has not this purpose should be even better of $8,446.89 was applied in put-javailable for the purpose (see $4,000. A portion of this excess an excess of $794 on the item hitherto been expected to prepare served when, in the future, we by tables XII. XIII and XIV) a total is due to the putting of the Vice-Degree Day and entertainments." forecasts of the year's results have the year's accounts clearly which income accruing due was jis reached of practically one and Chancellor's house into thorough There is a saving on the item prior to the actual submission of stated free from confusion with apportioned. and brought into three quarter million dollars, repair; but the policy of consider-"Loss on tuition fees, Hongkong the accounts. The result should the past. That our past accounts, credit in former balance sheets, which may be taken 2.

theable increased expenditure on Government students of $630 be that we ought to be in a posi-although In some confusion, were A sum of $278,742.27 was cre-original value of our entire plant.Maintenance 23 Jor buildings owing to the Government having tion next year to give effect, with open to no'graver cfftici»em suf- dited to buildings and equipment That no depreciation has

been grow older is one in respect of buildings and equip-written off is justified in the first already been-submitted to,

which has undertaken to pay the full fees of out undue stress, to such modest ficiently appears from the fact- ment financed by way of bank place by the fact that we are not approved by the Court.

and such students as from the middle schemes as 1 outlined in my recent that they have merged to a baria It was of the year and of $1,875 "Straits Budget Nute.

for the present statement. The overdraft. A small sum of a trading concern and that the hoped to include in the same item and King Edward Students" owing $409.27 was credited to the ster-saleable value of our property at the recent renovation of two of to the fall in exchange.

Miscellaneous Accounts. new form of accounts should ling endowment fund, as a sim- any given moment-even assum-the Hostels, but the bills had not the heading "Teaching" there are are of a miscellaneous character; our accounting staff and should

The remaining tables submitted materially facilitate the workp. plification in accounting. There ing that that value could be ascer been received when the accounts small economies ander most items; table VI, balance en current ac-render it possible for them to be

remained A

of tained-is of no sam

practical imwere drawn up. Thousands of Ladim siwayukiop a box + 3186,493.87 which, whatever the portance; but even more import

an exception is that of salaries in count on Bist August, 1921, is transferred to, new handas; when- form adopted, was available as a fant is the fact that from the point

Increased Receipts,

the Arts Faculty (abstract) introduced for the purpose of ever necessary, without cor working balance

On the receipt ide, in addition where an increase of $3,120, is showing in future years the effect I ought not to conclude the current of view of replacement value our account, The Government sub-plant is far from having de to increased fees and the increas shown, dde to an increase in the of each year's working on our ment without some test sidy,, which had therefore been teriorated. Owing to the general ed return of our sterling invest salary of the Professor of Econo-credit balance; Table VII, Reserve the advantage we have paid in respect of the University rise in prices, and in particular ments already alluded to, the mics and to the inclusion of a for-bad and doubtful debts, is from having at our disposal- financial year and is in future, to in. building prices, there need be return of our silver Investments year's arrears of the salary of the similarly intended for the future, services of a Finance Come be paid in respect of the calendar no hesitation in extimating the has been somewhat increased by lecturer" on accounting. Under Tables VIII, IX and X call for us composed of practic year, dropped out for the Autumn replacement value of our property re-investment of some of our "miscellaneous services" "there is comment: Tables-XII, XIII and deeply interested in Term of 1920, and when the at this moment on a conservative funds at a higher rate of interest,' an excess over estimate of 3920 for XIV show the accounts of oursity's auxirs.

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