ENG-1966 — Page 97

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INDUSTRY AND TRADE

'tested quality' label to be made available to Hong Kong watch case manufacturers whose products measure up to their standards. The federation has also been engaged in negotiations with the International Wool Secretariat aimed at enabling Hong Kong manu- facturers whose products meet the required standard to use the world-known 'woolmark'.

Established in 1934, the Chinese Manufacturers' Association of Hong Kong has a membership of over 1,400 factories. Member firms own factories of all sizes and all sectors of the Colony's industries are represented in the association, which has played an important role in the industrial development of Hong Kong.

BANKRUPTCIES AND LIQUIDATIONS

Although the number of business failures resulting in formal insolvency proceedings in court remained relatively small in relation to the total number of businesses closing down, the number of receiving orders etc during the year was the highest since the war, many firms having suffered from the tightening of credit follow- ing upon the difficulties experienced by certain banks in 1965. Altogether, the court made 12 receiving orders, one order for the administration in bankruptcy of the estate of a deceased debtor, and 24 orders for compulsory winding up of companies. Assets realized by the Official Receiver as Trustee or Liquidator amounted to approximately $13,085,000, including $11,143,000 realized for two banks which failed in 1965.

TRADE MARKS AND PATENTS

Trade marks are registered under the Trade Marks Ordinance 1954, which is based on the Trade Marks Act 1938 of the United Kingdom. The procedure is laid down in the Trade Marks Rules 1954, and the prescribed forms may be obtained free of charge from the Registrar of Trade Marks, Registrar General's Depart- ment. Every mark, even if already registered in the United Kingdom or any other country, must satisfy all the requirements of the Hong Kong Trade Marks Ordinance before it may be accepted for reg- istration. During the year 1,941 applications were received and 1,264 (including many made in previous years) were accepted and