SOURCES OF FINANCE FOR CONSERVATION

Abstract

The rapid urban developments and commercialism, however, call for an equally rapid and intense awareness of the need to preserve some of our worthy historical and architectural monuments or "landmarks" before they are irretrievably removed through the onslaught of the hammer or bulldozer. Under the economic pressure for development and redevelopment and with the lack of economic incentives for conservation, one of the major problems of conservation is financing, for adequate funds are always either lacking or insufficient. The government of both the U.K. and Singapore, are committed to the financial support for conservation. Grants and loans from the governments in both countries represent an important source of public finance for conservation. The other important source of finance is the private finance. Grants from charitable foundations, trusts, associations, societies though not important individually, are collectively an important contribution to the success of conservation and preservation policies. In local context, it is found that the onus of repairs and maintenance has fallen on the owner or occupier of a building designated for preservation and that the Board is there to help out, mainly by lending its advice or prestige only. The reason given by the Board is that the government grant to the Board for development project is very minimal, and that when owners are encouraged or compelled to do the repairs and maintenance themselves, they will pay more attention to the upkeep of the building. Case studies on five of the gazetted monuments are incorporated in this dissertation. They show that religious buildings are usually self-supporting. The finance mainly comes from their staunch devotees and the general public. In conclusion, it is recommended that there must be a greater positive financial commitment by the government. Incentives, in term of improvement grant, tax concession, joint venture between the government and private bodies, must be established to encourage private investment to retain and improve the environment. Last but not least, the government can help to create public awareness for conservation so as to gain their moral and financial support.