2.
24
be reduced by the end of June 1939 to $43,500.
The policy of the Association has been conservative from the outset with a view to building up a small endowment fund and while there is no magic figure there was some feeling of well being when it touched the figure of $50,000 and a definite feeling of retrogression when it is seen that this figure cannot be maintained.
Subscriptions for the first year were $16,041, for the second $12,205 and for the third $10,625. For this year we do not expect to exceed $8,000. We receive small sums from sales of our guide etc., and from interest on our Reserve Fund, but it must be obvious that the Association cannot face the future if the contribution from Government is to be reduced in the same way as Subscriptions from the public have fallen off. An income of $16,000 which is all we can expect on a dollar for dollar basis is so inadequate that the Directors feel that it would be better now to arrange to close down our activities altogether.
I would again invite your attention to the Third Interim Report of the Economic Commission and the Report of the Committee appointed to consider the formation of a Travel Association, which endorsed the view of the Economic Commission.
This report
was published as Sessional Paper No. 4/1935. These were the
views of prominent business men. Mr. J. Gordon Mackie was an enthusiastic supporter and the P. &. O. and associated companies have always contributed $1000. p. a. I think they would continue to support us, no matter what contribution Government made.
I venture to submit that the claim of the Association to fuller support has never been put before the Secretary of State for the Colonies. In his Confidential Despatch of the 26th July, 1935, (copy attached), the Secretary of State placed a damper on our activities at the very beginning and no reply was ever sent. AS a result, even as early as 14th August 1935 I had to report a wave of pessimism as having passed over the Board of Directors,