XN000022-1995-08-31 — Page 5

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A larger panel will also enable the OAT to better discharge its duties under the Control of Obscene and Indecent Articles Ordinance, which was amended in July to require that at least four (instead of two) adjudicators should sit at the full hearings to review interim classifications and at sittings to re-consider classifications made more than three years ago.

Under the Control of Obscene and Indecent Articles Ordinance, the basic criteria for appointment as OAT adjudicators are seven years of residence in Hong Kong and proficiency in written English or written Chinese. The power to appoint adjudicators is vested in the Chief Justice.

End/Thursday, August 31, 1995

Monetary statistics for July 1995

Total deposits experienced modest growth in July 1995 while total loans and advances fell slightly, according to statistics published today (Thursday) by the Hong Kong Monetary Authority.

Deposits

The growth of total deposits was 0.4% in July, lower than the 1.4% rise recorded in June. The slow down was due to a 0.9% fall in foreign currency deposits, and a reduction of HK dollar deposit growth from 2.5% in June to 1.6% in July. Among the foreign currency deposits, US dollar deposits fell by 0.8% and non-US dollar deposits fell by 1.0%.

The rise in HK dollar deposits was mainly supported by the growth in savings deposits, which rose 2.6%. Growth rates for demand deposits and time deposits (adjusted to include foreign currency swap deposits) were 0.4% and 1.4% respectively. Continuing its downward trend, swap deposits fell by another 3.8% in July leading to a cumulative drop of 41.7% from the peak in November 1994.