3.
The quantity of Hong Kong dollars held in various parts of China is very considerable and in Macao alone it is estimated in some quarters that there may be as much as HK$40,000,000. Discussions have taken place with the Portuguese Authorities regarding the possibility of arranging for the repatriation of a proportion of the notes.
Local Fisheries:
An advance of $150,000.00 was made to the local fishing industry (see C. in C. telegram 1224 of the 22nd September 1945) of which $50,000 was used to provide working capital and the rest as a loan to enable masters of junks to buy tackle and provisions for essential voyages. It became necessary to authorise a further advance of $50,000.00 on the 12th October to provide additional working capital for the industry. The advances have been justified by the fact that between the 5th October, when the market opened, and the 16th of that month 3,073 piculs of fish were sold. This has resulted in a fall in price particularly in salt fish. It is true that the figure is not high compared with the 1935 average of 40,000 piculs a month but only about 1/6th of the pre-war Junk Trawlers have survived the occupation. The scheme is being operated on a co-operative basis under the direction of Professor Herklots of the Hong Kong University, and the intention is that the profits should be used for the benefit of the industry. All fish received is sold by auction to the retailers thus eliminating the "lans" who used to absorb a large percentage of the profit. Most of the retailers are not at present in a position to pay in cash for their fish at the time of purchase and they can usually only pay twenty-four hours in arrear. Hence some working capital was necessary to enable the fishermen to be paid immediately so that the fishing fleet could put to sea again without delay. The Co-operative Society is financed by means of a commission of 6% charged on all wholesale auctions of fish and it is expected that the Society will be in a position to repay the advance made from Government funds for working capital within a few months.
Vegetables from
New Territories:
A scheme for the marketing of vegetables from the New Territories on co-operative lines is also under consideration, and it is hoped will, in tine, produce a plentiful supply of vegetables at a reasonable cost. Before the war the producers only got a small percentage of the profits of sale, the bulk being absorbed by the middle man.
Public Utility
Companies:
The Electricity Companies felt that they could not in fairness to their shareholders agree to operate at a loss which would almost certainly be necessary in the early stages, if the declared policy of the Administration of keeping down the cost of living was to be pursued. Coal supplies were very precarious and prices were very high. There were also certain other uncertain factors.
is
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To start the power stations functioning again it was and still necessary to loan them R.A.F. personnel. The Military Administration has no desire to take over the operation of these companies completely but as it is essential that they should be kept in operation, it has started negotiations with both concerns on the following lines: -
(a) The Administration should for a period of six months (with option of renewal) meet their operating costs, and receive all earnings.
() That the companies should continue to operate under their
board of directors, but under the general direction of the Military Administration, and
(0)/
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