3
507
3
+
The
should be made a charge upon the Colony's general
revenues, on the analogy of municipal undertakings
of a similar character in the U.K. Best Colonial
Government at first refused, but after discussion
with the unofficial members of the Leg. Co. the
whole matter has been reviewed.
As it is clear that the Travel Association
cannot carry on on its present basis, the Governor
seeks approval for the acceptance of it as a
Government liability.
The cost of maintaining it
is estimated to amount to $50,000 annually, and
authority is sought for the inclusion of this sum
(as a maximum) in the 1940 estimates. For the
remainder of the current year the Association could
draw on its reserves, any balance of which would
revert to general revenues on the assumption of
full responsibility by the Government on the 1st
January, 1940.
I should have thought that the Travel
Association would have been rather an expensive
luxury in these conditions. Surplus funds, now
standing at about 131 millions, and estimated to
be just under 13 millions at the end of this year,
are well under half a year's revenue. But in
view of the fact that Hong Kong revenues are at
the moment flourishing (though this is presumably
more or less temporary), and that the project
has the support of the unofficial members of the
Leg. Co. ? we may approve the Colonial Government
accepting full responsibility for the maintenance of
the Association, and the inclusion in the 1940
estimates