1924-02-26 — Page 7

UNIVERSITY FINANCES.

Sir William Brunyate's Final Report.

GENERAL SITUATION NOT UNSOUND.

THE HONGKONG TELEGRAPH. TUESDAY, FEBRUARY

WORLD THEATRE.

**THE BROADWAY MADONNA”. Many a good wife has been compelled to pausa in her domestic duties and ask herself. whether she could carry out the dictates of her husband regardless of the consequences. It is, with ;; this that "The Broadway ✰ times yesterday at the World Theatre, deals in vividly dramatic

Sir William Brunyate has issued his final report as Vice-Madonna, shown for the first; Chancellor of the University of Hongkong on the Finance of that institution. It is a lengthy document containing numerous abstracts of expenditure and income, being preceded by the following re- marks-

trust funds, and it

sequences.

happened that our Professor of most satisfactory course if we Surgery was on leave, during a could arrange for such work to be carried our fat our expense) as portion of the year.

The final result is an income of part of the programme of repairs $363,429,49. as against an estimate of Government buildings. Such of $367,975. This excludes, of an arrangement unfortunately course, the income on our trust proved impassible by reason of funds held for specific purposes, the great pressure of work from which amounts to some £55,000,

EXPENDITURE

which the Public Works Depart- ment is at present suffering. but we were fortunate enough to be able to come to an arrangement

the

She Lied-

She Cheated-

She Loved-

She Schemed-

She Laughed-

She Paid-She

Gave all to :do

the Bidding of

1924

WHO? Powell

Illed the griet hand-

the

did the maxido whea

fell spen hun?------

Whe

did the dark rECTOR come out..and hope dawa xezin?

Wheret

did the husband tura

her Husband! when the game was

Was She Wicked?

Was She Good?

up?

did the wife yield to

the husband's W why did she cheat colaire and berzzy?

Was She Justified? SEE IT ALL IN THE

See it & Find out!

Final Show To-Day

GREAT MYSTERY DRAMA

W

THE

BROADWAY MADONNA

There is nothing mawkishly sentimental or preachy aboutį For this, adequate

The Broadway Madonna." # The year under review has, realized. been one of considerable anxiety provision has now been made and is straight-forward, virito drama. a profit will be budgetted for in It rips aside the curtains that as to our invp-tments-e anxiety which is not yet at an end. The 1924 The item of House Rent hide the fast set of New York large balance of nur silver invest-figures at $1.041,93, against an and shows in gripping scenes the ment fund uninvested when the estimate of $1,800.00. The iteralife that flourishes in those gilded Budget was prepared, together is in fact, no more than a matter Broadway palaces where men with a portion of our current of account between our general and women count not the toll balances, was, in fact, invested unds and the Surgical and they pay in the final reckoning. at a rate of interest higher than Medical that estimated for, and, in that, respect. the situation was favourable. It happened in this connection, however, that one of the investments selected that of the Chinese Reorganization Loan of 1913 bearing interest at 5 per ceat, on the nominal amount of the security but a higher rate on the purchase price,-pays interest on the 1st January and the 1st

Had the above facts stood alone, July, and, as it was intentionally bought ex coupon, this involved it is clear that financialstringency with our architects themselves, the nominal loss of half a year's would have been an insuperable ander which they undertake al interst in 1923 (approximately far to any policy of constructive permanent running survey of our

supervise and $5,700 in amount the situation reform during the year under building

review. It happened, however. necessary repairs, vory advant- being correspondingly streng thened on the 1st January, 1924, that during the second half of the ageous to us. Under this arrange- when a second coupon became year, in particular, we were de- ment. Lugard Hall, the Vice- immediately payable. At the cidedly short of staff, no fewer Chancellor's Lodge and three end of April the Government paithan five members of the staff staff houses have already been off its outstanding lility of having vacated their posts during dealt with, typhoon damage to $300,000 to the endowment and the first half of the year, and the the extent of some $1.000 has made good and оле at four days notice with interest ungrudging belp of the remainder been

minor works hava to date, only. We had bad general of the staff, coupled with the abor two

Of all of which notice that an early payment was once of third-year classes during bean carried out. likely and were already looking the autumn term la result of the the natural result appears in where repairs out for other investments. The change in the academic year in Abstract "E".

maintenance of building Finance Committee felt, however. 1991) enabled us to leave four and that in view of the inflated land of the posts in question vacant have cost $21,164.51. against an The estimate of $6,000 only. I fear values the ruling in Hongkong. until the end of the year.

A saving on vacant that this must be looked upon us | investment on local mortgages result was might involve serious risk, and posts of $15,578, to which must be a more or less normal figure in mortgages in Shanghai proved so added a saving of $7,053 on part-the future, though, if absolutely difficult to find that none of the time lecturers (some half of which necessary. average figure money was in fact invested until was foreseen and was available might perhaps be kept as low as

M. Briand's speech at Carcas. the month of August, the bulk of for unforeseen expenses): a sav-$15,000; our architects advise a it remaining uninvested until ing of $2,500 on the superannua- larger expenditure for the year sone may be regarded as opening the electoral campaign. M. December. On May 4th, we receiv- tion provision for the year: and 1924

No item of expenditure other Briand appealed to all Democrats ed from our Hon. Treasurer. the saving of $1,839 in respect of Hon. Sir Paul Chater, C.M.G..the difference between sterling than those already referred to and socialists to unite against the the Governmental bloc. He declared a very considerable benefacand dollar pay of members of the shows. an excess tion of $250,000, and this also staff on leave a total of $27.602.estimate which calls for any com-such a union would bring victory

a sufficient remained wholly

proportionment in this connection. Apart to the ex-Premier and M. Painleve uninvested And

He made a these until December. Had not the of

was from the items referred to in my simultaneously. >ipht sufficiently early detailed accounts later, the total similar appeal at Annecy. Hongkong and Shanghai Bankingin

Evidently the Left parties mesa Corporation allowed us some con- for the Council and Finance of such excesses is some $1,200 cession as to the rate of interest Committee to feel it unnecessary spread over some twenty different to fight the elections on the plat-of a share broker here and later paid on these moneys while into wait until the end of the year items, and is more than offset by form of international solutions to decide upon such measures as the corresponding minor econo- current account (some 34;.on the average. as against the would appear to be justified by mics. situation would have been ever. the additional income rendered the Chatet more serious. As it may be said available by that apart from the nominal Benefaction. deficiency on the Chinese Re- organization Lean we secured

the estimated

economies

be

the

over

RESULT OF YEAR'S WORKING.

to make good arrears of con-

f

at the WORLD

FRENCH ELECTION

CAMPAIGN..

Ex-Premier's Programme.

Paris. Feb. 25.

THEATRE

Des Vœux Road Central'

DEATH OF Mr. W. G, WORCESTER.

PASSES AWAY IN ENGLAND.

Colony

News reached the yesterday of the death at Home! of Mr. W. G. Worcester, eldest son of the late Captain Worcester. who was for many years com- motore of the P. und O. fleet. After serving with the P. and O. Company's staff in London | and Hongkong, the late Mr. Worcester took un the business

transferred to Shanghai. Some

few

years ago, he contracted sprue and it was from this com- plaint that he passed away in England on the 20th instant.

The late Mr. Worcester was of most cheery and genial dis~ position and both he and his wife! sister of Mrs. W. E. Clarke, of Taipo) were prominent members of the Hongkong A. D. C., their work in connection with which will long be.remembered. Be- sides a wife and two children, who are at present in England, the deceased gentleman leaves a mother, who resides in Hankow! with her youngest son, who is in the service of the Chinese Customs. For all who are be-i reaved by Mr. Worcester's de- mise so early in life, the utmost sympathy of numerous friends, will be felt.

In the result, the year's working! Of these measures the nosteluses with an appirent deficit of

retirement important was undoubtedly the $1,546.15. Th income on our comprehensive revision of salary members of the staft, who, had silver investments, with a balance scales, to which allusion was they remained with us. would of $8,800 representing interest on made in my recent Congregation have been entitled to contribute The total additional to the superannuation fund and the Chater Benefaction. At the address. same time cur sterling invest-burden for salaries and superan ments produced $1.365 more than nuation in 1924 will be some tributions in respect of past year. the estimate, owing to a reduction $5,000, with a maximum additionas, however, the effect of setting in the rate of income-tax and to each year of $5,500 a year in re-free from the superannuation!

spect of automatic increments reserve furd (which is a reserve to favourable exchange.

Our other principal sources of and an absolute maximum in-

meet our own contingent liabilit-I income which are a matter of crease of $62,000 a year over the es under this head) a sum of $1,468.24; and although this sum estimate Tuition Fees and Profit 1922. budgetary figures, to on Hostels-proved to have been reached in 1936, and on the as- cannot properly be brought into over-estimated. the former by sumption that no senior members the income and expenditure ac- nearly $9,000 and the latter by of the staff retire. only. The count in respect of the year, it goes to wipe outthe apparent deficitaad nearly $4,000. As regards tuition amount may seem large, but our fees. approximately the same entry experience in attempting to increase our current balances. of new students in 1923 as in 1929 the posts at present vacant shews The result is that our current was assumed, overlooking the fact that the scheme has not erred on balance of $40,000.26 is increased that, owing to the change in the the side of extravagance. The to $42,012.35; giving, after the through the League of Nations as beginning of the academic year. scheme takes full effect from the transfer to the reserve in respect opposed to the doctrine of force. the 1922 entry drew on the output 1st January, 1924, only, but its of advances made on behalf of The Left leaders declare that M. of the schools for 18 months. The application to a portion of the Government of the sum of $2,500, Poincare's policy of military

In the final of the men's singles number of students increased, and sta in 1923 cost $2,509, with an a final balance of $40,422.35, being pressure has failed. and new has increased again in 1924, but additional superannuation charge an increase of $422 as compared methods and new mer are requirindoor lawn tennis tournament, A of $250. Under this head should with the sination at the 31sted, and their policy of close, the Spanish player Manuel Alonso As already cordial inter-Allied co-operation, beat Tilden, 6-4, 1-6, 6-1, 3-6 and regards the profit on hostels, I am also be mentioned the sum of December, 1922.

with extended use of the League 6-4 Tilden was erratic through- afraid that a lower figure must be $3.000 shewn in obstract "A" as stated, our real situation is permanently accepted. The price the salary of an Acting Registrar further strengthened by the carry of Nations as in international of food has definitely risen: but during the absence of the Re-ing over to the 1st January of disputes, will bring France the half a year's interest on our reparations and security she has CTED more important perhaps-gistrar on leave.

holding in the Chinese Reor hitherto failed to obtain.-Reuter.

not to the extent assumed.

ganisation Loan.

ا موسم

M. Briand.

NO AIR SUBSIDY FOR COLONIES.

did

we appear to have adopted a Pending the coming into force higher standard of what I may of the scheme as a whole, the

CONCLUSION. call seemliness of living and i do purpose to which the balance of not think we should be well ad- the available moneys could best

My anxieties as to the general vised to attempt to go back on this. be devoted appeared to the Fin situation (which, on the whole, is ance Committed to be the main-not unsound) can best be dealt

London, February 25. The excess over estimate on

of our buildings, for

In the House of Commons, University Examination Fees and tenance

with-and will be illustrated by on Matriculation and Local Ex. which it will be remembered 1 amination Fees is in each case base consistently recommended my Budget Note for 1924, replying to Mr. Ropner, Mr. which, I regret to say, has, mainly Hamsay Macdonald said the

Government at present misleading unless the correspond-such provision as appeared posowing to the late return of the ing receipts (which depend on the sible. The first credit authorised Registrar from leave, still to be not intend to subsidise the air

transport companies number of examinees) are taken on generul economies was one into account. The net cost of for an extension of our chemical

As the present statement of Colonies, or make grants to our University Examinations is, laboratories, which had become in fact, less than the estimate unduly cramped, and the con-accounts is the last that I shall Colonial Governments towards

Reuter. I cannot conclude without renew-| that ofthe Matriculation and Local sequential transfer of the physics have the honour of submitting, the support of Colonial air lines. Examinations is greater than the and biology laboratories. The ed recognition of the great obliga- estimate and is dealt with later. work was in large part carried out tion I am under to the Registrar Book store profite-unprovided for by our own staff and cost $4,520

When

submitted.

and to every member of his staff.

in the

A MEXICAN BATTLE.

Vera Cruz, February 25. General Lopez has defeated

TILDEN BEATEN.

Spaniard's Brilliant Play.

Buffalo, Feb. 25.

T. Tikler,

in the Eadget-figure at $1,493. as against a lowest outside tender Every call I have roade upon the Chater them during the last three years They might have been placed of $5,000. higher, but, as stated last year, I. Benefaction became available, the has been cheerfully met: no in- the revolutionary command at out, especially at the net, where regard it as essential to make question of the buildings as a novation has been resented even Paso del Macho. The rebels are he frequently netted seemingly

whole came up for considers- provision for the fact that our stock in hand is valued in our tion and our architects advised at the stage at which it has been reported to have lost a hundred easy chances. Alonso covered. imperfectly understood; and I and fifty killed and wounded. the court sensationally, and drove stock taking at its selling price, that, for current repairs, could wish the University no Three chiefs were captured, and brilliantly, his back-hand play

it would probably

being unbeatable--Reuter's Ame to bringing in profits yet to be

body of more loyal or more executed after a court martial (efficient servants,

Beuter's American Service.

ican Service

ปริ

the be

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HONGKONO.

Now, is the winter of the Pipe Smoker's content. As the Government will not reduce the Duty on Tobacco, we have reduced our prices for the following Brands:

Skippers

Pinnace Navy Cut

$1.29

$1.20

B.D.V. Mixture

$1.39

Cordangan

$1.50

Boardmans, Chairman Recorder,

John Cotton," Barneys, Parson's

Pleasure, Punch Bowl, Army Mix-

tire all to

$1.50

Ardath

$1.49

Vafiadis Egyptian

Cigarettes

reduced to non plus ultra

$1.60

La France

$1,40

Danies

$1.40

Superfines

$1.50

THE HONGKONG CIGAR STORE, LTD,

Alexandra Building,