THE Conservative Party has denied reports that it faces bankruptcy in the near future following the drying-up of donations from Hong Kong and British companies, and constituencies.
The Guardian newspaper said accounts due out at the party's conference next month showed a drop in personal donations from a record GBP14 million (HK$165.7 million) in the year to April 1992 to GBP3 million in the year ending April 1993.
The report comes as Prime Minister John Major embarks on a 10-day morale-boosting tour of constituencies, principally to fight off growing support for the Liberal Democrats, but also to put some impetus into fund raising.
Tory officials denied that the party was facing bankruptcy, insisting it was on course to clear its deficit by 1996. This was the target set by Sir Norman Fowler when he took over from Chris Patten as party chairman in April 1992.
