XN000022-1985-10-31 — Page 3

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THURSDAY, OCTOBER 31, 1985

HE SAID THAT MANY EXISTING KEEPERS OF PIGS AND CHICKENS MIGHT WELL NOT BE ABLE TO MEET THE NEW REQUIREMENTS. THE INTENTION WAS TO GIVE THEM LENGTHY NOTICE OF THE STARTING DATE FOR ENFORCEMENT SO THAT THEY WOULD HAVE AMPLE TIME TO ASSESS THE IMPLICATIONS OF THE CONTROLS OR TO SEEK ADVICE ON THEM OR EVEN TO PLAN ALTERNATIVE ACTIVITIES.

+WE ACKNOWLEDGE ALSO THAT MANY WILL CLAIM, WITH REASON, THAT IT WAS THE GOVERNMENT IN THE 1950'S WHICH PROMOTED AND EVEN ASSISTED THE EXPANSION OF PIG-KEEPING, AND WE ACCEPT THAT THERE MAY BE A NEED TO OFFER SOME SORT OF COMPENSATION TO SUCH PEOPLE.

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+BUT WE CANNOT CLOSE OUR EYES TO THE FACT THAT TIMES HAVE CHANGED - AND CONTINUE TO CHANGE AND THE REASONS WHY IT MADE GOOD SENSE TO ENCOURAGE LIVESTOCK FARMING 30 YEARS AGO DO NOT HAVE THE SAME FORCE TODAY. GOOD ALTERNATIVE SOURCES OF FOOD SUPPLY ARE READILY AVAILABLE NOW AND FOR THE FORESEEABLE FUTURE.

MOREOVER THE NEW TERRITORIES IS A VASTLY DIFFERENT PLACE FROM WHAT IT WAS WHEN I FIRST CAME TO HONG KONG IN THE 1950'S,+ HE SAID.

MONETARY STATISTICS FOR SEPTEMBER ***

HONG KONG DOLLAR AND FOREIGN CURRENCY DEPOSITS CONTINUED TO GROW IN SEPTEMBER, ACCORDING TO MONETARY STATISTICS PUBLISHED TODAY. THE INCREASE IN FOREIGN CURRENCY DEPOSITS CONTINUED TO BE MORE RAPID THAN HONG KONG DOLLAR DEPOSITS.

MONEY SUPPLY ON ALL DEFINITIONS INCREASED, WITH THE TOTAL MONEY SUPPLY INCREASING FASTER THAN THE CORRESPONDING HONG KONG DOLLAR COMPONENTS.

LOAN DEMAND STRENGTHENED MARGINALLY IN SEPTEMBER, LOANS TO FINANCE VISIBLE TRADE OF HONG KONG CONTINUED TO DECLINE, BUT OTHER LOANS FOR USE IN HONG KONG INCREASED FURTHER.

DEPOSITS

HONG KONG DOLLAR DEPOSITS INCREASED BY 0.1 PER CENT IN SEPTEMBER, THE SAME AS IN AUGUST. IN THE THREE MONTHS TO SEPTEMBER HONG KONG DOLLAR DEPOSITS GREW BY A MODEST 0.6 PER CENT; OVER TWELVE MONTHS THE GROWTH RATE WAS 18.3 PER CENT.

FOREIGN CURRENCY DEPOSITS GREW SLOWER. BY 1.9 PER CENT IN SEPTEMBER, AFTER HAVING INCREASED BY 3.2 PER CENT IN AUGUST. IN THE THREE MONTHS TO SEPTEMBER FOREIGN CURRENCY DEPOSITS GREW BY 9.7 PER CENT OVER TWELVE MONTHS THE GROWTH RATE WAS 31.1 PER CENT.

/FOREIGN CURRENCY