XN000022-1975-03-11 — Page 5

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MARCH 11, 1975

GOVERNOR TO ATTEND H... ANNUAL SPRING RECEPTION

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GOVERNOR, SIR MURRAY MAGLENOSE, WILL ATTEND THE ANNUAL LECEPTION TO BE GIVEN BY THE HOME AFFAIRS DEPARTMENT

RESTAURANT, CITY HALL ON MARCH 13 (THURSDAY) AFTERNOON. BOUT 600 COMMUNITY LEADERS, REPRESENTATIVES OF CITY DI: MIST COMMITTEES, AREA COMMITTEES, MUTUAL AID COMMITTEES VOLUNTARY AGENCIES AND KAIFONG ASSOCIATIONS ARE INVITED TO ATTEND.

THE RECEPTION IS AN ANNUAL FUNCTION OF THE HOME AFFAIRS DEPARTMENT TO PROMOTE THE RELATIONS BETWEEN THE DEPARTMENT AND THE PUBLIC.

THE DIRECTOR OF HOME AFFAIRS, M. E.P. HO, THE DEPUTY DIRECTOR OF HOME AFFAIRS, MR. AUGUSTINE KAM CHÚI AND OTHER SENIOR STAFF MEMBERS OF THE DEPARTMENT WILL RECEIVE THE GUESTS.

NOTE TO EDITORS

MEDIA REPRESENTATIVES ARE CORDIALLY INVITED TO COVER THE EVENT WHICH WILL BEGIN AT 5.30 P.M. ON THURSDAY.

TAX-FREE INTEREST RATE REDUCED

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AS FROM TOMORROW (MARCH 12) THE MAXIMUM RATE OF INTEREST WHICH CAN BE PAID BY LICENSED BANKS WITHOUT DEDUCTION OF INTEREST TAX WILL BE REDUCED FROM 3-1/2% TO 2-1/2 PER ANNUM.

THIS FOLLOWS FROM THE DECISION OF THE EXCHANGE BANKS* ASSOCIATION, ALREADY ANNOUNCED, TO REDUCE THE RATE OF INTEREST PAYABLE ON SAVINGS ACCOUNTS TO 2-1/2 AS FROM THE SAME DATE.

THE CHANGE ALSO MEANS THAT INTEREST TAX WILL IN FUTURE BE DEDUCTED FROM INTEREST PAYMENTS ON THE GOVERNMENT 3-1/2% REHABILITATION LOAN. HOWEVER, INTEREST PAID AT UP TO 3-1/2% PER ANNUM BY THE HONGKONG ELECTRIC CO. LTD., AND THE HONG KONG AND CHINA GAS CO. LTD. WILL CONTINUE TO DE EXEMPT FROM INTEREST TAX,

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