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THURSDAY, SEPTEMBER 4, 1986
* NEW APPLICANTS LIVING IN HONG KONG SHOULD MAKE THEIR
APPLICATION IN THE FORM OF A STATUTORY DECLARATION WHICH WOULD INCORPORATE AN EXTRACT FROM SECTION 4 OF THE HONG KONG WAR MEMORIAL FUND ORDINANCE SETTING OUT THE OBJECTS OF THE FUND AND WHATEVER INCOME THRESHOLD THE COMMITTEE MAY SET FOR A MAINTENANCE GRANT. THE APPLICANT WOULD NOT BE REQUIRED TO STATE DETAILS OF HIS INCOME:
* NEW APPLICANTS LIVING OVERSEAS SHOULD, AS BEFORE, BE
REQUIRED TO STATE DETAILS OF THEIR INCOME AND HAVE THEIR CIRCUMSTANCES ASSESSED BY A SOCIAL WORKER. THIS WAS BECAUSE THEIR STATUS DIFFERED FROM LOCAL APPLICANTS WHO WOULD EITHER BE KNOWN TO OR WHOSE SITUATION COULD BE VERIFIED BY THE COMMITTEE ; AND
* THE FUND SHOULD CONTINUE TO BE ADMINISTERED BY A COMMITTEE
APPOINTED BY THE GOVERNOR,
MONETARY STATISTICS FOR JULY RELEASED
* * * *
BOTH HONG KONG DOLLAR AND FOREIGN CURRENCY DEPOSITS GREW IN JULY, ACCORDING TO STATISTICS PUBLISHED BY THE MONETARY AFFAIRS BRANCH TODAY. THE GROWTH RATE OF FOREIGN CURRENCY DEPOSITS REMAINED HIGHER THAN THAT OF HONG KONG DOLLAR DEPOSITS.
HONG KONG DOLLAR M1 (THE NARROWEST DEFINITION OF MONEY SUPPLY) DECREASED, DUE TO A FALL IN DEMAND DEPOSITS. HONG KONG DOLLAR M2 AND M3, ON THE OTHER HAND, BOTH INCREASED.
LOANS AND ADVANCES CONTINUED TO GROW IN JULY. LOANS TO FINANCE TRADE INCREASED FASTER THAN IN THE PREVIOUS MONTH. LOANS FOR USE IN HONG KONG ALSO CONTINUED TO INCREASE.
THE COMPARISONS WITH THE MONTH OF APRIL 1986 ARE DISTORTED BY THE UNUSUALLY HIGH LEVELS OF DEMAND DEPOSITS AND LOANS AT THE END OF APRIL CAUSED BY THE SUBSCRIPTION FOR SHARES OF CATHAY PACIFIC AT THAT TIME.
DEPOSITS
IN JULY, HONG KONG DOLLAR DEMAND DEPOSITS DECREASED BY 2.5 PER CENT AND SAVINGS DEPOSITS BY 0.3 PER CENT, BUT TIME DEPOSITS INCREASED BY 3.0 PER CENT. TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 1.1 PER CENT AFTER AN INCREASE OF 1.0 PER CENT LAST MONTH. OVER THE YEAR, THEY GREW BY 8.5 PER CENT.
/FOREIGN CURRENCY