XN000022-1990-07-18 — Page 20

WEDNESDAY, JULY 18, 1990

18

rt

"ALL THESE, I AM CONFIDENT, WILL BE CRITICALLY EXAMINED IN REVIEW, SHE SAID.

THE

FOR THE TRAVEL AGENTS' RESERVE FUND, DR IP SAID VIRTUALLY THE 2,300 FORMER CLIENTS OF THE DEFUNCT AUSTRAVEL COMPANY LIMITED P.C. TRAVEL SERVICE LTD, WHO HAD OPTED FOR A ONE-OFF 70 PER PAYMENT OF AMOUNT CLAIMED HAD BEEN PAID.

FOR THOSE 800-ODD FORMER CLIENTS WHO OPTED FOR 100 PER PAYMENT, DR IP SAID THE THIRD AND FINAL INSTALMENT WAS EXPECTED TO PAID BY THE END OF THE YEAR.

ALL

AND

CENT

CENT

BE

IN ALL, $10 MILLION HAD BEEN PAID TO FORMER CLIENTS AND IT

DEFUNCT HOPED THAT OUTSTANDING CLAIMS ON THE TWO

AGENCIES SETTLED BY THE END OF THIS YEAR, SHE SAID.

WAS

COULD

BE

THE TRAVEL INDUSTRY COUNCIL RESERVE FUND, A BODY CORPORATE FORMED WITH A VIEW TO REPLACING THE TRAVEL AGENTS RESERVE FUND, HAD CONTINUED TO PROVIDE A SAFETY NET FOR OUTBOUND TRAVELLERS, DR IP SAID.

A HEALTHY

BY CHARGING A ONE PER CENT LEVY ON TOUR PACKAGES, RESERVE WAS GRADUALLY BEING BUILT UP, STANDING AT $33 MILLION AT PRESENT, SHE SAID,

SINCE THE

DR IP NOTED THAT ONY A FEW TRAVEL AGENTS HAD FAILED INTRODUCTION OF SELF-REGULATION INCURRING LIMITED LIABLILITY ON THE

FUND.

SHE SAID BY NOW TRAVELLERS WERE AWARE OF THE SIGNIFICANCE OF RECEIVING RECEIPTS FOR THEIR TOURS BEARING THE ONE PER CENT FRANKING MACHINE MARK.

WITH SUCH RECEIPTS, THEY WERE ABLE TO CLAIM UP TO 70 PER CENT OF THEIR LOSS SHOULD THE TRAVEL AGENT FAIL, DR IP ADDED.

COST-EFFICIENCY IN PUBLIC FUNDS MANAGEMENT STRESSED * * * *

THE NEED FOR COST-EFFICIENCY IN THE MANAGEMENT OF PUBLIC

BEEN

THE AMBITIOUS

GREATER, GIVEN

FUNDS

HAS NEVER

PROGRAMMES OF MAJOR INFRASTRUCTURAL IMPROVEMENT OUTLINED BY THE GOVERNMENT, AND THE EXPANSION PLANNED FOR THE TERTIARY EDUCATION.

(PAC), THE HON

THE CHAIRMAN OF THE PUBLIC ACCOUNTS COMMITTEE PETER POON, SAID THIS TODAY (WEDNESDAY) WHEN TABLING PAC REPORT NO. 15 IN THE LEGISLATIVE COUNCIL.

PROFLIGACY

MR POON SAID IT WAS NOW WIDELY UNDERSTOOD AND ACCEPTED LEVELS OF GOVERNMENT THAT THERE WAS NO ROOM FOR PUBLIC PURSE.

BY ALL WITH

THE

/HE SAID

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