C
2. THE HONG KONG AND SHANGHAI BANK (HKSB) ANNOUNCED SOME THREE WEEKS AGO THAT IT WAS INTRODUCING A SCHEME OFFERING A 12-MONTH UNSECURED LOAN OF UP TO DOLLARS 200,00 FOR SMALL MANUFACTURERS. A HKSB SPOKESMAN TOLD THE PRESS THAT 200 APPLICATIONS HAD BEEN RECEIVED SO FAR, 80 PER CENT OF WHICH WERE SUCCESSFUL. THE SPOKESMAN EXPECTED DOLLARS 25 MILLION IN SUCH LOANS TO BE TAKEN UP WITHIN THE NEXT TWO WEEKS.
3. BOC'S ANNOUNCEMENT SERVED TO CORRECT THE PREVIOUS DAY'S LEAK OF THE SCHEME BY HUANG JIAN OF THE HONG KONG FACTORY OWNER'S ASSOCIATION WHO HAD CLAINED THAT UNDER THE SCHEME LARGE INDUSTRIES COULD APPLY FOR MORTGAGE LOANS OF AN UNLIMITED'' AMOUNT SPREAD OVER AS LONG AS 30 TO 50 YEARS. BOC EXPLICITLY DENIED THIS AND STRESSED THAT IT HAD GIVEN NO (NO) ORGANISATION OR INDIVIDUAL AUTHORITY TO SPEAK ABOUT THE SCHEME ON ITS BEHALF.
4. THE MEDIA HAVE COVERED BOC'S ANNOUNCEMENT PROMINENTLY AND FAVOURABLY, WELCOMING THE STIMULUS TO ECONOMIC RECOVERY AND THE GESTURE OF CONFIDENCE. THE LEFT-WING PRESS HAS NATURALLY BEEN THE MUST ENTHUSIASTIC (ALTHOUGH EVEN THEY INITIALLY CARRIED THE MISINFORMED LEAK BY THE FACTORY OWNERS' ASSOCIATION). WEN WEI PO WELCOMED BOC'S DECISION AS A TIMELY MOVE IN THE FACE OF RECESSION, AND SAID THAT NOT ONLY THE BANKS BUT ALSO GOVERNMENT SHOULD BE GIVING SUPPORT TO INDUSTRY (WEN WEI PO HAS BEEN GENERALLY CRITICAL OF THE TAX INCREASES INTRODUCED BY THE BUDGET AND THEIR EFFECT ON INDUSTRY). WEN WEI PO QUOTED A REMARK BY THE CHIEF SECRETARY THAT BOC'S SCHEME WAS A GREAT CONTRIBUTION TO ECONOMIC DEVELOP- MENT.!!
SIGNED: P.i. WEBB
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