XN000022-1979-07-03 — Page 3

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TUESDAY, JULY 3, 1979

IN HIS MESSAGE OF CONDOLENCE, THE CHIEF SECRETARY, SIR JACK CATER, SAID: +JOHN SLIMMING WAS RESPECTED, LIKED AND TRUSTED BY ALL HIS COLLEAGUES IN THE CIVIL SERVICE, AND HIS DEATH IS A SHOCK TO US ALL. HIS RAPID PROMOTION TO BE DIRECTOR OF HIS DEPARTMENT IS A TRIBUTE TO HIS QUALITIES, ENTHUSIASM AND HARD WORK. JOHN SLIMMING SET A FINE EXAMPLE IN HIS DEDICATION TO THE JOE IN HAND AND HIS PROFESSIONAL APPROACH TO HIS WORK. I WILL SADLY MISS HIS SOUND ADVICE AND JUDGEMENT. PEGGY AND I WILL MISS THIS DEAR FRIEND OF MANY YEARS STANDING: WE SEND OUR SYMPATHY AND CONDOLENCES TO LUCY AND TO JOHN'S FAMILY.+

THE SECRETARY FOR INFORMATION, MR. DAVID FORD, SAID I AM

+ SHOCKED AND SADDENED BY THE TRAGIC NEWS OF JOHN SLIMMING'S DEATH. AS A CLOSE FRIEND AND COLLEAGUE, I HAVE COME TO KNOW AND RESPECT HIS QUALITIES OVER THE YEARS. JOHN WAS TOTALLY COMMITTED PROFESSIONALLY TO THE WORK OF HIS DEPARTMENT AND ALL OF US IN THE INFORMATION WORLD WILL SADLY MOURN THE LOSS OF THIS MAN WHO CONTRIBUTED SO MUCH TO HONG KONG. MY HEARTFELT CONDOLENCES GO TO HIS DEVOTED WIFE, LUCY, WHO HAS GIVEN HIM SO MUCH SUPPORT AND COMFORT.+

BANKING STATISTICS AND MONEY SUPPLY FOR MAY

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THE MAY 1979 MONEY SUPPLY STATISTICS ARE PUBLISHED TODAY (TUESDAY), WITH THE MONTHLY FIGURES FOR BANKS AND FOR DEPOSIT-TAKING COMPANIES. THE GROWTH RATE OF THE MONEY SUPPLY IS STILL SLOWING DOWN, AND THERE IS ALSO SOME SLOWING DOWN APPARENT IN THE GROWTH RATE OF BANK LOANS AND ADVANCES.

THE MAY FIGURES ARE THE FIRST ONES TO REFLECT THE EXCHANGE FUND (AMENDMENT) ORDINANCE 1979.

MONEY SUPPLY

THE MONEY SUPPLY ON BOTH DEFINITIONS ROSE ONLY SLIGHTLY IN MAY. M1 (NOTES AND COIN IN CIRCULATION OUTSIDE THE BANKS AND DEMAND DEPOSITS AT LICENSED BANKS) ROSE BY $82 MILLION (0.4 PER CENT) TO $23,437 MILLION, WHICH WAS 27.7 PER CENT ABOVE THE LEVEL AT THE END OF MAY 1978.

/THIS SEEMINGLY