ENG-1969 — Page 134

PRIMARY PRODUCTION

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movement and, with the aid of Hong Kong Government finance, have established an increasing number of co-operative building societies.

A table showing the number of societies in being at December 31, 1969 with details of their membership, share capital and deposits will be found at Appendix XXIV.

Regulations to the Credit Unions Ordinance were finalised in December and were scheduled to be placed before the Executive Council early in 1970. The Ordinance provides for the incorpora- tion and regulation of credit unions and the Credit Union League of Hong Kong and for the appointment of a Registrar. Some 30 credit unions have been formed and the movement continues to expand among sections of the population who find it difficult to borrow other than at high rates of interest. Approximately one million dollars has been advanced to members since the first credit union was formed in 1964.

MINING

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Iron ore and, at times, wolframite and graphite are mined under- ground and kaolin, feldspar and quartz by opencast methods. Iron ore concentrate (magnetite) is exported to Japan, wolframite and graphite principally to the United States and kaolin to Japan, Taiwan and the Philippines. Most of the feldspar and about 26 per cent of the kaolin are consumed by local light industries.

The ownership and control of all minerals is vested in the Crown under the Mining Ordinance. The Commissioner of Mines is em- powered to issue prospecting and mining licences and the Land Officer to issue mining leases. Details of leases and licences in operation are published twice a year in the Government Gazette. At the end of 1969 there were three mining leases, 20 mining licences, and six prospecting licences valid for different areas in the territory. They were mainly controlled by individuals or small mining companies.

The Superintendent of Mines deals with applications for pro- specting and mining licences, the grant of mine-blasting certificates, assessment of royalties on mineral sales at a rate of five per cent of value, collection of royalties, rents, premia and fees for licences and