XN000022-1974-12-31 — Page 4

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TUESDAY, DECEMBER 31, 1974

TRAFFIC ARRANGEMENTS IN CHUK YUEN AREA

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NEW TRAFFIC ARRANGEMENTS WILL BE INTRODUCED IN CHUK YUEN AREA, KOWLOON, THIS WEEK IN CONNECTION WITH THE OPENING OF THE SOUTHBOUND CARRIAGEWAY OF PO KONG VILLAGE ROAD BETWEEN FUNG TAK ROAD AND LUNG CHEUNG ROAD.

FROM 12 NOON ON THURSDAY (JANUARY 2), TRAFFIC ON PO KONG VILLAGE ROAD HEADING SOUTH WILL BE ABLE TO PROCEED ONWARD BEYOND ITS JUNCTION WITH FUNG TAK ROAD INTO THE NEW SOUTHBOUND CARRIAGEWAY, AND TRAFFIC FROM FUNG TAK ROAD WILL ALSO BE ALLOWED TO TURN RIGHT INTO THE NEW CARRIAGEWAY.

MOTORISTS TRAVELLING ALONG PO KONG VILLAGE ROAD WISHING TO TURN INTO LUNG CHEUNG ROAD EASTBOUND MAY DO SO BY WAY OF THE EASTBOUND SLIP ROAD ONLY, WHILE THOSE WISHING TO GO WESTBOUND MAY TURN RIGHT VIA THE WESTBOUND SLIP ROAD,

HOWEVER, EASTBOUND TRAFFIC ALONG LUNG CHEUNG ROAD WILL NOT BE PERMITTED TO TURN INTO THE PO KONG VILLAGE ROAD WESTBOUND SLIP ROAD, WHILE WESTBOUND TRAFFIC WILL BE PROHIBITED FROM TURNING RIGHT INTO THE EASTBOUND SLIP ROAD.

THERE WILL BE NO RIGHT TURN FOR TRAFFIC FROM SHATIN PASS ROAD INTO LUNG CHEUNG ROAD.

APPROPRIATE TRAFFIC SIGNS WILL BE POSTED TO GUIDE MOTORISTS.

UPPER LIMIT ON ANNUAL INTEREST RATE

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A RESOLUTION WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL NEXT WEDNESDAY (JANUARY 8) TO REDUCE FROM FIVE PER CENT TO FOUR AND A HALF PER CENT THE UPPER LIMIT ON THE ANNUAL RATE OF INTEREST WHICH CAN BE PAID BY BANKS FREE OF INTEREST TAX.

THE EXECUTIVE COUNCIL APPROVED THE INTRODUCTION OF THE MEASURE AT ITS MEETING LAST WEEK.

THE PROPOSED REDUCTION WILL FOLLOW A SIMILAR REDUCTION IN THE RATE OF INTEREST PAID ON SAVINGS ACCOUNTS, WHICH WILL BECOME EFFECTIVE FROM TOMORROW (JANUARY 1). THE LOWERING OF THE INTEREST ON SAVINGS ACCOUNTS WAS ANNOUNCED BY THE EXCHANGE BANKS' ASSOCIATION ON DECEMBER 13.

INTEREST PAID ON THESE ACCOUNTS WILL REMAIN FREE OF TAX.

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