WEDNESDAY, MAY 3, 1989
TRAVEL RESERVE FUND BUILDING UP STEADILY
*
THE
FUND
A
HAS BULWARK
SLOWLY
BUT
AGAINST EXPECT
RESERVE INDUSTRY TRAVEL
COUNCIL
STEADILY BUILT
RESOURCES TO FORM UP ITS EVENTUALITIES, AND THE OUTBOUND TOUR INDUSTRY OF HONG KONG CAN
FOR TRAVELLERS AND TOUR OPERATORS A BRIGHTER AND HEALTHIER FUTURE
ALIKE.
HENRIETTA IP, CHAIRMAN OF THE REMARK WAS MADE BY DR THE HON
IN THE LEGISLATIVE COUNCIL THE ADVISORY COMMITTEE ON TRAVEL AGENTS, TODAY (WEDNESDAY) WHEN TABLING THE REPORT ON THE ADMINISTRATION OF THE TRAVEL AGENTS' RESERVE FUND FOR THE PERIOD APRIL 1, 1987 TO MARCH 1988.
31,
SET UP IN TRAVEL AGENTS THE OUTBOUND TOUR
INDUSTRY COUNCIL RESERVE DR IP SAID THE NON-STATUTORY TRAVEL FUND, WHICH REPLACED THE TRAVEL AGENTS' RESERVE FUND, WAS JULY 1988 AS PART OF THE MEASURES INTRODUCED UNDER THE (AMENDMENT) ORDINANCE TOWARDS SELF-REGULATION FOR INDUSTRY OF HONG KONG.
A
FINANCIAL RESOURCES FOR THE FUND CAME FROM THE COLLECTION OF
FAR ONE PER CENT LEVY ON ALL OUTBOUND TOUR FARES, AND THE FUND HAD SO COLLECTED $19.4 MILLION.
BEARING
COLLAPSE, ITS CENT OF THE
IN THE UNHAPPY EVENT THAT A TRAVEL AGENT SHOULD CLIENTS MIGHT CLAIM COMPENSATION FROM THE FUND, UP TO 70 PER
THEIR FARE RECEIPTS TOUR FARES PAID, ON PRODUCTION OF TRAVEL INDUSTRY COUNCIL ONE PER CENT LEVY FRANKING MARK.
"AS FOR THE TRAVEL AGENTS' RESERVE FUND, IT WILL
AS SOON AS OUTSTANDING CLAIMS ARE SETTLED.
EX-GRATIA
BE ABOLISHED
PAYMENT
COMES
"AT PRESENT THE BULK OF FROM FORMER CLIENTS OF AUSTRAVEL CO. LTD. AND P.C. TRAVEL SERVICE LTD. WHICH WERE CLOSED IN JANUARY 1987,
FOR CLAIMS
rr
DR IP EXPLAINED,
FROM APPLICATIONS
THESE APPLICANTS,
WHILE PAYMENT
WITH BUT
APPROXIMATELY THE REST CHOSE TO BY EFFECTED PAYMENT
SINCE MARCH LAST YEAR, 3,149
RECEIVED. OF HAD BEEN CLIENTS TWO-THIRDS OPTED FOR 70 PER CENT
AMOUNT
CLAIMED THE FULL RECEIVE INSTALMENTS WITHIN A PERIOD OF THREE YEARS.
ACCORDING TO DR IP, PAYMENT COMMENCED IN AND WERE CONTINUING. THE TOTAL AMOUNT INVOLVED $12 MILLION.
THESE FORMER
WAS ESTIMATED
SEPTEMBER LAST YEAR BE
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