XN000022-1985-10-26 — Page 11

SATURDAY, OCTOBER 26, 1985

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CREDIT UNIONISTS JOIN IN CELEBRATION

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CREDIT UNIONISTS GATHERED TODAY TO CELEBRATE THE 1985 INTERNATIONAL CREDIT UNION DAY AND TO RENEW THEIR COMMITMENTS TO THE MOVEMENT.

THE DIRECTOR OF AGRICULTURE AND FISHERIES, DR JOHN RIDDELL-SWAN, IN HIS CAPACITY AS THE REGISTRAR OF CREDIT UNIONS, SAID THAT THE CREDIT UNION CONCEPT SOUGHT TO ESTABLISH A MECHANISM TO FOSTER THRIFT, CHANNEL SAVINGS TO PRODUCTIVE AND USEFUL UNDERTAKINGS AND TO PROVIDE A SOURCE OF PERSONAL CREDIT IN TIMES OF NEED.

IN HONG KONG THE MOVEMENT STARTED ABOUT 21 YEARS AGO AND THE FIRST CREDIT UNION WAS ESTABLISHED IN 1964.

+SINCE THEN, THE MOVEMENT HAS GROWN, HE SAID.

+THE NUMBER OF CREDIT UNIONS NOW IS 66 WITH A MEMBERSHIP OF OVER 21 000 AND A SHARE CAPITAL OF MORE THAN $37 MILLION. +

HE NOTED THAT MEMBERS' FUNDS HAD BEEN, AND STILL BEING, PUT TO GOOD USE AND DURING THE PAST YEAR, LOANS TOTALLING $80 MILLION WERE GRANTED TO MEMBERS.

UNDER THE CREDIT UNIONS ORDINANCE, THE REGISTRAR OF CREDIT UNIONS HAD VESTED IN HIM POWERS AND DUTIES IN REGARD TO THE REGISTRATION OF CREDIT UNIONS AND THEIR BY-LAWS, THE EXAMINATION OF ACCOUNTS AND GENERAL SUPERVISION.

+THE SUCCESS OF THE CREDIT UNION MOVEMENT IN HONG KONG IS DUE LARGELY TO THE ENTHUSIASTIC SUPPORT OF THE MEMBERS AT LARGE, TO THE DEDICATED EFFORTS OF THE VOLUNTEER WORKERS WHO SERVE ON THE BOARDS AND COMMITTEES OF THE MOVEMENT AND TO THE CONTINUING EDUCATIONAL AND ADVISORY SERVICES PROVIDED BY THE CREDIT UNION LEAGUE OF HONG KONG, DR RIDDELL-SWAN SAID.

HE WAS CONFIDENT THAT THE MOVEMENT WOULD CONTINUE TO GROW FROM STRENGTH TO STRENGTH.

+BUT MEMBERS AND CREDIT UNION LEADERS SHOULD NOT BE TOO COMPLACENT WITH THE IR PRESENT SUCCESS.

+THEY SHOULD LEARN FROM EXPERIENCE AND THE SUCCESSES AND FAILURES OF OTHERS AND USE THESE TO ENSURE EVEN GREATER SUCCESS IN THE FUTURE, HE ADDED.

DR RIDDELL-SWAN LATER PRESENTED TROPHIES AND PRIZES TO WINNERS OF VARIOUS SPORTING COMPETITIONS HELD IN CONNECTION WITH THIS YEAR'S INTERNATIONAL CREDIT UNION DAY.

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