ENG-1957 — Page 153

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HONG KONG ANNUAL REPORT

foundation of co-operative effort among the fishing com- munity. After a period of successful operation as Thrift Societies, individual societies may qualify for 'promo- tion' to the status of Thrift and Loan Societies. Fishermen's Thrift & Loan Societies. The first of these societies was registered in September 1952. They have proved very successful, and at the end of 1957 22 societies were registered. Their main functions are to encourage thrift, and to provide security for and arrange the disbursal of loans granted to members from the Fish Marketing Organization. Fishermen's Credit & Marketing Society. The functions of this society are parallel to those of the Thrift & Loan societies, but in addition' it owns and operates a mechanized collecting vessel which brings its members' catches to the market for sale.

Salaried Workers Thrift & Loan Societies. There are now two Thrift & Loan Societies. Their aims are to encourage members to save a portion of their income and to utilize their savings for small individual loans. Irrigation Societies. The two existing societies own and operate pumps, irrigation channels, etc. through which their members are able to obtain water for their fields. Co-operative Building Societies. 85 of these societies had been registered by the end of 1957. These societies were formed to comply with the conditions prescribed by the Government as part of its programme to assist in the solution of the housing problems of local pensionable officers. Their work is described further at page 188 of Chapter 10.

Fish Pond Society. The only society of this kind, the Luk Keng Fish Pond Society, owns a fish pond at Luk Keng near Sha Tau Kok with the purpose of improving and developing fish culture in the Colony.

Credit & Consumers' Society. Formed by the Forestry Division of the Agriculture, Fisheries and Forestry