If the service number is from 1949 then surely this bag wouldn’t be anything to do with transporting RAF personnel to the Far East.

For information only, HMS Vengeance was refitted from August 1951 as a troop ship, departing Glasgow on 21/1/1952 with aircraft and men for Singapore. In June 1952, after refitting (again) as an aircraft transport, it left Portsmouth carrying aircraft to…Malta.
http://www.hms-vengeance.co.uk/vengitin2.htm