ENG-1975 — Page 79

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Loans

PRIMARY PRODUCTION

Loans are available to the agricultural industry through four separate loan funds -the Kadoorie Agricultural Aid Loan Fund, the J. E. Joseph Trust Fund, the World Refugee Year Loan Fund and the Vegetable Marketing Organisation Loan Fund. They are all administered through the Agriculture and Fisheries Department. At December 31, 1975, the total loans issued since the inception of these four funds was nearly $87 million. The total recovered was nearly $82 million.

The Fisheries Development Loan Fund, with a capital of $5 million, is administer- ed by the Director of Agriculture and Fisheries specifically for the development of the fishing fleet. Finance from the World Refugee Year Loan Fund for Co-operative Societies, donated by the United Nations High Commissioner for Refugees in 1962, is also available to members of fishermen's co-operative societies. The Fish Marketing Organisation Loan Fund is another important source of loan finance for fishermen. This fund, with a ceiling of $7 million, was established in 1946. The organisation also administers a revolving loan fund financed by the Co-operative for American Relief Everywhere (CARE), specifically for shrimp fishermen. At December 31, 1975, the total loans issued since the inception of the four loan funds was $68.16 million, of which $59.56 million had been repaid.

Co-operative societies operate under a Co-operative Societies Ordinance, which provides for the appointment of a Registrar (the Director of Agriculture and Fisheries). His powers and duties relate to the registration of co-operative societies and their by-laws, the examination of accounts, general supervision and such matters as media- tion of disputes when necessary. On December 31, 1975, some 11,600 farmers and more than 2,234 fishermen were members of co-operative societies formed to serve their various needs. There were 81 societies and two federations among the farming community and 73 societies and four federations supported by fisherfolk. A further 252 societies with about 8,315 members operate in the urban area, the bulk of these being co-operative building societies formed by local civil servants with financial aid from the government. The movement includes primary societies with such diverse objects and activities as vegetable marketing, pig raising, agriculture and fisheries credit, better living, thrift and loan, housing, and the supply of consumer goods.

Credit unions operate under a Credit Unions Ordinance, which also provides for the appointment of a Registrar (the Director of Agriculture and Fisheries) with powers and duties in regard to the registration of credit unions and their by-laws, the examination of accounts and general supervision. At the end of the year, 51 credit unions with 9,264 members were registered. There were 27 credit unions comprising groups of people having a common bond of association; 18 unions of people having common bonds of employment; and six unions formed by groups each with a common bond of residence.

Land Utilisation

Hong Kong's land area totals 404 square miles. Only 11.8 per cent is used for farming, 76.1 per cent is marginal land with different degrees of sub-grade character, and built-up areas comprise the remaining 12.1 per cent. The need to establish new