XN000022-1985-05-01 — Page 42

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WEDNESDAY, MAY 1, 1985

HE RECALLED THAT THE PREVIOUS SYSTEM HAD BEEN EXTENDED TO ALLOW LETTERS B TO BE USED IN ALL LAND RELATED TRANSACTIONS IN THE NEW TERRITORIES AND THAT IN ADDITION IT HAD BEEN AGREED THAT THE OPTION TO PAY IN LETTERS B WOULD BE AVAILABLE FOR FOUR SITES IN THE URBAN AREA. IT WAS HOPED THAT ON THIS BASIS ALMOST ALL OF THE OUTSTANDING LETTERS B COULD BE REDEEMED WITHIN A FEW YEARS.

HE EMPHASISED THAT THE USE OF LETTERS B FOR LAND TRANSACTIONS IN THE NEW TERRITORIES WOULD CONTINUE BUT THAT THERE COULD BE NO QUESTION OF FURTHER EXTENDING THE SYSTEM IN THE URBAN AREA.

+ IF DEVELOPERS DID NOT TAKE THE OPPORTUNITIES NOW BEING OFFERED ON HONG KONG ISLAND OR IN KOWLOON THE REDEMPTION PERIOD FOR LETTERS B WOULD AT LEAST BE EIGHT TO TEN YEARS, HE ADDED.

ACCORD REACHED WITH SWEDEN ON BED LINEN ****

THE TRADE DEPARTMENT ANNOUNCED TODAY (WEDNESDAY) THAT THE GOVERNMENTS OF SWEDEN AND HONG KONG HAD CONCLUDED AN AGREEMENT ON QUOTA RESTRAINT IN RESPECT OF EXPORT OF BED LINEN (GROUP 13) FROM HONG KONG TO SWEDEN.

THE RESTRAINT PERIOD COVERED UNDER THE AGREEMENT WILL BE FROM SEPTEMBER 1, 1984 TO AUGUST 31, 1987.

FOLLOWING THE AGREEMENT AND ON THE ADVICE OF THE TEXTILES ADVISORY BOARD, THE DEPARTMENT HAS DECIDED ON THE PRINCIPLES OF QUOTA ALLOCATION AND CONTROL ARRANGEMENTS FOR EXPORT OF BED LINEN TO SWEDEN DURING THE 1984/85 RESTRAINT PERIOD.

DETAILS OF THE ARRANGEMENTS ARE PUBLISHED IN A NOTICE TO EXPORTERS.

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