TUESDAY, SEPTEMBER 27, 1988
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DAF UNVEILS VMO'S FIRST BANKING SERVICES
THE DIRECTOR OF AGRICULTURE AND FISHERIES, DR LAWRENCE LEE, TODAY (TUESDAY) OPENED A "NEW CHAPTER" IN THE 42-YEAR HISTORY OF THE VEGETABLE MARKETING ORGANISATION (VMO) BY UNVEILING THE FIRST BANKING SERVICES FOR ITS MARKET TRADERS.
THE BANKING SERVICES WOULD BE OPERATED BY THE HONG KONG CHINESE BANK AT ITS NEWEST BRANCH OFFICE BUILT ON A SITE WITHIN THE CHEUNG SHA WAN WHOLESALE VEGETABLE MARKET ALLOCATED BY THE VMO.
SPEAKING AT THE OPENING OF THE NEW BANK, DR LEE SAID THAT "UNPRECEDENTED MOVE" WAS VERY DESIRABLE AND WOULD FURTHER IMPROVE EFFICIENCY OF THE VMO MARKET.
THE CHEUNG SHA WAN WHOLESALE VEGETABLE MARKET IS ONE OF MAJOR VEGETABLE MARKETS IN HONG KONG AND ITS BUSINESS TURNOVER CONTINUED TO INCREASE.
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THE VOLUME OF VEGETABLE MARKETED THROUGH THIS MARKET IN 1986/87 WAS 175,000 TONNES, VALUED AT ABOUT 405 MILLION DOLLARS. IN 1987/88, THE THROUGHPUT INCREASED то 180,000 TONNES WITH A TOTAL VALUE OF 500 MILLION DOLLARS, REPRESENTING OVER 40 PERCENT OF THE LOCAL CONSUMPTION.
"AS THE ACCOUNTS FOR TRANSACTIONS OF THE MARKET INVOLVE GREAT. AMOUNTS, IT IS DESIRABLE TO HAVE EXPERTISE TO HANDLE THE MONEY AND ACCOUNTING PROCEDURES," DR LEE SAID.
"IN ORDER TO MEET THE BUSINESS EXPANSION OF THE MARKET AND THE NEEDS OF MARKET TRADERS, THE VMO HAS THEREFORE ALLOCATED A SITE WITHIN THE MARKET FOR THE PROVISION OF A FULL RANGE OF COMPUTERISED BANKING SERVICES."
IN RECOGNITION OF THE CONTRIBUTIONS BY THE HONG KONG CHINESE BANK, DR LEE SAID: "THIS IS NOT ONLY AN EFFORT OF YOUR BANK TO EXPAND ITS BUSINESS, BUT ALSO A NEW CHAPTER IN THE WHOLESALE MARKETING OPERATIONS OF THE FISH AND VEGETABLE MARKETING ORGANISATION.'
THE VMO WAS ESTABLISHED IN 1946 TO PROVIDE REGULAR AND EFFICIENT MARKETING SERVICE TO LOCAL FARMERS IN ORDER TO ASSIST THEM IN RESUMING PRODUCTION AFTER THE SECOND WORLD WAR.
THE ORGANISATION FIRST SET UP A WHOLESALE MARKET AT YAU MA TEI. AS BUSINESS GREW, SPACE BECAME INSUFFICIENT. A LARGER MARKET WAS SUBSEQUENTLY BUILT IN 1965 AT THE PRESENT CHEUNG SHA WAN SITE ΤΟ PROVIDE A BETTER VEGETABLE MARKETING SERVICE.
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