2
THURSDAY, JUNE 4, 1981
OTHER PROJECTS TAKING PLACE ON THE ISLAND INCLUDE A WELFARE BUILDING AT CHEUNG CHING ESTATE TO BE COMPLETED BY 1982/83- A CATTLE QUARANTINE DEPOT AT THE SOUTH-EASTERN CORNER OF TSING YI DUE TO BE READY IN 1986- AND A BRIDGE TO THE NORTH OF THE PRESENT BRIDGE WHERE WORK WILL START IN 1983 AND BE COMPLETED IN THREE YEARS.
MONEY SUPPLY AND FINANCIAL STATISTICS FOR APRIL
*****
THE MONEY SUPPLY AND FINANCIAL STATISTICS FOR APRIL ARE PUBLISHED TODAY.
J
THEY SHOW A MARKED FALL, PARTLY ON SEASONAL GROUNDS IN THE QUARTERLY GROWTH RATES OF THE MONEY SUPPLY ON ALL DEFINITIONS AND OF TOTAL CREDIT TO THE ECONOMY.
BOTH THE MONEY SUPPLY (M3) AND TOTAL LOANS AND ADVANCES IN HONG KONG GREW IN APRIL BY MUCH LESS THAN IN MARCH, AND BOTH MEASURES SHOWED THE SMALLEST MONTHLY INCREASES FOR ́ABOUT A YEAR,
THERE WAS AN INFLOW OF FUNDS INTO THE HONG KONG MONETARY SECTOR DURING THE MONTH, POSSIBLY FOR STOCK MARKET INVESTMENT. THE DETAILED FIGURES FOR APRIL, AND COMPARISONS WITH PREVIOUS MONTHS, ARE SET OUT IN THE FOLLOWING TABLE.
AS THE FINANCIAL SECRETARY POINTED OUT IN PARAGRAPH 32 OF HIS BUDGET SPEECH, OUR MONETARY STATISTICS DO NOT YET PROVIDE A BASIS FOR REALLY MEANINGFUL ECONOMIC ANALYSIS. THE GOVERNMENT IS STILL, NOT IN A POSITION TO PUBLISH ON A REGULAR BASIS THE STATISTICS WHICH ARE NOW BEING COLLECTED UNDER THE MONETARY STATISTICS ORDINANCE.
MONEY SUPPLY
THE MONEY SUPPLY ON THE NARROWEST DEFINITION, M1 (NOTES AND COIN WITH THE PUBLIC, PLUS DEMAND DEPOSITS, OTHER THAN FROM BANKS AND DEPOSIT-TAKING COMPANIES, WITH LICENSED BANKS) FELL BY 3.0 PER CENT DURING APRIL, AFTER RISING BY 0.6 PER CENT IN MARCH, WITH THE FALL REFLECTING A REDUCTION OF 5.1 PER CENT IN DEMAND DEPOSITS WITH BANKS.
M2 (M1 PLUS SAVINGS AND TIME DEPOSITS, OTHER THAN FROM BANKS AND DTCS, WITH LICENSED BANKS) INCREASED BY 0.3 PER CENT IN APRIL, AFTER A 1.2 PER CENT RISE IN MARCH.
M3 (M2 PLUS PUBLIC DEPOSITS WITH DEPOSIT-TAKING COMPANIES) INCREASED BY 0.6 PER CENT IN APRIL, DOWN FROM AN INCREASE OF 1.3 PER CENT IN MARCH,
/IN THE