XN000022-1985-06-11 — Page 8

TUESDAY, JUNE 11, 1985

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B) THE NEW PERCENTAGE WILL APPLY TO INDIVIDUAL CATEGORIES

AT OR TO GROUPS AVERAGING THREE OR FOUR CATEGORIES. PRESENT ALL GARMENT CATEGORIES ARE IN ONE GROUP AND ALL NON-GARMENT CATEGORIES IN ANOTHER, FOR EXAMPLE, THE USA PREVIOUSLY HAD ONLY TWO GROUPS - NOW IT WILL HAVE 15.

(C) THE REVISED RULES WILL BE APPLIED ON AN ANNUAL BASIS,

INSTEAD OF TWO-YEARLY AS AT PRESENT.

(D)

TEMPORARY TRANSFERS-OUT WILL BE CALCULATED ON A GROSS BASIS. TEMPORARY TRANSFERS-IN OF QUOTA WILL NO LONGER BE ALLOWED TO BE OFFSET AGAINST TRANSFERS-OUT.

IN ORDER TO GIVE SUFFICIENT NOTICE TO THE TRADE. THE REVISED RULES WILL BE INTRODUCED AT THE START OF THE 1986 TEXTILES YEAR. DATES OF INTRODUCTION FOR VARIOUS RESTRAINED MARKETS ARE AS FOLLOWS:

USA, CANADA, EEC AND FINLAND

AUSTRIA

JANUARY 1, 1986

FEBRUARY 1, 1986

NORWAY

SWEDEN

JULY 1, 1986

SEPTEMBER 1, 1986

THE REVISION HAS BEEN MADE AFTER CAREFUL CONSIDERATION OF THE MANY COMMENTS AND SUGGESTIONS MADE IN RESPONSE TO A CONSULTATIVE PAPER ISSUED BY THE TRADE DEPARTMENT IN DECEMBER 1984, SAID THE SPOKESMAN. THE ADVICE OF THE TEXTILES ADVISORY BOARD HAD ALSO BEEN SOUGHT.

*THE REVISED RULES AIM TO CURB EXCESSES OF QUOTA TRANSFERS WHILE AT THE SAME TIME RETAINING THE FLEXIBILITY GENUINELY NEEDED BY THE TRADE IN THE USE OF QUOTA,+ HE SAID.

A NOTICE TO EXPORTERS, ANNOUNCING DETAILS OF THE REVISED RULES TO THE TRADE IS BEING ISSUED.

BUSINESS AS USUAL

***

THE REGISTRAR GENERAL, AS THE INSURANCE AUTHORITY, SAID TODAY (TUESDAY) THAT OTB ASSURANCE LIMITED, WHOSE MAJOR SHAREHOLDER IS THE OVERSEAS TRUST BANK LIMITED (48%) WHICH HAS NOW BEEN TAKEN OVER BY GOVERNMENT, IS CONTINUING WITH ITS BUSINESS IN THE NORMAL WAY.

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