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THE CHINA MAIL, FRIDAY, MARCH 7, 1952.
Comprehensive Review Of Far East Situation At Today's Bank Meeting
(Continued from Page 1)
come out of revenue, But as again later on.
Importa from
the peninsula is swept clear of
aspect of planning polley should these works get under way their and exports to the US militant communism and united Malaya
Call off considerably last year
CHINA Trading arrangements
and
24
and
cur
areas where our Bank operates, we record month, when imports China, both imports or exports, the United States Government ses for the year of about towns are still either non-exist
ot
the first meeting held to wel- millions
the representatives of come British Overseas Legislatures noticed that much stress was laid on the Colombo Plan by the Secretary of State for the Cotonics in his opening speech on that occasion
HONGKONG
I feel sure that I speak for all who have at heart the wel-
дя
not O
fare of Hongkong when I say javerages in 1947, 1948 and 1940 years ago I said that we
1
fact
some
that
been
Rubber accounted for 70% of
The support for both the Federation part
accounted for a
ed
and
The
While
timber considerablo Other
The danger of inflation in other Offices in the Colony of seemed particularlyNorth Borneo and the State of These agency Ofees in loyalty to a country which serious early in the year 1051 Brunel
and
tin prices are at Sandakan and Tawau In have turned towards agricul-annual cost will grow.
I am not in favour of drawing as was to be expected but im- will, we hope, take its place when rubber ture und food, seeing that more
sturdy self- were at their peak but by the Borneo, and Brunel Town and than half of the population of un our general revenue balance verts from Germany increased in due course as the world get barely half of as it may well be needed in the from HK$37 milions to HK$214 governing unit of the British end of the year the situation was Kuala Belait in Brunet. In the less menacing. In 1950 the bank latter territory the all field at Thus future. The implication is that millions in the year and the Commonwealth of Nations the calories they need,
deal that note circulation increased over Serla dominates the scene. It s great There is may alter has in fact expanded falls off we
about Malayan 80% the Colombo Plan uns become it revenue
10 her trade throughout the East
but last year it rose from operated by the British Malayan additional laxalion an aggregation of various aid face
Inn way only second to Japan. could be sald
economic M.$033 millions to M.$704 mil-Petroleum Co. in a progressive projects for the whole of South meet these important charges
cannot conclude this section commercial
developments in the past year lons, some 20%. At the same way. The production of all in increasing rapidly. and a self- and South East Asia. The on revenue.
hf my speech clating to long but it would lengthen this survey ilme total bank deposits were up launching. of the
TRADE FIGURES original
This time last year we hard-kong with ut saying how much too much to do more than refer 21% to M.1,263 millions while contained town is being built for scheme served a valuable pur- the pase in calling attention to ly expected
that the immense we appreciate having the British
pleding affairs.
elightly in the latter part of the Iration of Brunet naturally pro- urgent needs of the under-trade Agures for 1850 could be Armed Forces stationed in the rapidly to some of the outstand-the monthly clearings dropped its general needs. The adminis
The 1051 trade figures were year. The cost of living indices its from this situation to have them here for defensive developed countries in the net, excelled by those for 1951. You Colany. Not only are we glad will remember that the 1950 which, if neglected, would in-
We welcome once more a record being no for 1953 rose 10% to 20% ne-revenue is now, I believe, higher purposes but also evitably result in political and figures for exports were no less hem because of the part they less than 50% higher in value cording to the grades concerned than that collected in the Colony revolutionary discontent or re-
those for 1050. Exports and in 1831 there were further of North Borneo. 60% higher than those for take in the life of the Colony, than than
imports by
rises up to 11%. It is clear that about
Perhaps inevitably develop- Inflationary possibilities need volls against the established 1940, while imports were 38% We must continue to assist in exceeded
ments in the towns where authorities. I have referred in higher. Yet in fact the 1951 providing amenities wherever Malayan $1,270,000 millions.
va's › watching. has been estimated that Malaya's some detail to this matter be
The financial statement for Offices are established in Borneo figures show exports up a further they are needed.
stem to campare un
unfavourably. United States Dollar net earn- plans and cause the
projects 19% and
nearly Importa
for the year were about 410/1951 of both the Federation and Nearly seven years after the ré The peak was
Singapore reached now being pressed forward are 29.
Governments occup
of the territory the with millions in spite of the fact that the especially important both econo- however, by the end of March,
zhow satisfactory revenue sur-
uity services in these mically and politically to the
very largely in the dropped out of the Singapore $110 millions and M$41 mllent or Ineffective and inefficient. and exports together fotaded are now
of Chinese Govern-in market in March 1951. Moreover in England last year
for the one hands
Hons respectively thanks to the Much planning has been done ment Departments or their esme ne 1110
swollen receipts from rubber or about the
and the groundworks has HIGH RUBBER PRICES
and tin duties and in spite of re-laid for progress which will no the whole of a normal pre-gents and it has been estimai- for
By er that 70 to 75% of China's 1038,
When it is doubt get under way when steps The trade figures were encord expenditures. year such wor
1951 Whe month's foreign trade is with the So-
the exceptionally remembered that
We are taken to import the neces- December
HK$737 viet Union and East European hanced by
Arary labour. figures were down to
coming more
and more under the early part of the year but much, directly or indirectly, on of the
Nevertheless the natural millions though here we saw countries. Banking is also be high prices of rubber and in in Administrations
later the fall in prices brought the continued prosperity some reaction from the low spot coming of the year which was HK$581 Government control.
much in the Western sense but the monthly figures down well
inere
subject to many unpredict to its rescue. For the second rather following
the Russion below the comparative months uber and tin Industries, which wealth of the country has come millions in September, but even
1950. Imports however were able tendencies, there is every year in succession exports ex- this was well above the monthly rather
maintained. It is noteworthy reason to Two
that
Bhipments from Japan rose policy of the present cecded imports by the equi-
building up financial vale
valent of about 26 milions did not propose to withdraw our that it was with great pleasure and not far short of the month
in 1950.
Officer that we heard that the term of ly average
from China un long as from M.$93 millions in 1950 to reserves against the rainy day. Rub The effect of the embargo cn there was some likelihood The
of M.$243 millions in 1951 and from The difficulty of raising capital the value of exports and copra office of His Excellency
SU
10 China imposed at the Alexander exports Governor,
their being able to do business. Germany rose, from about M.$22 by means of publle loans was for another 14% Grantham, had been extended instance of the United Nations Now it seems that there is little millions to M.$78 millions. The illustrated by the lack of public accou
of the balance. the support covered
room for foreign banks to oper-
Imports from until July 1954. Sir Alexander which comprehensively
the Lonn "items useful in the production
States Dollar area in- Government ate is not only popular in all
in China. In fact we took
sed considerably
as is indeed very to M.$270 Singapore Municipal Loan dont agricultural products are being ammunition and im- of arms,
Start circles but he is also honoured
to steps which from Tsinging und Swatow war and
withdraw
with ad with 34% interest repayable indicated his keen desire for
[necessary.
Governor has autumn al, the price of curaged in and respected for the wise and plements of
came into force in June, can be January 1951. In September
98 surprise. Tin exports were 1061/73, understanding way in which he
05,000 tons DS
But considering that more rapid progress In the administers the affairs of this seen in the fact that Hongkong's
Tsingtao was
was effectively closed slightly under
good от nearly $2,000 S
beller returns were development of the country and China (excluding but We
indeed exports to are Colony.
Formosa)
although we have now compared with
of available from prior Singapore this valued
augurs about
well for the fortunate that he is to stay with
liquitated our Office in Swatow,
tin has been maintained at
Ing years. After much delay Us. But we suffered
but from
oroughly
obtained a the same level as the ernment Stock issued in London we have last December when we heard in the end of June
able extremely
July to the end of the year that
they the local authorities, and he is previous year, in-spite-of-the and tax free to residents in Ma-utable stently to amounted
tin laya, the failure of three issues only HK$452 ste
dimculties facing Colonial Secretary, Mr J. F.
there. str
In September we great. Nicoll, WOE promomilliens. Imports from Chin
in the two half years showed tool steps to close our Tientsin miners under the hazardous con- was not surprising, Hongkong
and Peking Offices and we are ditions in Malaya. little of posl
change being HK54550
There to reason to hope that the Governar of Singapore, Hong-millions in the first half and doing no business at these places
Churchill In Shanghai we now only have Winston kong's loss is Singapore's gain. HKS108 millions in the second while liquidation is proceeding. the arrangement made by Mr with the I have no doubt at all that Mr half of the year,
in congratulation to Singapore an four members of the Foreign United States Government le toples, I must record a note of Staff and business as tar os we
providing Nicoll will very quickly gain the
the latterí its receiving January
a Royal Charter are concerned Is at confidence of all sections of the
a stand-with 20,000 tons of tin by the conferring on it the dignity of a new and ana
end in his community
of 1052 will at any rate City on September 22nd last.
The year 1051 provided India onerous appointment as he did
Apart from saying this I do bring to an end the boycott of Singapore's history dates with a number of difficult prob-
Malayan tin. Those concerned January 28, 1919 when a
a few huts so quickly here in Hongkong.
of imports: not propose to attempt to pene-with the tin industry are serious-on the edge of the Jungle were lems But in spite of periods of Mr Oliver Lyttelton's visit last
surmounted thus exports to China were trate the curtain which hang worried at the almost insuper- Can there was to Indicate to Sir despondency December was very welcome to
over China whether down to HK$107 millions in the
It is aly to the whole Inst two months of the year as
We able difficulty of prospecting der great and prosperous city which cumstances and partly through
Stamford Raffles a site
for this
surprisingly
partly all of us and
bamboo or an iron one,
as a result дз I believe it
like others, Colony, especially
have against HK$173 millions of im-
R number of new tin-bearing
he then started to build. The was the first visit paid to non-peris from China. It is possible problems awaiting solution with present conditions in the in-
loyal population of Singapore death of Mr Liaquat All Khan her own foresight. The tragic kong by Secretary of State for
will before long the Chinese Authorities, and it terior.
predominantly Chinese, celo- the Colonies. It is good to know that China
buying non-embargoed would not help matters to refer
brated
the occasion ith resulted in a lessening of poll- that the Colonial Office is now Start
I will however Bay
India elvic pride. We tical tension between пана дла enthusiastic In charge of an official with goods again in
a more extensive
Pakistan and caused at any is including re - exports, were British, whose forebears initiated recent personal knowledge of terket on
morate & the building of so many famous
ary improvement temporary conditions in Hongkong. We can
she is concen- something that goes far deeper maintained at the high level of the bu feel that our problems intrating a lot of attention on than party dogma or political about 1,150,000 tons of which towns and cities in the East, in the Kashairi political situa
Furthermore the fixing trade European countries. Meantime honour, good faith and funda-Americ
with Russia and East theories; it depends upon the exports to the United States of proudly associate ourselves with tion.
were 1 little over the honour done to Singapore of the Rupee rate and the Trade two that on recent occasions in Lon-
there is a
of mental character of the Chinese
tong. Incidentally "Majulah Singapura""Let Sin- Agreement between the
flourish"
countries eased gapore
up trade dim- don when I had conversations
people.
the value of rubber
word about the culties and in particular, helped with Mr Griffiths, the former goods in Hongkong
MALAYA
came to
roughly
20 Ports
of retirement of our Singapore the movement of raw jute and Colonial Secretary, I was much but nothing like the amount we
experienced two years ago I will now turn to Malaya, 40% of the cations income of who has just let the Bank after
Maluya's total exports, Over Manager, Mr Charles Edwards, cool. Impressed with his keen grasp which very suddenly dissipated. very important territory and wide knowledge of the
rose rapidly in The commercial cargo tonnage the Bunk. Early in 1951 the Federation is believed to be W
the of the Colony, problems
Mdischarged And loaded bas
was and creund 30% of the labour Manager for Malaya in the post- carly part of the year but his visit to a particularly make a
this war years he has done us very serious inflationary possibilities check pepublics is engaged in in welcome declaration which I will pared with 1950 but the figures
Waro stin only
of good service and he will be were forestalled by Govern 20ivity. The importance again place on record. He said those for 1040. It is clear
ghdy below and indeed for some months rubber is therefore obvious and misted by a wide circle of friends, i meni action coupled with a 10-
action in
The prices.
food "His Majesty's Government are
vigorous no stone should be left unturned It was fitting that only last June a moderate recession got under tained as a result of the vigorous revolved to
to maintain their posin
the operations undertaken by the order to ensure that the in he had conferred upon him the Why honour of Commander of the
owing to ficods here, and way in the latter part of tion
Hongkong in
police and military combined, dustry is maintained in a healthy Most Excellent Order will discharge to the utmost of year. However,
in the Far perience of trade
resettlement of squatters
tera and prosperous condition.
somehow the The British Empire.
earthquake, but their ability their responsibilities Earth the ward
patlest and "normal" has also proceeded smoothly. These fall in Malayan mubber produc
long-suffering towards the Colony as regards rarely found a place and we intensified efforts appear to have on in 1851 by about 90,000 tons
**N, BORNEO & BRUNEI population escaped 4. major bath defence and the welfare of
as it can only meet the future
it driven the
into enemy
You are probably, aware that calamity. Yet live million tons its population."
Arrives. Banking operations desperate recrudescence
for administrative reasons our of wheat had to be imported ENDORSES POLICY have continued at a high level bandit activities which, in apite disturbed conditions around and
at Jesselton is entrusted
(Contd. on back page, col. 1) over with general control
our
The St. John Ambulance Association and Brigade Annual Ball under the Distinguished Patronage of His Excellency the Governor and Lady Grantham, will be held TUESDAY, 11th MARCH at THE HONG- KONG HOTEL.
You are requested to make your table reservations as soon as possible at the Reception Office Hongkong Hotel.
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his important
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arc
I would like however to add
the
BALANCE TURNS
Towards the end of the year the balance of trade with Chins turned in favour
on
st
formal
the Hongkong to the hot is at stake in turmoil confusion
and scale than recently, but there to this no doubt that
a large acses!
น
15
for
areas under
RUBBER EXPORTS Exports of rubber from Malaya,
vere
in
Lank
The
have been prepared and work will start shortly. ROYAL CHARTER
the Returns are though Before I pass on to other spectacular I am satisfied with
are making in Borneo. the steady progress our Offices
A- not
INDIA
Finally,
Lyttelton took the opportunity of naturally fallen off when communist rebellion — the so- derives from the rubber (rälustry nearly. forty years' service.
In Our
satisfactorily held that considerable
Emergency
success
**-
The
ab-
of
was due to Camber al causes such as labour shortages, the
Every year at this time prior The Clearing House figures fell of many losses, brought them on the estates end so on Man-Offee
off a little at the end of the not a few successes. The police, time Indonesian production - to the introduction of the Appro-year but they were still well militar and
military
was
05 B
the came creased by roughly amourt. It remains to be seen casual-what effect the
now exchange in Djakarta thegutions lasuod
lest mouth will have on Sing-
priations Bill, the Governor above the
monthly averago
consequence had makes a speech outlining some of ages for 1050 and the total ties. The culminating point was the major developments in the for the year 1951 was equivalent the
suffered in the disaster Colony. Invariably a great deal to more than 21,100 millona murder of the High Comm18-pors's entrepot trade and United of interesting and Important in- which compared with 2900 sloner. Sir Henry Gurney, on States Doller earnings. formation is provided to the millions in 1950,
October 6th. Sir Henry's un-
REPLANTING PROBLEM public. Again this year, on
HK INDUSTRIES
timely death was a serious blow
One His Excellency's specch Matoh
of 5,
the most serious prob- The United Nations embargo to all communities in Malaya as
tems packed with information
now facing the Federation coupled with the restrictions the many remarkable tributes bout Hongkong which should
his great qualities have Government is that of taking obtain the widest possible cir-imposed by the United States on to
shipments to Hongkong. In De- shown, We wish General Sir steps to ensure that replanting one million The Governor has culation. always urged that we should remour 1950, which are sill in Gerald Templer every succesa in i started on the
force, have naturally had the important tasks
ofperas of small holdings which ahead of contain trees over 30 years old. press on as much as cirtum
ursfortunate effect o him.
It is also very important for the stances permit with those things some of Hongkong's indus
Mr Oliver Lyttelton's visit cuture that some agreement which we know Hongkong needs: tries, Efforts
school, hospitals,
reservoirs, being made, without much suc- helped to clear the way but the with the United States Govern- roads, the City Hall and, perhaps coss, to obtain relaxation of the support of all communities will ment should be reached to bring a speedy chout the relaxation of their most important of all, housing more onerous of the American be needed to obtain
solution of the troublesome policy of enforcing artificial con- fo: the less privileged members rest
restrictions which do not do problems of Malaya. It has been frols and limitations on the use at the community. 』' endorse this policy of advance-
not of natural rubber and of sub- before, but I do cases have caused unemploy
dilising synthetic rubber. Sud- ment.
iment in Hongkong through the apologise
the Malay In others the The Budget of the Colony closure of factories,
the confidence of
are not only was presented to the Legislative they have put up the costs of Chinese and Indian communi- oecured recently Council en the same day in a local industries which have had ties
be gained and hemful to the industry but pre needs
en add3onal causs of anxiety to especially very lucid way by cur new to buy
materials, maintained. their raw
the Chinese the Ipon authorities. Financial Secretary, Mr. A. G. especially cotton, in a more ex- important
depends Malaya's prosperity Ao a result should be enlisted actively on Clarke, Naturally there has not pensive market,
t
constantly
Taywny harm to China and in somed for saying again, what den fails in prices such as have
to
T
Is
that
past year and that we have an ed in Korea; they are just another
nee Instance of the pernicious in- The Commissioner - General will in effect be playing Inte
balance
yet been sime to make a tare Hongkong goods And it difficult the side of the Government. on ruber and tin: the communists ful study of his figures and I to compete with Japanese goods Phrases like these come conlly are doing everything they cats will merely say that it is satis-made from American materials off the tongue but to put such to interfere with plantelons and factory. that revenue has re-These difficulties will, we hope, words into practice takes time mines. It there industries are depressed by policies adopted by mained buoyant
be solved If a sculement is reach, and patience. throughout the be
the Regest consuming country t DEFINITE PROGRESS increased revenue
Justices brought about by con- against future contingencles,
Mr Malcolm MacDonald, has the hands of the communists and However, the dong list of im-trels striations and embargots, dons a great work in this direc-serialy endanger the political portant public works which are seem to be.
however justifiable they may tion. Definite progress has bean and social stability of this prints.
made in
In the on
the financial programme
past six years while which is undoubtedly the Further significance is added males tis
Brealize that we can to what I have just cald if you ho has held his office and the most vital soot in South East I is sadisfactory that nice not be complacent about the will note that Hongkong's, im-qalay and Chinese communities financial position
ports from Japan have increased are more and more showing a
1080-31 Many of these works are
your by year. The Willingness to compromise their production is steadily increasing gent: rapidly from HK$220 millions of them Iwant to see Hongicong devorn 1950 to HK$392 millions in †ilTerences, and 'to combine for sennon masze a record crop of over 1931. Exports to Japan only in the good of Malaya. It is good 442,000 tons but a similar quan on the right be out of to HK$193.millions. Japan has of office has been extended. Much | Kátava will remain in an
quite creased from HK120 milions news that Mr MacDonald's term ty is rull: being imported and the question to attempt to float expanded her trade in the past will remains to be done and the happy altuntion at the mercy of a Joon at the present time so year with all the countries in European, Indian and Eurasion the big producers until she be Ave must face the fact that pay the East, an Ale well known," a communities also have their part comes self-supporting mont for these works must matter, to which I shall retario play in order to ensure that, doubs she will before very long.
لله
obvious that it
Vof the
It Is
As
them
Prices
situation
she
of We
the
pt
one
time
cfthes there and the Assam
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