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and assistance from the Fisheries Co-operative. Other schools are to be opened shortly.
Control of Wholesale Marketing.
For the first time in the history of the Colony the whole- sale marketing of fish under the new system was by public auction instead of by private bidding. Any
Any person may register as a buyer provided that he can get reputable firms to guarantee him. Registered buyers are allowed forty-eight hours' credit and buyers who are not registered may bid at the auction provided they first pay a deposit. The fisherman is paid the whole amount bid for his fish, usually within an hour of the auction, less a 6% commission which is deducted to finance the Fisheries Co-operative. This 6% commission covers the cost of the collection of the fish, its transport to the market, the handling and auctioning of the fish in the market and transport to the registered buyer's place of business. reserve fund is being created to finance future projects.
Loans and Savings.
A
The fisherman could no longer turn to his wholesale dealer when in need of a loan; in July, 1946, Government lent HK$250,000 to the Fisheries Co-operative for the purpose of financing loans for the necessary repair of boats and gear during the off-season. The Fisheries Department, on behalf of the Co-operative, has underwritten this amount. Loans are available to any fishermen of good character, honesty and integrity. Up to the end of the year $150,000 had been lent and $48,000 of this had already been repaid. A small interest is charged on these loans and repayment is made gradually by means of an increase in the percentage deducted from the sale of fish. After some months deliberation, the Co-operative instituted a form of compulsory savings or, as the Chinese call it, "returnable commission", whereby an additional 2% is deducted from all sales and banked in the name of the fishermen. Twice a year, on 31st December and 30th June, these deposits may be withdrawn by the fishermen together with interest at 2%.
Extension of Co-operative System.
There still exist middlemen in the fishing community, usually known as "small laans", which organize the collection of the fish from the fishermen and sell it on their behalf in the wholesale market. The fishermen now realise that in the new system that has been adopted there is no need for the old type of fish collecting unit; they are, therefore, forming among themselves small co-operative societies to replace these small "laans" and each main fishing village has already at least one of these units. In addition to these, consumer co-operatives are being formed especially on the islands where in the past dealers' profits have been unjustifiably high; of these the most
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