ENG-1970 — Page 99

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PRIMARY PRODUCTION

Peak and Sai Kung. Two fish-collecting depots set up in other fishing centres provide sea and land transport to the wholesale markets. Both markets and depots serve as liaison offices for the organisation.

The provision of cheap credit to fishermen is one of the most important services offered by the organisation. Its revolving loan fund, established in 1946, has made loans totalling $32,877,961.45. Of this, some $30 million had been repaid at the end of the year. The fund's ceiling was raised to $4 million this year. The organisa- tion also administers a revolving loan fund of $106,000 financed by the Co-operative for American Relief Everywhere, specifically for shrimp fishermen.

Another important aspect of the organisation's development programme is the provision of schooling facilities for the children of fishermen. Fourteen schools have been established and nearly 4,000 fishermen's children were receiving education at these schools, with a further 462 attending other schools on scholarships provided by the organisation.

The success of the organisation has attracted world-wide_interest and many overseas visitors and students come to study its operation.

CO-OPERATIVE SOCIETIES AND CREDIT UNIONS

Government policy is to promote and develop the co-operative and credit union movements in Hong Kong as instruments to improve the economic and social conditions of the people, by pro- viding encouragement, technical guidance and material support.

In particular, farmers and fishermen have accepted the co- operative movement as a sound and democratic way of improving their lot. This has been evidenced by the formation of societies of diverse nature with activities related to housing, thrift and loan, credit, marketing, irrigation, animal feed and pig raising. Local civil servants form a third major group in the co-operative move- ment 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 co-operative societies in being at December 31, 1970 with details of their membership, share capital and deposits is at Appendix 24.