23
Copy.
Honourable Colonial Secretary.
I reported to the Directors of the Hong Kong Travel
Association the decision come to and conveyed to the Hong
Kong General Chamber of Commerce in your letter of the 24th
December.
I informed them that you were prepared to reconsider the question next year but that at present the Government
adhered to the dollar for dollar basis.
I have been instructed by my Board to address you
again on the subject and to stress that without some assurance
that the Government contribution will exceed the dollar for
dollar basis they feel unable to carry on or to sanction anything
but routine expenditure.
I will detail the present financial position:-
On 30th June, 1938, the "Reserve Fund" amounted to
$50,116.57.
For the six months ending 31st December, 1938, expenditure was $14,859.56. the largest item being for Madame Thorbecke's publication "Hong Kong". On the receipt side Subscriptions have totalled $2,680. - there were refunds of $1225.71, Sales $150.67, and interest $162.49. a total of $4,218.87. - and the deficit or excess of expenditure over income during the six months was $10,640.69. Many subscriptions are, however, paid after the New Year and we expect further receipts of
Subscriptions
Government
Interest
$5250
Grant 7930 (2680 + 5250)
Sales (perhaps)
420
425
$14,025
Current expenditure for the next six months is estimated to amount to $6,200 and there are special non-recurrent expenses to which we are already committed amounting to a further $3,800 making a total of $10,000. The "Reserve Fund" will therefore