THE CHINA MAIL, SATURDAY, MARCH § 1949..
BANK CHAIRMAN STRIKES MILDLY OPTIMISTIC NOTE
Hong Kong Budget Surplus: American Financial Aid To China: Moratorium
Vast Expansion Of Local
Trade
In 1947
URGES AIRPORT PRIORITY
economy.
the
needs.
AT
In the
legislation
the
Points:
There is widespread dissatisfaction in China with the jungle growth of Government mono- polies and bureaucrat controlled enterprises.
All. governments under-estimated the ex- tent of the disaster caus- ed by the total war.
Govern.
of anxiety un looking across at to-day that almost all that great
country, China. Dr. ments under-estimated Sun Yat-sen
the ex- has often bean tent of the disaster of total war,. quoted as stating bitterly that the think there are sign of bright- old Chinese dogma "Knowledge er day. is easy, action difficult made in the British Commonwealth, in I myself, believe that it hard to put into practice pro- the United States of America, in posals which Chinese whole every man of good will of all heartedly supported in theory. Inalion, there is a design, there is can only soy that I fervently an inflexible purpose to create a hope that just as Dr, Sun Yat-sen better world from the rubble and eventually succeeded in obtam ruins of the old, and. Ing much of what he desired solangunge of our
in the now solution will quickly be "To plan and build in justice, in greatest man, found in order that all China's tradition and in freedom, a house people may in the words of the of many mansions where there Atlantic Charter live out their will be rcom for alt," In lives in freedom from fear and plan, I have no doubt, this grent this want.
As for your Bonk I feel Banking Corporation, with all its that notwithstanding the under resources, and with all tainties of the future we have a luence in so many
its in- lands will strong organisation supported by march forward, taking its share a reliable staff capable of deal to the full Ing with any problems it have to face with as much skill and vigour us in the past.
I myself am proceeding on visit to England in a few days time. I propose to travel via America su as to visit our offices in San Fancisco and New York. In London there are also a mun ber of Important matters which and Peate, Marwick, Mitchell & Love, Bingham and Matthews I hope shali Co. were re-appointed Auditors. territories. find you all, and the Colony, in Among these present were:-The Hon.
return
propise
The Colony has gone out of its way to meet China's needs.
The airport...
...is jurely an important priority in these days of air travel.
In
thono
year
I now
bek 5
may
Other Business
Messra. C.C. Roberts, S.H. Dod elected, and the appointments of well and N.O.C. Marsh were re- the Hon. A. Morse an Chalaman, the Hon. D.F. Landale as Deputy Chairman, and Mr. C. Blaker as Direelor, were confirmed,
Mr.
will be free from equitable] Kong University and am glad that and restrictive legislation, and the Council and Court of the Uni-i will be permitted to remit overseas versity have recently been re-es- a reasonable return. In July tablished. The first stops of re- Premier Chang, Chun replied in habilitation having been complet this sense to a questionnaire the United States Ambassador and made to bring the University up by ed rapid proXTRAS can now be again in August he said that to its pre-war standard but in
Codure was being, worked out apito
of the generosity
of the appropriate portion Colony there are still urgent needs of foreign capital invested in, in- for funds and it is to be hoped Striking a mildly optimistic note in his annual survey of af-dustries might be remitted abroad. that the 1Dome Government wil
Unfortunately no practical steps fairs in the big area over which the Hong Kong and Shanghai have yet been taken to permit rea-sary to make
tep before long provide what ↳ neces- the University n Banking Corporation operates, the Hon. Arthur Morse, who pre-sonable profits, nor even properly model Institution
with a sound chargeable foreign currency ex-financial basis. sided yesterday at the annual general meeting of shareholders, penses, to be remitted.
Moratorium circamstances it has not been pos disclosed, among other things, the expectation of a Budget sur-mible for our Ofees in China to elapsed since the liberation
Two and a half years have now;
of plus in Hong Kong of between $25,000,000 and $30,000,000.
contribute towards our dividend.
Hong Kong and Malaya but dos- Last July we were pleased
topita repunted and urgent appeals welcome Sir Alexander Grantham for its removal the Moratorium In the course of a lengthy analysis of China's problems, Mr. Morse re-back to Hong Kong as Governor is still with us. In the meantime
ferred to the prospect of early financial assistance from the United of the Colony,
The fact
that he the protracted delay and the in- States, and added that whatever the aid may be, even after the settle Service hero and was married in place have greatly prejudiced the
WBA B
former member of the Clvit evitable changes that have taken ment of her political troubles, China...will have much to undertake Hong Kong makes us regard him by her own efforts and the help will be wasted if it does not en- an the head of our family and it in which were
by the Bank of debts
us
the able her to complete permanent arrangements for stabilizing her in this sense that we look to him Japanese occupation.
outstanding before
in Singa- to deal with our problems.
pore the pore prospect H.K. Agreement
of the early removal of the restrictions has "Currency reforms will of course be necessary, \ na the enormous mlitary expendi- arrangements have been conclud- tien last month of the first instal. gard to the prospects of opening nwalt decision.
During the past year
been brightened by tho certain been
publica but while the basic causes of inflation are not turo continuan, Currency reforma en between the Colony and the ment of the much heralded and business eliminated, the issue of a new currency would will of course be necessary, but Chinese Government dealing with long awaited legislation designed There is undoubtedly great scape Hood Tettie when complicate and not lessen the problems."
InA. More, C... (Chairman and Chiet are not climinated, the Minister used at assisting China to stop tween debtors and creditors in British have shown in the pas" adoption of the Report und Aç- Gemple, while the basic causes of inflation trade and customs matters which to regulate the relationship be hero for enterprise such as the about six months' time.
Manager), Mr., I.D. tenham, Mr. C. Dealing with Hong Kong, the Bank Chairman added, the issue of a new currency evasions of her own regulations, respect of debta Incurred before in developing the natural
the Dinker, Mr. 8.H. Dodwell, The Ton, R.D. Mr. N.O.C. Marsh Mr. C.C. drew attention to the vast expansion of
Roberts, (Diretora): Meases. E.B. Abra- in 1947, which amounted to $2,760,000,000, 62 the problema.
obtained so as to prevent trade main purport of the
Seconder's Speech proposed and the outlook is very promising
ham, A.. Adamann, J.M. Alves, D.W. per cent, more than in 1946 and two and a
Inflation
for those who have energy and. from being diverted from Hong legislation is to validate in some
Mr. H. G. Sheldom, K. C., in Dr. the ton, N. Chat, E. Childe, Chos Bradbury, T.1.0., Dirayfield, P.B. Coldy. half times more than in 1938.
Meantime the Central Bank and to other territories, A fur. chaen 'wholly, and in other casca thero is a shortage of labour but count muld-
initiative. AT the present time seconding the Report and Aco Mia, H.R. Cleland, N.V.A. Groucher. Criticism was offered of the failure of the Imperial vigorous and sometimes success-be of advantage to the Colony in gra
the Central Authorities have made ther measure which will clearly partially in accordance with a
are taking active Mr. Chairman, Ladies and Gen-Fenwick.
H.A. Dastur, 11.1.1. Dowbiggin, TJ,J. gradunted scale. payments made/ Government
Fung Manter, F. Gross, H. Government to take the necessary steps to ful efforts to lessen the diseases of enabling control over undesirable to liquidators appointed by the steps to overcome this difficulty.
tienen,
Dawson-Grove, H.F. Jiarmes, H. Owen permit the raising of the Moratorium,
Inflation and prevent
aituation banks, while also indirectly cap. banks
Japanese for the liquidation of Political Troubles
It is with pleasure that I beg Hughes, 3.X.V. Hunt, K. Johannes. getting out of
Their taskable of benefitting China, is the Atles Powers.
and those of the In the Netherlands East Indies Interesting and
to second the proposal that this Jones, I. Radoorie, Kong K. Burn.
ing with the business before the cullies". It is very true that we and, under the circumstances, it to the registration and control of it the principles of the Sin-cla¡
The Hon, A. Morse, before deal. the measure of our present dim. has been exceedingly compileated new Banking Ordinance relating
comprehensive 1.6. Leong, Leung Pat Tin, E.D. McDan In Hong Kong and in Indo China the political report and the
(Representing Shanghai Loan & inverì- admirable e- sanxiously awaited, situation till dominates commer- counts be adopted,
ment Ltd), N.G. Macgregor, A. Mokoliar meeting, expressed regret at the have only recently begun to realise le surprising that they have been banks in the Colony, In these bist
enterprise. But twelve months Once again the Bank, describ-G., B.
(Repenting China Properties Ltd.). death of Mr. A. H. Compton, who, how seriously our great contribuable to hold the fort in spite of and in other ways the Colony has raport Bll are applied to long of peace would go a long wayed by the Honourable Mr. Glose. Marten, 8. Masun, J.A.D. Morriest. he said, was for many years tion to the victory in Europe has milltary demands,
muggling, gone out of its way to meet China's Kong the result will be the vuilda- to set these countries on the road in his director of the Bank and was well affected our
speech tat
year, Naturally the Colony is tion against the Bank
In J.H. Ruttonjer, J.B. Bab, H.G. Bheiden. national economy black markets, speculative opera
prosperity again. of con- to
felleitous phrase, "the keystone K.C., D.J. Blom, PH. Smyth, A. Hommer known to must present. "OurMoreover it is clear thai tions and all the evils which are also doing its utmost to give the aiderable sums
kaw
Siam has also had its political of the commercial both in genuine Home Government
organisation felt, C.1. Savieton. H.K. Stone. deepest sympathy goes out to Mrs. alaost all Governments through legacies of war.
every assist- and in occupation currency which troubles during the
but of the Far East has, Compton and his
through Susan C. Stone, H.R. diuri, M.W. Turner, his family."
out the world under-eallmated the As regarda foreign trade, by ance in their financial policies and, the Bank never received but which nevertheless vor Office at Bang-difficult and troubled times con- Hon. M.M. Waisen, Wong Uhi Po, Hudson Continuing, the Chairman said; extent of the dinster caused by the means of regulations governing particularly in the conservation of were paid to agents of the Japan kek has done antisfactory business tinued its progress: the earning Chen Wood, and others,
the Balance Sheet you will total war from which we are now the import and export trade and hard currencies for the sterling Occupying Power who were and a country backed by anch of a profit some 7 million dollars see that mir business continues to trying to recover. They are nex by frequent adjustments of the area pool, The Colony's dollar
appointed to liquidate the Bank natural wealth as exists in Siam greater than the profit of 1946, expand and there has been an injected to perceive some of the con- official rate of exchange, it appears earning capacity is limited but it and confiscated its finds in direct inust eventually retus to a state and the payment of a dividend crease in the total of the accounts
reasonable success has been is trying to reduce the local drain
violation of the equences.
accepted
of similar amount to that paid prin- of prosperiment of the Philip-In 1840, after the vicissitudes of during the year of about £23 particularly to Europe
where in blained in encouraging exports on these resources. Sir Stafford ciples of international law. Whe The milions. Our Note team has industrial production for was pur- and in checking the enormous sur-Cripps has made
noses was forced to the highest plus of imports when the Cus-ments about the critical shortage received in law or in equity the steadily it somewhat slowly with the Board and every member of
ther frequent state- or not this legislation is well pine Islands continue to proceed the years 1941 to 1945, are truly
the assets aide Cash in land is possible level-where destruction! toma returns showed In 1946 and of dollars and In December ho ap the banks now is that the pro- For the first time inco creased by over 10 millions.
urgent concern of the public and their rehabilitation up by 41% million, Certificates was on a vast scale-and where early in 1947. At the end of 1047 pealed to the members
of the of indebtedness by 12 millions, disorganisation www Car worse imports were reduced and exports sterling area
to help maintain onged suspense and uncertainty the sugar crop is expected Bills Receivable by £1 millions, tlian at first sight seemed to be the absctarity Vella our information following sentence taken from his any justification should be brought about 225,000 tons.
and, strengthen its
for which it is difficult to find have an exportable surplus Thu hen its reservEN. Investments by 124 millions and
and Copra
New York, Mar. Advances by £51⁄2 millions, while The Marshall plan is a noble about smuggling.
speech in Parliament on that oc- to an end with the utmost de~. other cocoanut product demand is never an easy business,
19 well Chairman to the Staff. Danking locks for the first time since last Dawaward tendencies prevailed' in money' at call is down by 2 mil-gesture which will wa hope give
We recognise that in times of casion is, I
think, well worth re-
a hemp are in great lons, The Increase in ur Note the nations in Europe benefiting crisis it is necessary for financial peating to indicate the key-note
Malaya
while the reconstruction work done rarely has it been more complex Friday. $80,000 shares were traded, IGNUP IN
as you are probably aware from the proposed ald a chance and trade controls to be intro- of the export-import policy of the On February 1st the Federation to Gold. Copper and Chrome mines than it is to-day. To the Board This was the smallest full senico due to a great extent to the un-to reconstruct their economies and duced by Governments and Bomo United
of Malaya was inaugurated con- should result in increased produc- and to every individual member iner Sept. 24. A few oils continued certainties at present anfortunate so to achieve freedom front ad Government has undoubtedly been such intervention the Chinese.
by
WO ly attached to the currency
cannot build a healthy sisting of nine Malay States and tion in 1948. I am pleased to say of the Staff is due not only the to gain on the profits outlook and of want which lends to despair and
"economy upon restrictions on the two Settlements of Penang and that our Office in Manila con- thanks of the Shareholders, but talk of another "imports
boosting crude China and not to any inflationary desperation.
prices. necessary since the
or a jealous care of Malacca. Whether it is wise to tinues to expand its business, the thanks of a multitude of peo- United Corp, was up at 2 24 ba tendency in the Colony during the China Situation
are limits to which war, but there should go.
"our reserves; wo must increase leave Singapore out of the Federa- The year 1947 will be marked ng the past year have benefited this issue last year since 1940. Pet ple of all nationalities, who dur-the company reported the first net en year under review. The amount In China the situation at the end faction in China with what has
and there is wide-spread dissatis- "our foreign exchange Income tion remains to be seen there as a turning point in the history by their aid and couvel of 11.K.$2 Inillions written
and retain of hostilities with Japan was dif- been termed 'the jungle growth of
the confidence of are many who have doubts on this of India owing to the transfer Bank Premises brings the figure
"other countries in the stability score. The from that
Trustee Service ferent
in Europe. Government
was a of power from Britain to the two appearing in the Balance Sheet Being predominantly an agricul- bureaucrat controlled enterprises.
monopolis and "of our economy, not by credit satisfactory one for most traders independent Dominions, Indin and I am particularly glad to hear hit a high at 13%, up 14. slightly below that shown last year tural country she was in a better
"from abroad but-by-our-own in Malag-but-the-tin-industry-lars which followed caused wide tively new Trustee Company, and mail orders were off fractionally, Pakistan. The communal dis-of-the-success-of-the-compara steels, rails, motors,-cappers,-rubber- after taking into account additionspasition to recover rapidly but the
Aid From U.S.
"efforts in production. during the year under review. - Inger period of turnsall which had
still handicapped by the alow de
de order Local Industry
essential machinery.Spread misery and although the valuable service, especially in the Unites 31.83. livery of China is expecting early assis
a most useful und Industriais 166.13, 15 this connection mny mention | T
Nails 49.48, 20 to local industrial Rubber was depressed until the crisis has passed industry and that there is considerable heavy affect the economy of the country help her out of her present dif- production I am glad to say that ent took place? however tied by these events and it in dim. I maiter c practice, put Into the 70, American melting 50%.
eavy existed could not fail seriously to tance from the United States to
end of September when an im-merce as well as development plans matter of Executorship. If testa-
Closing quotations: Ada Expert expenditure ahead with wire and its morale. There were haw culties but whatever the aid may at the present time some notable provement gard to our actual inking proever fair chances that trade and be even after settling her political stepe sebe Broductly to the dow of the synthetic menace.
16. Alsaka Juneau 1%. American Can the have of course been greatly affect mentary disposition were, industry remains under the sha-
American hands of the expert staff which Telephone 180, Amserlena Tobacco 61%) - troubles, China will
In cult to judge increase the productivity of have much
how foreign trade industry would be restarted on a reconstruction and development to Colony. Several new cotton milla pite of strong local apposition an will peure time basis without any ex- undertake by her own' efforts for are being erected or planned and effect on January 1st last. One at Calcutta and Bombay have not Court might well be Essened, furfus alrerali 26 : Bard
banks, in general, now provide American will fore in the
Waterworks 7%. Anaconda year. Income Tax Bill
present
in for the purpose, the work of the Copper 12%. Aviation Corp. 6. Baldwin was put into spite of these conditions our Offices Chancery Division of the might have been the case had it many years to come and the help before the end of this year it 15 of the main grounds of oppust their activities very satisfactorily the learned judges who
complications and such
High Locomotive 12%, Barnadall 84%. Dandiz Steel . only maintained but expanded and certainly the reflections expected that over 60,000 spindles the differences he receives will be wasted if it between the Kuomintang and the does not
26. Co. 4%. not enablo
of Canadian Pacific 10, 3.1, Case 87, Chrysler her
will be installed. There has also lion was the apparent extrava-
estion Communists which wprost tally stabilizing her economy.
permanent
arrangements for been
In other directions progress
60%, Colgate 30%, Commercial Solvent ganeo in Government Departments throughout the past
that Division would year and sales of
which still remains a soro point throughout 1946 and 1947 and do-
Jarely bezi. Cum Products %. Dupont 148%, In Burma the transfer of power troubled by the fear I once heard Eastman Kodak 88. Electric Light And
Industrial Onco
1 Companies
that celebrated Tower 0 vialt
14%. General Electrie, 12%. of China's foreign debts the expected before long
to exceed
to Singapore last been marked by manifestations of Chancery Judge and celebrated General Motory 634. Ooodrich
goodwill. pre-war maximum, to and other mediators. So far the importance of which is sometimes their, Phould improve the finan- and inspected our Office Malnya 1947 was disturbed and there one of his almost immortal after International Harvester 85%. Internation all of August and, with our Manager, good Internally the year wit, the into Mr. Justice Eve, in Goodyear 14. Homastaks Mining 414. exceeds main areas of disturbance remain overlooked in China and
which
Mr. C. L. Edwards, toured clai status of the Colony. not in London.
much to be done to restore the dinner speeches, when he our proat for the previous year by north of thu Yangtze River and China's credit in the eyes of the expansion we have seen in a strong feeling of optimism about is no wealthy in natural resources/ Bench Judges and common law. Copper 41%, Monisomery Ward 60, Na Inal Paper 44%. International Tei. & Tel.
various countries in the coast, but the situation has investor will remain in poor stand- in the use of Hongkong as a civil the future of the Peninsula. On that it only requires a strong and when the time came for him to 4%. Pan, American Airways 9, Pennari.
country to prosperity, but Burma
Kings 1. Johna Manville 11%, Kannett
which wa operate an unparalleled) deteriorated since our Meeting insting until her external debt record aviation contro ghould in duo November 22nd the foundation stable Government to ensure rapid cross the river that
Lonal Distillers 18%. Naiional Lead $1%. expect New York Calitral 18%, Packard Motors number of constitutional changes year. Of the
North- put straight. The Moratorium portant development, but thia can- Road, Singapore, was laid by Mrs, and external trade.
In internal production cross was lo encounter on the Biect 15% Renolds
all mustana RR 17. Radio Corp, 8%, Republia
this upheavals in the East it is the tenuous hold on Moukden; January 1939 is still in forco but up-to-date inart which unfortun-} Me Governor General. The build- to produce such a good Balance led and crossings of the August 13th last an important ately hes not vot been approved has been named MacDonaldi balance of 1946 was not maintain- benevolence to had directed into † Standard Oil of Calif, 57%, Etandard 01
Un
mixes and housing accommodation A
referred to cannot be permanent.
for our Staff, so the regarded as
Increased Profit
ressive
This
been. for
more
that
complete
In regard
Ho
of
patch.
year
1947
remarkable achievements. I trust
the Staff are pleased with them-
be.
of
to
to selves. They are entitled so
All at this meeting will dorse the tribule paid by the
the think te
ing certain transfers to Provisions into an open split in spite again I must refer to the the Electric Light power by with the merchant community. I has gone more smoothly and has expressed by
Turning to the Profit and Loss Account you will observe the pro- fit arising from current transac tions during the year, after mak- velu
Contingencles,
amounts H.K.$16,396,070
which
approximately 11.K.$7 millions.
for
tho
of the efforts of General Marshall
mal America but
from Shensi Province eastwards to
course prove
not
the
It is with great pleasure that your
disturbancea inspired by Com-
of
sion of new loans in recent years
harbour
Directors are today able to recom
mand the payment of a final
1940.
tries where we operate,
Trustee Companies which wo
Committee
in
Loadon
on
WAI-
are
The
1947
out the country. I returned
with
bo another im-| ***
relieve the
*with
Ceylon
of
formed his audience yers that all he could
CA
en-
and
N.Y. Stock Exchange
Milk preferred jumped 2% to 106%,
a high for the year. Lion Oil sisa
Dow Jones Avergent
Most
further bunk
Tobacco 8036. host of infuriated Behenley 25%. Bear Roebuck 14%. Bhoji testators, whose wlahes he had ou 1, Roceny Vacuum 16%, Southern wholly misconstrued, and whose Pacific 47. Standard
2316. channels which they had
Beunde
never of N.J. 79, Studebaker 17. Union Car
bide 08. 1.9. Rabber 41%. U.B. Bel Wo have listened with interest as Youngstown Bheet & Tube,
BA, 0.8. Lines 15%, Westinghouse A refer to our great neighbour
well,
exist fn
is a
Our Manure of the past year.case of mutual advantage; and iti
&
the
U.S. Wheat Market
have taken place in the past year Rastern Provinces there romains
wealthy
stone of a new office in Orchard progrERS loan service on pre-war foreign loan or are at the moment being in Nanking's control little more payments which was announced by not progress much further with- Malcolm BlacDonald, the wife of fashioned. When one considers than a
Chinese the
Government
in out the establishment bare of anthe Lung Ha
In Ceylon the favourabla, trade Railway ts surprising that we have been able
is badly Yangtze River have been threaten metal statement was issued re- by the Authorities at home al-use and in addition to provided in 1947 and strenuous efforts Sheet and I hope you will agree ed. In South and West China and
arming China's intention
Bing for the convenience to ro though it is surely a project which public in a part of Singapore finances of the new Dominion on
of the
the will have to be made to keep the even contemplated. with me that the results of the in Taiwan conditions are generally
very satisfactory.Į quiet, but in many parts there is gorically stating that the concluyesore important priority Inhich has not hitherto been ser♥~} a cound basis. Heavy now taxes to that part of the report which on. Pub. Utilities 12-Associated Pres.
external loans and cato- past year are
those days of air travel. of unrest due to fears did not in any way preludion that litics are unequalled in the Dost congestion at our main office are now being levied and recom-China, and we will do
Oured by the Bank it will relie ship-repairing fact-con and
mendations
on hate been mado nor
Malaya have been working wh the rubber Industry on a more warning it contains. Our Staff in Singapore and
put thinks, 10 regard the note of dividend of £3.0.0. making a total tios.
the rights of the bond Colony and It is regrettable that The disgraceful Shameen
satisfactory of £6 for the year similar to that episode, in January was ons such
footing. The was a care- so far little has been done to on- and you can be well satisfied with was one of the events of the year. Hongkong, ultimately and esser-
The resump thereof.
great energy throughout the year tion of the tea auction This
We must not forget that what- tea auctions in Colombo ever Much Cand pold for the
the year
prosperity may considered statement which, courage air services to come to the way in which our organisa- which developed without credit due to the Staff for the, warning.
u
in addition to being officially! Hong Kong.
I have already mentioned that tally it future hard work they have done since
issued, was China Finance
tion has been progressing in those we opened three offices in Japan bound up with China: It Alg
in indissolubly Trade Returns Their
communicated they resumed their duties.
the Chairman of the
territories: Chinese
in the We expressed satisfaction last kenness, and I
China's ánancial situation is also Bondholders'
Chicago, Mar, S. may say their en-
Borneo Interest
in Tokyo in trying seems elementary therefore, that
Wheat scored substantial gains, thusiasm, will help us to face them a happy subject to discuss, nor by the Ministry of Finance. But with the foreign trade re confidence in spite of are the details clour. But Chinese it can hardly be satisfactory, to one thousand seven hundred mil
turns which in 1940 totalled about the re-occupation we have boen
You will have noted that since to get these offices functioning on each should help the other in all largely as the result of the Govern fatmultice with which banking Government, spokesman have fre- pre-war bondholders that in spite on dollars but in 1947 the figures British North Borneo and ad- most bankers do in the course of
with
baala has probably ex- possible ways.
ment reentering the flour market. quently noted the fact that the
paying particular attention
to Tierland
a more difficult time than China's Friends
May wheat opened 10 higher bur is confronted in many of the coun-iation of currency to meet the of this statement, Interest and came to two thousand sevén hun: Jacent, arona, where we now have their carear. While
Since the end of
Tater dropped back, Wheat clored the amortization
little
war 2 to 6% higher. March, $2.56%; am glad to say that the
hape would be chocked at the end cxample those made in the Was 02% niore than the prévionive,ollicas established. I want to hanking has, been possible our good friends. To her, normal against Japan, China dred and sixty six millions which loans, (for
has had May $2,49%-$249; July, $2.28%>%; Fine and M of hostilities with Japan, has in the two years by the Export-Import than 1038.
in the past year and nearly
express our appreciation of the
continu-September, established here and in Singapore post-war years increased at a dan- Bank of Washington) should at higher prices prevailing at the
$2.25%; have nevertheless proved of ously, has been given from the $2.23 times more services rendered to us by Messrs.
December, to visiting business men limited remaining resources Harrisons - little over a year ago, ara, both erously enhanced paco, sirnost this moment be paid out of the present time. It will probably be our Agents; as Jesselton tion Forces. It seems clear that from
& Crosfeld by first act 48 well an to
as to the British Occupa- Britain, and in
Corn was lower to,13% higher; proving their worth and STO
fall measure May, $2.28-%.. the majestic might of actively extending their usefulnicas. | solely because of the needs of the foreign exchange resource of the pro-war volume of trade. 152 our own ofices there and elso- occupation of Japan. Unfortun- can be devised by these two nu March $1.76-Associated Press.
be and Sandakan and then giving us General MacArthur has accom America. Supplies of all kinds Cats. were X 1-higher; May New Offices military in their operations against Government, while no move has of thehat we are still some way valuable assistance in establish- plished a notable taak: since the have poured in everything that
|$1.16-6 Communists. Sines our Meading have
been made to pay aven interest on opened new Offices at Kuala Belait the United Staice dollar jumped by Government sosured on a specified plus of between 25 and 50 million.
for loans of the
The
the Colony are where expected
They still remain ourately trading has been almost en- tions has been done to help her welcome sur agunte in Fabian. in Brunel State, Tawau in British stages from 3,350 to 80,000. Chinese security such as the Customs re- dollars for the current year as Brunel have hitherto been large- dications that in future it will are difficult to ascertain, but un- tirely on a Government to Gov- recover from her terrible years of British North North Borneo and at the Campan dollars. In the course of the year venue, which has now once again against defolt in 1946 of 24 ly undeveloped countries. Rubber, be gradually directed into the still remains in Brife and her Borneo * and ernment basis but there are in- tribulation. The direct resulta * Highlands in Malaya. In
we received permission to re-open 25% to market rates have been became one of the most importanti millions' but, in the year 1948/49 bocornut and timber hava” bósa í more normal commercial channels. Feconomy in chaos. Nor ́are those 18.33; September, 17.98. "bld:, Décem
whlia black
Rubber closed 22 to 26 tower. Salta I may $27 Office at Kure, to provide Bank's wholesale price index
her were 63 contracts. May, 19.00 July ent expenditures will be to date the main projects #wising facilities for the British Bhanghai rose. about 15 times in state as when I spoke about them ammendation" of the Hong 'ment of, fikhary and canning in- la the uncertainty that exists ro- nufforing remain the common lot. PrE VAN DAMMAPA
while. It widely It la unfortunately the Chinese verament
mainly as a result of the hemp growing and the develop ostacie to rehabilitation
•held at the main!
sad conditions peculiar to China. ber, 17.80 bid; No, 1 ribbed smoked, Japan In many.
lands hardship and sheets 19% nominalstoelated Commonwealth Occupation. Forces. 1947 over the 1940 figure while inst your North of the Yangtze fifty million dollars 84% Loan been carried on by the Japanse. It certainly appears to be desir of the world with a steady are Beiaries Commission. The dustrise in certain district had garding the Peace Conference and but let us view the balance sheet now 46 Offices open but the cost of living rose in the same the position le We
ices still re-period 10 to 12 times according to Communiac activity, South of the beach, though tally These latter industries are now able on all practient grounds that let us not overlook two items, al
deplorable owing to floated recently HL Majesty the King in his the classes of panions concerned. Yangise things, are mich better antall subscribers
wowy hot taken up by being prospected with view to the terms of the Peace Treaty laast, on the credit side; the noble The outstanding Inot ingame but a great deal of new rolling ton
continuations and
Baldew Singh, the Defence Minis (broadenst)^last ~ Christmas", Day phasloed by the Minister of stock and other materials Snow & Kneet sa rekor Eleven staalne fíomas, 1777@nafon”: There Fahould be trick Roon, without concept of the Marshall #plan, tif, told the Indiah Parliament today
tamed up the situation in which Finances in an interview noorted
of mineral further undvo dal thes the Government with which are now being in conclusion
dalay CRC and the inherent genitis of the that ning villages were loncard mod Britain and Tack today in saving in the preset on December and, in recent months the China best to proceed f
Lacker and Glass British people, je zaining ever burned in 27 raids fure Indian ter home Thai rantrises of that there is little hope of stabl-1 Gorarmnant -hee, reiterated that lown prospectus. relopment planss
brilles In Brandt:: in the duction de fierbing
Taraunt coram that, als belichter: amidst their seemingly riktory: dyring i Tebruary-Mar long to victory is in Hang Bnancial conditions so long foreign capital ocrning to China taken personal Interval in Hour by some Infos quick; Chinas in 191945 91 cannot oraz wythol
Food Tant endlessforoblem
Jamung border la Xhamir by valdam AiAlthou
Adlesgree from Sialkot (the Pamjais "diatrics i with the
:
At Tokyo and Kobe and to start a
new
18 of our pro-war. Oleos
main closed.
tho
the
Central
above the official sources of revenue. Moreover
Tallways
are in much the BAMB
accounts of
hayu Aath "Already enquiries, are ow
Boybeans were 2% to seven higher;
New York,, Mar, 1.
now, Delhi, Mar. 4.