XN000022-1986-10-26 — Page 5

SUNDAY, OCTOBER 26, 1986

+ THE CREDIT UNION CONCEPT HELPS COMMUNITY BUILDING, AND CONTRIBUTES TO THE EDUCATION OF MEMBERS IN DEMOCRATIC PROCESSES AND LEADERSHIP.

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+ALL THESE INTRINSIC VALUES INSPIRE MEMBERS TO FULFIL THEIR SOCIAL RESPONSIBILITIES TOWARDS THEIR FELLOW CITIZENS WHICH ARE PARTICULARLY IMPORTANT IN A CROWDED CITY LIKE HONG

VALUES KONG, HE SAID.

DR LEE NOTED THAT CREDIT UNIONS WERE NOT A NEW IDEA. FOR MORE THAN 140 YEARS, PEOPLE HAD BEEN POOLING THEIR SAVINGS IN ORDER TO PROTECT THEM AND TO MAKE AVAILABLE FINANCIAL RESOURCES AT REASONABLE RATES OF INTEREST SO THAT MEMBERS MIGHT SUCCEED IN IMPROVING THEIR FUTURE AND THAT OF THEIR FAMILIES.

IN HONG KONG, HE SAID, THE MOVEMENT STARTED SOME 20 YEARS AGO AND THE ENACTMENT OF THE CREDIT UNIONS ORDINANCE MADE HONG KONG THE FIRST TERRITORY IN THE ASIAN REGION TO HAVE LEGISLATION REGULATING THE REGISTRATION AND OPERATION OF CREDIT UNIONS.

DR LEE NOTED THAT THERE WERE NOW 66 REGISTERED CREDIT UNIONS IN HONG KONG WITH A TOTAL MEMBERSHIP OF 25 000 AND SAVINGS AMOUNTING TO $55 MILLION, OVER THE YEARS, THE AGGREGATE AMOUNT OF LOANS GRANTED TO NEEDY MEMBERS EXCEEDED $260 MILLION.

HE PAID TRIBUTE TO CREDIT UNIONISTS WHO HAD GIVEN UNFAILING SUPPORT TO THE DEVELOPMENT OF THE MOVEMENT.

EVERY YEAR, A SPECIAL DAY IS SET ASIDE BY THE INTERNATIONAL CREDIT UNION MOVEMENT TO HONOUR THE HERITAGE OF CO-OPERATIVE PHILOSOPHY, RECALL THE ACCOMPLISHMENTS OF ITS PIONEERS, AND RENEW THE CONTINUING COMMITMENT TO DEVELOP THE CREDIT UNION MOVEMENT TO SERVE THE NEEDS OF ITS MEMBERS. THIS DAY IS ALSO OBSERVED IN HONG KONG.

VARIED PROGRAMME ARRANGED FOR MUSIC FESTIVAL

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THE 1986 HONG KONG YOUTH CHINESE MUSIC FESTIVAL TO BEGIN ON NOVEMBER 1 WILL COMPRISE CONCERTS, MASTER CLASSES, LECTURES AND DEMONSTRATIONS.

THE NINE-DAY FESTIVAL, ORGANISED ANNUALLY BY THE MUSIC OFFICE OF THE MUNICIPAL SERVICES BRANCH, IS AIMED AT IMPROVING STANDARDS OF PERFORMANCE AS WELL AS STIMULATING GREATER PUBLIC INTEREST IN CHINESE MUSIC.

MUSIC