ENG-1968 — Page 120

PRIMARY PRODUCTION

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a problem that only time and the existing educational programme can solve. As it is, the success of the organization has attracted world-wide interest and many overseas visitors and students come to study its operation.

CO-OPERATIVE SOCIETIES AND CREDIT UNIONS

Since the appointment in 1950 of a Registrar of Co-operative Societies, the co-operative movement has made steady progress. It is being accepted by a growing number of people, particularly peasant farmers and fishermen, as a sound and democratic way of improving their lot. An important development has been the growth in the number of co-operative building societies, which are at present formed with one exception of local pensionable officers of the Civil Service and established with funds loaned by the government. Another development of interest is the increasing appreciation by rural communities of the improvements they may make in their way of life by co-operation and the formation of 'better living societies'. Several of these societies have successfully completed water supply and housing schemes, as well as community centres for their members.

During the year nine co-operative societies were registered and one was liquidated, bringing the total on the register to 424. At present there are 14 different types of societies. A table showing the number of societies in being at December 31, 1968 with details of their membership, share capital and deposits will be found in Appendix XXIV.

During the year the Credit Unions Ordinance was introduced, appointing a Registrar of Credit Unions and providing for the incorporation and regulation of credit unions including the Credit Union League of Hong Kong. This gives legal protection for the existing 20 credit unions already established over the past few years. It allows for further expansion among the section of the population who find it difficult or impossible to borrow other than at high rates of interest.

MINING

Iron ore, wolframite and, at times, graphite are mined under- ground, and kaolin, feldspar, and quartz by opencast methods.

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