10
FRIDAY, MARCH 8, 1985
+THIS WILL NOT, HOWEVER, AFFECT HIS RIGHTS UNDER THE BANKRUPTCY AND THE COMPANIES ORDINANCES TO PREFERENTIAL PAYMENTS IN RESPECT OF OTHER DEBTS SUCH AS WAGES IN LIEU OF NOTICE, SEVERANCE PAYMENT AND ACCRUED HOLIDAY REMUNERATION. +
MR BRIDGE SAID HE EXPECTED MORE THAN 10 000 CLAIMS FOR
PAYMENT FROM THE FUND WOULD BE RECEIVED EACH YEAR.
AS A SAFEGUARD AGAINST ABUSE, HE ADDED, APPLICATIONS WOULD HAVE TO BE MADE IN A PRESCRIBED FORM SUPPORT BY A STATUTORY DECLARATION AND EMPLOYERS WOULD BE REQUIRED TO PRODUCE WAGES AND EMPLOYMENT RECORDS.
+WAGE CLAIMS WILL BE INVESTIGATED AND EMPLOYERS AND EMPLOYEES WILL BE REQUIRED TO ATTEND TO ANSWER QUESTIONS,+ HE SAID.
THE FUND IS FINANCED BY AN ANNUAL LEVY OF $100 ON ALL BUSINESS REGISTRATION CERTIFICATES AND IS EXPECTED TO HAVE AN INCOME OF ABOUT $35 MILLION IN ITS FIRST YEAR.
TO HELP THE PUBLIC UNDERSTAND THE WORKING OF THE FUND, A GUIDE, IN BOTH CHINESE AND ENGLISH, HAS BEEN PREPARED BY THE LABOUR DEPARTMENT AND IS AVAILABLE FREE OF CHARGE AT THE OFFICES OF THE LABOUR RELATIONS SERVICE.
MR BRIDGE ADDED HE HAD NO DOUBT THAT THE BILL WOULD BE WELCOMED BOTH BY WORKERS WHO WOULD BENEFIT AND BY THE PUBLIC
IN GENERAL.
MONETARY STATISTICS FOR JANUARY 1985
*****
HONG KONG DOLLAR DEPOSITS CONTINUED TO GROW ALBEIT AT A LESS RAPID RATE IN JANUARY, ACCORDING TO MONETARY STATISTICS PUBLISHED TODAY. FOREIGN CURRENCY DEPOSITS SHOWED VIRTUALLY NO CHANGE IN THE MONTH AFTER HAVING REGISTERED A SUBSTANTIAL INCREASE IN THE PREVIOUS MONTH. REFLECTING THESE CHANGES, BOTH THE HONG KONG DOLLAR COMPONENTS OF THE MONEY SUPPLY AND THE TOTAL MONEY SUPPLY SHOWED SOME INCREASE DURING THE MONTH.
DEMAND FOR LOANS CONTINUED TO BE SLACK. LOANS TO FINANCE VISIBLE TRADE FELL FURTHER BUT OTHER LOANS FOR USE IN HONG KONG RECORDED SOME INCREASE.
/DEPOSITS