2
1
2.
On the advice of the Cotton Advisory Board, the swing provisions will be exercised in two phases as follows -
(a) Phase I
With immediate effect, individual quota holders will be permitted to increase temporarily their allocation in any of the four categories by transferring in, either from their own quota holdings in another category, or from other firms' quota holdings by mutual arrangements, quantities not exceeding 10% of their busic 1968/69 holdings in that category.
(b) Phase II (commencing on or about 1st February 1969)
(i) The percentage limit of 10% will be removed.
(ii) Quota holders will be permitted to increase
their quota holdings in a particular category, on a first-come-first-served basis, up to the 1968/69 maximum export level for the category concerned. In the first instance, applications received by a pre-announced date will be
considered together and approved on a pro-rata basis when necessary.
(iii) The scheme will be thrown open to companies
which do not hold quota in the categories concerned, subject to their being able to provide the necessary yardage.
A separate notice will be issued in advance of the commencement of Phase II.
Enquiries
3.
The necessary application forms for swing and swing transfers may be obtained from the Department's Textile Licensing Office, Fire Brigade Building, 2nd floor, Hong Kong. Should you require further information on this subject please contact any of the following officers:-
Mr. Peter Y.F. Lo
Assistant Trade Officer
Tel. H-247317
Industry Assistant
Mr. Raymond M.F. Lai
J
Tel. H-247315
፡
Miss E. Yue
Licensing Officer
(Swing and Transfer)
Tel. H-445678
PYFL/LMS/JCR/yl
Yours faithfully,
(P.Y.F. Lo)
for Director of Commerce & Industry-
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