1930-05-24 — Page 18

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COOK'S

AND

THE HONGKONG TELEGRAPH, SATURDAY, MAY 24, 1930.

FARM FINANCE. SCHEME.

CREDIT CO-OPERATIVE

PROJECT.

It is probable that in the near future A Credit Co-operative Society to assist fariners in the New Territories will be formed.

It will be recalled that at a recent meeting of the New Ter ritories Agricultural Show held at Sir Robert Ho Tung's Ex- perimental Farm at Sheungshui, Mr. J. A. Fraser, District Officer and Vice Chairman of the organi- sation, suggested that something should be done for the assistance and. protection of New Territories farmers, as the result of which the Rev. H. R. Wells, Messrs. Fung Ki-cheuk, H. B; L. Dowbig- gin, C. Champkin, J. D. Bush, Tang Wel-tong, Tang Pak-kau, Tsol Po-tin, J. Russell, F. C. Mow Fung and J. L. McPherson were appointed & Committee to sider the formation of a Credit Co-operative Society.

con-

Several plans were submitted and eventually the Committee approved one put forward by Mr. Fung Ki-cheak, which outlined at a meeting held at the office of Mr. H. B. L. Dowbiggin.

was

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The credit co-operative scheme will be carried on more as an experiment at first and if. found the feasible and beneficlal to farmers in the New Territories it will gradually be expanded to cover wider territory. When the project is put into operation, it will probably come under the

(e) Investigating insect pests control of a Central Board, the divided into 10 equal groups and the Credit Cooperative Society is drawn up by Messrs. Deacons for

Ter- and the various diseases affect- Chairman of which will be Mr.

put into each of the tubes. A a great improvement on the waithe formation of the New E. I. Wynne-Jones, the District certain number of shares is to system, under which farmers have ritories Agricultural Association. ing farm crops and live stocks.

been

(D) Officer. Sir Robert Ho Tung and be drawn out from each of these hitherto

obtaining their When the Articles of Association.

Encouraging the introduc. one other will be invited to assist, tubes to make up the total amount capit. But the wui or money have been approved, the Generation of improved strains of crops

will ask Messrs.and stock. together with six village elders of shares as required by the loan association method. lends it-Committee.

de-Deacons to seek registration from (g) Disseminating the results representing the various districts

of drawing. For self to too much fraud and specific year of the New Territories.

instance, in the 6th year, 50 faulting among the villagers. It the Government. The Agricul- of recent agricultural researches shares will be drawn for repay-is therefore wasteful and im-tural Show will then be promoted and descriptions of agricultural ment; then 5 shares have to be practicable. Thus the sub-com-annually under the auspices of Inventions among the farming The general outline of the plan taken out from each tube. In mittee feels impelled to hit upon the New Territories Agricultural community."

(h) Promoting an annual is stated as below:

the 16th year, 100 shares will be a better scheme for the purpose. Association.

Formation of Association. Continuing, Mr. Bush said that agricultural: show. drawn; then 10 shares have to be taken from each tube.

Mr. J. D. Bush, the English the primary object of the Agricul- 7. After 20 years when the Secretary of the Agricultural tural Association is the promotion 2. There shall be 1,000 shares principal and interest have fully Show, interviewed by a repre-of the science of agriculture and

will include at H.K. $4 each payable annually been repaid, the shareholders are sentative of the S. C. M. Post the activities for five years so as to make up entitled to receive a life bonus yesterday, said in connexion with following:

thei convert

(a) Organising classes proposal to $20 per share. (One advance of 50 cents per share annually, the

a New agriculture... payment of $17 on the 1st year playable on production of the book Agricultural Show into ahull

(b) Furnishing grants. In be regarded

Territories Agricultural Associa as the issued to each shareholder, equivalent of $20 per share in As far as can be ascertained tion. a meeting of the executive of Agricultural Education. five years:)

it is anticipated that 850 shares members of the Agricultural Show

Outline of Scheme.

1. The Society; shall be called the "Thousand Benefit Society."

the

1

The secondary object of the Association will be to make systematic study of the economics of farming in the New Territories with special attention on the

of In agricultural

the district, transport facilities, mark- aldeting methods, methods of irriga- tion, co-operative buying and sell- (c) Conducting experiments, foring as well as agricultural in-

will be taken up by people in the will be held on 14th June at Sir the purpose of promoting the ap-surance.

resources Experimental Farm, plication of scientific

New Territories while the remain- Robert's

resources

of

The income and property the Association shall be applied.

the objects of the Association.

3. The money collected by this Society annually shall be lent to the reliable farmers for agriculing 150 shares will be allotted to when the General Committee will to agricultural problems. tural purposes and interest will supporters in Hongkong. It is be called upon to discuss and ap (8) Arranging for the chemi-solely towards the promotion of

to be noted that the scheme of prove the Articles of Association cal analyses of soils. be charged at the rate of 10 per cent. per annum. From the first to fifth year, the interest go collected shall be accumulated annually, and will be used for repaying the shareholders after the first drawing on the 6th year until such time when the Society is ended.

4. A date will be fixed for drawing repayment to sharehold- ers annually from the 6th to 15th year, during each year of which, 50 shares will be paid off, and during the 5 years, from the 16th to 20th year, 100 shares will be paid off annually.

5. The principal of $20 per #hare repayable to the sharehold- ers, commencing from the 6th year, will bear interest at $1 per share, Le. $21 per share. There- after, the annual repayment will bear an additional $1 per share for every subsequent year until the 20th year. For example:—' 6th year repayment of principal and interest is $21 per share: 7th year repayment of principal and interest is $22 per share? 8th year repayment, of principal and interest is $23 per share;

and so on until the 20th year, when the principal and interest amount to $35 per share.

6.

The method of annual draw- ing commencing from the 6th will be in 10 tubes. The numbers of shares will be mixed.

year

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[01:00 BY NEA