Morning, staff.
Lunch in National City Bank: MacKay host. Discussed the question of using the endowment fund of China Foundation 【中華教育文化基金董事會]. Hu Shih 【胡適] produced a memo, citing the instances when proposals for spending the capital funds were rejected. Y. C. Mei 【梅貽琦] objected to using the endowment, but offered to spend part of Tsing Hua income for aid to colleges in Taiwan. P. H. Ho 【霍寶樹] pointed out that if the endowment should be reduced below one million, the income would be less than sufficient to pay running expenses. MacKay thought the Board could add to the endowment but could not take away from it. I was alone to advocate using the capital. I held that the needs at present were too great and that an endowment of one million was too small to be worth maintaining. Furthermore, the political future was too uncertain. I made no impression on the committee, therefore adjourned it, to meet again after Hu Shih’s 【胡適] return.
No meeting of the First Committee because of lack of a speaker. Vyshinsky may speak on Wednesday. Rumors aplenty, that V. was negotiating with the U.S.A. Latter issued a denial.
Listened to McCarthy over radio; and Stevenson. Both not honest.