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INDUSTRY AND TRADE
With high interest rates and restrictions on domestic borrowing persisting in both Europe and USA, Hong Kong's most important markets, it is not surprising that buyers in these markets are looking increasingly to their Hong Kong suppliers for assistance with the extension of credit.
The average premium charged by the corporation on all policies works out at under 50 cents per $100 of invoice value, i.e. less than one half of one per cent. More and more traders are realising that this small sacrifice of profit is a worthwhile investment to protect the accounts receivable which are a vital component of the assets side of any exporter's balance_sheet.
The value of credit insurance is well illustrated by the fact that the corporation has paid claims since its inception involving buyers in 16 different countries including countries as far apart and different in their economies as Zanzibar and Sweden, Japan and the Dominican Republic.
In June the corporation was admitted to membership of the Berne Union, an international association of credit insurance organisations covering 18 different countries.
Hong Kong Productivity Council
The rapid industrialisation which has taken place in Hong Kong during the past 20 years has brought with it an increasing need to improve the utilisation of all industrial resources, particularly that of manpower. Following intensive study by industry and Government, the Hong Kong Productivity Council was established by statute in January 1967. The council comprises the Director of Commerce and Industry as chairman and 20 members, all appointed by the Governor, of whom 10 members represent management, labour, academic and professional interests. The other 10 members represent government departments closely associated with produc- tivity matters.
The council's terms of reference are wide ranging and are aimed at promoting by all means possible increased productivity of industry in Hong Kong. To achieve this, the council works in close co-operation with other organisations active in this field, in particular with the Hong Kong Management Association, the