XN000022-1979-07-01 — Page 4

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SUNDAY, JULY 1, 1979

$86 MILLION LOW-INTEREST LOANS

GRANTED TO FISHERMEN

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THE AGRICULTURE AND FISHERIES DEPARTMENT HAS SINCE 1946, GRANTED MORE THAN $86 MILLION IN LOW-INTEREST LOANS TO FISHERMEN TO HELP THEM IMPROVE THEIR FISHING OPERATIONS.

THE FINANCIAL ASSISTANCE ENABLED FISHERMEN TO BUILD NEW VESSELS, OBTAIN MODERN EQUIPMENT AND DEVELOP MORE SOPHISTICATED PRODUCTIVE TECHNIQUES.

EXPLAINING THIS, A SPOKESMAN FOR THE CREDIT SECTION SAID TODAY (SUNDAY) THAT THE DEPARTMENT ADMINISTERS FOUR LOAN FUNDS TO HELP FISHERMEN ——— THE FISH MARKETING ORGANISATION LOAN FUND, THE FISHERIES DEVELOPMENT LOAN FUND, THE WORLD REFUGEE YEAR LOAN FUND, AND THE CO-OPERATIVE FÖR AMERICAN RELIEF EVERYWHERE LOAN FUND.

THE COMBINED CAPITAL OF THESE FUNDS AT PRESENT AMOUNTS TO $14 MILLION. ON AVERAGE, SOME 200 APPLICATIONS ARE RECEIVED EACH YEAR, MOSTLY UNDER THE FISH MARKETING ORGANISATION LOAN FUND.

APART FROM THE LOANS, THE SPOKESMAN CONTINUED, THE DEPARTMENT ALSO PROVIDES FISHERMEN WITH TECHNICAL ADVICE ON BUILDING AND DESIGNING MODERN VESSELS, OPERATION OF NEW EQUIPMENT, INSTALLATION OF MACHINERY, BUSINESS MANAGEMENT AND ADVANCED FISHING TECHNIQUES.

+THROUGH THESE VARIOUS FORMS OF ASSISTANCE, THE STANDARD OF HONG KONG'S FISHING INDUSTRY IS CONTINUOUSLY BEING UPGRADED,+ HE SAID.

THE SPOKESMAN SAID THERE IS NO FIXED LIMIT TO THE MAXIMUM AMOUNT OF A LOAN OR IN THE LENGTH OF PERIOD OF PAYMENT.

THE AMOUNT OF LOANS ISSUED HAS BEEN INCREASING AS A RESULT OF INCREASED COST AND A GROWING TENDENCY TO BUILD LARGER VESSELS WITH BIGGER ENGINE POWER.

LAST YEAR, 149 LOANS, TOTALLING $7 MILLION, WERE APPROVED. THE AVERAGE LOAN WAS ABOUT C47,000, COMPARED WITH $29,000 IN 1977.

THE BIGGEST SINGLE LOAN GRANTED WAS $1.3 MILLION FOR THE CONSTRUCTION OF A PAIR OF MODERN TRAWLERS, THE SPOKESMAN SAID.

REPAYMENT FOR SMALL LOANS IS MADE WITHIN THREE YEARS BUT REPAYMENT OF BIGGER LOANS USUALLY STRETCHES FROM 10 TO 15 YEARS AND CAN BE EXTENDED IF NECESSARY.

INTEREST VARIES FROM THREE PER CENT TO SIX PER CENT PER ANNUM, REPAYMENT IS NORMALLY MADE BY DEDUCTIONS OF 15 PER CENT TO 20 PER CENT OF THE PROCEEDS OF SALE OF CATCHES BY THE FORROWER, THE SPOKESMAN EXPLAINED.

THE AGRICULTURE