C.!.
1. Gov. Conf.
53653/39
2
13.4.39
39
(Suggests acceptée. of full responsibility be maintenance of the Ascoen as rom 1/1/40
provision in 1940 estimates
(not excuding $50,000)
of
am
The Hong Kong Travel Association was set
up as a result of the 1935 Trade Depression report (see chapter 13 of enclosure 1 and enclosure 4 to 4 on 53604/35). The original arrangement was that the funds of the Association should be provided by public subscription with a grant from the Government on a dollar for dollar basis up to a maximum of
$25,000.
This was the arrangement for 1935.
From
1936 to 1938, however, provision was made in the estimates up to a maximum of $15,000, and the same
amount has been included in the 1939 estimates.
But the sums forthcoming from public
They
subscription have been most disappointing. began at $16,000 for the first year of the Travel Association's existence, and have since dwindled
to $8,000, the amount expected for this year.
Nevertheless the Association managed to create a
reserve fund which at the end of June 1938, amounted
to $50,000.
It is, however, quite clear that this
reserve fund, which at the end of this month will
be reduced to $43,500, must at the present rate
dwindle ever more rapidly until the Association is
leit with nothing to carry on, and for this reason
the Association approached the Hong Kong Govern-
ment with the suggestion that its maintenance
should