XN000022-1983-08-10 — Page 18

WEDNESDAY, AUGUST 10, 1983

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NEW BILL MAKES PAWNBROKING EASIER

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THE PROPOSED NEW LAW ON PAWNBROKING IS INTENDED TO MAKE IT EASIER FOR PAWNBROKERS AND THEIR CLIENTS TO GO ABOUT THEIR BUSINESS AND WILL NOT INVOLVE ANY SIGNIFICANT STRENGTHENING OR RELAXATION OF POLICE POWERS, THE ACTING SECRETARY FOR SECURITY, THE HON PATRICK WILLIAMSON, SAID TODAY.

SPEAKING AT THE SECOND READING OF THE PAWNBROKERS BILL 1983, MR WILLIAMSON SAID ALSO THAT TWO IMPORTANT AMENDMENTS PROPOSED BY THE HONG KONG AND KOWLOON PAWNBROKERS ASSOCIATION IN A PETITION TO THE GOVERNOR, HAD BEEN TAKEN INTO ACCOUNT.

THE FIRST PROPOSAL WAS THAT THE LOAN LIMIT SHOULD BE RAISED FROM THE EXISTING LEVEL OF $5 000 SET IN 1970, TO $50 000.

+THIS PROPOSAL HAS BEEN CAREFULLY EXAMINED BUT IT IS CONSIDERED THAT A REVISED LIMIT OF $25 000 WOULD BE MORE APPROPRIATE IN VIEW OF THE DEPRECIATION IN VALUE OF MONEY SINCE 1970 AND THE TRADITIONAL CONCEPT OF PAWNBROKING IN MAKING MODEST LOANS TO THE POORER SECTIONS OF THE COMMUNITY, HE SAID,

THE SECOND PROPOSAL WAS THAT THE RATES OF INTEREST SPECIFIED UNDER S. 13(1) SHOULD BE ABOLISHED AND BE REPLACED BY A STANDARD RATE OF THREE PER CENT PER MONTH. IN ADDITION, IT WAS PROPOSED THAT THE RATES LAID DOWN IN THE SPECIAL RATES REGULATIONS SHOULD BE REPLACED BY A STANDARD RATE OF FIVE PER CENT PER MONTH.

+THIS BILL PROVIDES FOR A MAXIMUM RATE OF INTEREST OF 3.5 PER CENT PER LUNAR MONTH FOR ALL LOANS. THIS RATE, EXPRESSED AS AN ANNUAL RATE OF INTEREST, IS LESS THAN THE 48 PER CENT PER ANNUM OVER WHICH RATES OF INTEREST ARE PRESUMED TO BE EXTORTIONATE IN THE MONEY LENDERS ORDINANCE, HE SAID.

+BECAUSE OF THE SCOPE OF THE REVISIONS, + MR WILLIAMSON ADDED. +IT IS MORE APPROPRIATE TO REPEAL THE EXISTING ORDINANCE, AND THIS IS ALSO PROPOSED.+

DEBATE ON THE BILL WAS ADJOURNED TILL OCTOBER 12.

BIRTHS INCREASE VIETNAMESE REFUGEE POPULATION

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IN THE 12 MONTHS TO JUNE 30, THERE WERE 544 BIRTHS RECORDED IN VIETNAMESE REFUGEE CENTRES, INCREASING THE REFUGEE POPULATION BY 4.3 PER CENT, THE ACTING SECRETARY FOR SECURITY, THE HON PATRICK WILLIAMSON, SAID IN THE LEGISLATIVE COUNCIL TODAY.

DURING THE PRECEDING 12 MONTHS, A TOTAL OF 406 BIRTHS WERE RECORDED IN THE CENTRES, AN INCREASE OF 3.3 PER CENT.

/MR WILLIAMSON