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Tuesday, September 4, 1973
"It is time we in Hong Kong began to question ours, "he said.
"Surely we are all concerned with the need to improve the quality of life,
to set ourselves sensible goals concerned with the needs of living rather
than the preservation of appearances.'
Referring to the credit unions movement in Hong Kong, Mr. Cater
said it had broken ground in two ways. Members were mainly wage earners
and the unions basically lend not for 'productive' but for 'provident'
purposes
——
a method of anticipating savings and then making those savings
virtually compulsory by earmarking them as the service of a loan.
There were now 50 credit unions with a total membership of
8,200 while share capital was over $2 million. Loans granted since the
inception of the credit union movement totalled $8 million.
Mr. Cater believed that the credit unions movement could identify
itself with the Mutual Aid Committee scheme, as they were both prompted
by similar motives and considerations.
He felt certain that in these neighbourhood associations they
would find the potential for new membership and a wider interest in
their activities.
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