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In other words, at the present moment the lives of nearly 100,000 people in Hong Kong are benefited by involvement with the co-operative movement.
The credit union movement is younger having come into legal existence only 10 years ago. Nevertheless there are at present 55 credit unions with some 10,500 members drawn from associational, employment and residential linkages. The credit union concept seeks to establish agencies for thrift and personal credit, to channel members' savings into productive and useful undertakings and to provide a source of credit to members in time of need.
The Government recognises and acknowledges the benefits accruing from men.bership of either the co-operative or the credit union movement. It also notes with interest the several suggestions put forward by Mr. So as to how these movements may, perhaps, play an expanded role in our way of life. I look forward to further discussions with my honourable friend therefore but would sound a note of caution regarding the practicality of certain of his proposals.
With these few remarks, Sir, I support the motion.