18th May. Ti: sub-committee of the Jubilee Celebration Committee ore bound to report Mr. Campbell's scheme to the ratepayers, but even if it assumes in their hands more much-needed definiteness, we doubt if it will commend itself to public approval at the imminent ratepayers' meeting. Something much more tangible than a "grant" to be frittered away on certain undesignated public institutions is required if the fact that Shanghai has completed fifty years of existence is to be commemorated, and the public will, we are sure, be glad to get some fuller particulars of the scheme that came second in the estimat tion of the Committee on Monday last.
Yhe present annual appropriations from the municipal funds for educational institutions are shai Pul bile School Orphanage or in all Ts. 8,000. It is generally understood that the Public School grant is to be a permanent annual grant, but should the circumstances of the Settlement entirely change, there is nothing to bind future Councils either legally or morally to continue the grant, farther than to carry out avy contracts which may from time to time be made. he grant to the French Orphanage was made from a feeling that the ratepayers ought to do something to assist those who were taking off the streets the waifs and strays of the settlement; it is only to a certain.extent an educational grant, and is really now a purely charitable contribution. When it was first given there was no similar institution in the Anglo-American settlement, but such an institution has been established on this side of the Yavg-king-pang to which a sum of lls. 1,500 a year is now given, If the Public School is made what its supporters hope it will become, there will be no need to subsidise either of these as educational institutions, but they will no doubt continue to receive the present measure of support as charities, As to the contribution to St. School, it was given in a sudden rush of sentiment evoked by a very able speech, but it is not likely that it will he renewed. As it may he assumed that the ratepayers will, however, continue to spend the same amount as at present on education, the sum of 'I's. 5,500 a year is practically at the disposal of the Public School.
The estimated cost of providing a suitable Public School is 'I'ls, 60,000, and the public need not fear that this is a random estimate which will be largely exceeded when it comes to working plans. It is not intended to put up a new central police station, for instance. This 'I'ls. 60,000 is made up of Ts, 40,000 for land and 'I'ls, 20,000 for buildings. 'I'he site would be that at present partly occupied by the school, where there is ample room, hea frontage on the Honan Road, " large southern frontage ov one of the widest streets in the settlement, and an eastern frontage on the passage west of the Presbyterian Mission Press. If special debentures were issued to buy this property,—the buildings on which would give a large supply of materials—and the land vested in trustees as collateral security for the redemption of the debentures, the money could be obtained at 5 per cent., requiring 'I'ls. 3,000 a year for interest. 'I'he amount of the Public School grant spent in rent is now 'I's, 1,600 a year. If then this rent were added to the amount already mentioned as available, there would be practically enough to continue the present grant for working expenses and to pay interest on the debentures. 'I'he rent and the sum mentioned would amount to 'I'ls. 7,100, and the grant and interest together would be 'I's. 7,000. If the need for a school disappeared, the sale of the land and buildings would in all probability provide more than sufficient funds to meet the debentures; for the price mentioned for the site is not the speculative value, but the fair current value of the property.
By thus concentrating the annual grants, a school would be established which would be a credit to the Settlement and a memorial of the Jubilee, without any additional present pecuruary cost to the ratepayers, who would only be called upon to guarantee the interest on the debentures. It is quite probable that the expense of maintaining the school would be increased. So
Text read from the printed page and cleaned; old type leaves the occasional error.