FRIDAY, AUGUST 22, 1975
TUNG CHUNG CO-OP SOCIETY SETS EXAMPLE
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THE ACTING DIRECTOR OF AGRICULTURE AND FISHERIES
MR. J.M. RIDDELL-SWAN, TODAY CITED THE SUCCESS OF THE TUNG CHUNG AGRICULTURAL PRODUCTS MARKETING AND CREDIT CO-OPERATIVE SOCIETY AS AN EXAMPLE OF HOW MUCH A CO-OPERATIVE SOCIETY COULD ACHIEVE.
SPEAKING AT THE OPENING OF THE NEWLY RE-CONSTRUCTED PREMISES OF THAT SOCIETY ON LANTAO ISLAND, MR. RIDDELL-SWAN SAID THE SUCCESS OF THE TUNG CHUNG SOCIETY WAS WHOLLY DUE TO THE HARD WORK OF ITS MEMBERS WHO GAVE WHOLE-HEARTED SUPPORT TO THE SOCIETY.
HE NOTED THAT WHEN THE SOCIETY FIRST STARTED ITS MARKETING OPERATIONS IN 1965, THE AMOUNT OF VEGETABLES HANDLED WAS EXTREMELY SMALL AND FACILITIES AVAILABLE TO MEMBERS WERE VERY LIMITED,
BUT AFTER THE FIRST FEW DIFFICULT YEARS, THE SOCIETY HAD GONE FROM STRENGTH TO STRENGTH AND BUSINESS STEADILY IMPROVED. TO ILLUSTRATE HOW MUCH THE SOCIETY HAD DEVELOPED, MR. RIDDELL-SWAN SAID THE AMOUNT OF VEGETABLES SOLD THROUGH THE SOCIETY HAD RISEN FROM 2,500 PICULS IN 1965 TO 6,600 PICULS IN 1974.
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IN TERMS OF VALUE, THIS REPRESENTED AN INCREASE IN ANNUAL TURNOVER FROM $65,000 IN 1965 TO $474,000 LAST YEAR A SEVEN-FOLD INCREASE.
MR. RIDDELL-SWAN ALSO POINTED OUT THAT GOOD MANAGEMENT HAD ENABLED THE SOCIETY'S RESERVE FUNDS TO GROW FROM $2,700 TO $43,000 OVER THE YEARS AND IT WAS DUE TO THIS SOUND FINANCIAL POSITION THAT THE SOCIETY HAD BEEN ABLE TO EMBARK ON THE RE-CONSTRUCTION AND EXTENSION OF THE PREMISES.
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