Joseph Booth & Bros. Standard Steam Travelling 'Jib Cranes, Railway Breakdown & Main Lino Type Cranes, Railway & Warehouse Fized Cranes,
ENGINEERING SEQUIEMIENU CDE FUDZ
Bank BRIKINES
CHINA MAIL
} Established 1845
FRIDAY, MARCH 7, 1952,
SIDE GLANCES
10
Hongkong Bank Meeting
(Continued from Page 4)
the
Kunted
the leadership of Sir Sydney in 1052 is put at only 1,100,000 tow and order, security. the, pointed out by the American Caine who is so well known to tons which is, I hope, an under- encouragement of foreign banker, Mr Joseph Dodge, and the outlook for 1952 is not many of us in this Colony, The estimate.
capital, the increase of the pro- Currency in circulation has much improved.
Mission will shortly be report=" It is disappointing that inter-ductivity of labour and general increased from 422 billion to Much lus beak written about ing on the financing of further nal political conditions in Burma ly speaking to ensure that 500 billion Yen and prices have
five-year the ambitious
plu, agricultural and industrial should have failed to improve in ordinary fundamental economie been rising steadily, At the the draft of which was publish- | development which is much the past year and recently the principles are put into practice, game time an unhealthy situs- ed during the year. Its i needed in order to diversify situation on the Burma-China- | Indeed we are aware that such tion has been developing portance is clearly evident and
£ t * 7 ¡ </Iፔኔy of ie country. Slam
has frontier
giver problems are being tackled in a result of the excessive credits it is justly claimed to be an ad- The Government Party lost arise to much uneasiness. The de-
despite cf many handicape
by the Bank of Japan to vance
the six-year plan few adhério's during the budget
Tokyo prepared 14 connection with abbote last year, but the Prime last October agreeing to the ex-rapid progress. It is
highly banks.
On the other hand in- the Colombo programme, but Minister still las a working tablishment_ct a Karen State satisfactory that the authorities dustrial activity and production the prior emphasis is still on majority and his views and out- within the Union of Burma was are seeking torelen technical continue to expand and
will help to look wire happily expressed in welcome, but more genuinz schemes which produce large quantities of the cause of the same debate co-operation on the part of the stance and advice in regard agricultural production is now to many matters and that claimed to provide over 80% of food. Meantiine
whole has not yet anancial of when he said: "We want friends Karens as a port
ald from the Mutual Japan's food needs, sheir contribution
the and we feel that the best friends become apparent.
Security Administration and the: There will be many difficult Colombo Pian
programine Aus; we could have are the British The rice trade is of course Export-Import Bank Is con- tralia, Canada and the United and other members of the Com-the backbone
facing Japan in the Burma's of
problems tinuously being received. But coming year. Reparations will States of America have conmonwealth."
ecznomy but rice exports are
pre-what the country needs most of be the subject of negotiation tributed supplies of food grains
still a long way below the pro- all is period of real law and with several countries. The and the rupeo counterpart fund
war figure of 3 million ions
future of Korea will affect has been used to provide loans
although there was a slight im-
Trado
with closely, 1051 when FX- provement In
Japan China bristles The internal political situation complications as does also the with political ports reached slightly over 14 million tons. Other important in the Philippine Islands export products such as Umber, proved in the past year largely matter of her relations with minerals und oit remain far through the effective efforts of Formosa: a satisfactory setʻle- behind pre-war levels, Never- theless the balance of trade for
the energetic Defence Secretary ment can hardly be expected the year showed a favourable balance of Rs. 63 millions,
cision of the Burmese Parliament
ent which are
are at present obstructing EDT of the leading
panies.
comments
45
My
today developments in a large country like India must necessanly he inadequate and sketchy,
THAILAND International The
the
Bink
OIL AGREEMENT The agreement made on De cember 1st with the Burma Oli Co. leads to the hope that in
And
of
order,
the
THE
PHILIPPINES
whose intensive campaign against
the Hukbalahaps hasi brought about definite change for the better,
Unfortunately the land reform measures Are logging and agrarian unrest seems likely to
Was
of
the
until the Koren conflet comes to an end,
The
have looked on the rosy side of Dull peorted that "Siam ist. Rangoon and five other part started and-there-will-no doubt i expansion_Has taken place in our
CEYLON
The
which:
restare
the International Bank under tunately the surplus for export the war.
WITH YOU IN MIND...
are but
main
The
Govemi-
any
is
recom-
in Japan. We opened new Ofco at Osaka during the year and have recently obtained a sito on which we propose to erect a bank building for our tract a bank
DRINK
Hospitality
Coca-Cola
By Galbraith
guthu
T. M. Fag. U. & PEL OIL, Cor. 1963 by NEA Barcles, Ina,
"You'd better not change him any more you always stick
yourself, and I don't want his first words to bo profanel"
President Truman
Critics
Attacks
(Continued from Pare 1)
than
be better off to win the fight against Commundam win any particular election,' the President added.
more than we do now to make up for the loss of materials and armed forces.we now get from our allies. What worse we
RISKS TOO GREAT would still not be secure.
"I would not recommend that "Some people say we should the Congress spend a single our partners such dollar more than our national not send
Living Language
Why we Bay Flot- sam and jetsam.
The
distinction be tween Flotsam (l.e. that which is left to float) and jetsam (that which is thrown, from the French jeter to throw) is that the former is what is left floating on the waves after shipwreck, and the latter is the fittings of cargo thrown over- board to lighten a ship in a storm. Such goods belong to the Crown If they remain unclaimed within 2
year and a
day from the time they are retrieved from the
sen.
Tried To
Pass Forged Bank Note
A forged Morcantile Bank of India banknote which had the figures "$50" on its four corners and the words "Five Dollars" in the centre, was exhibited before Mr Poon Yan-hol at Central this - morning.
-A67-year-old paper dealer, Chu Chung, admitted possession of the forged note without law- and ful authority or excuse
Exchange Tax Law. The problem prevalling, throughout / things as raw materials and mu-, security requiros. Neither would ferson told the Benen. La de
poor
that
a shop In Kow-
As the
the defendant
ensures. Whereas there was analitical disturbances. It is. right cannot afford it are the same was raising its output by some-courges of posesion of nine
in-
this
We can't afford
it in every
"We can
14.
ni-
to help local projects which authorities have also been active also benent foox production. in Thailand in connect with Early in January an agreement their bus made, cl the end of was signed with the United 1050, A Railway Authority and States by which the
lattera Port Authority have been set *** agreed to provide US$54 millions up each governed by an autono- mous Beard as stipulated by the Technical Co-operation Bank. The year saw some sur as *
Fund for rural development schemes. This project Laken rising politkal occurrences but after the dust had settled down
TEXTILE TRADE with the technical
programine outward appearances showed no
Towards the end of 1950 and which is already progressing
a fairly active early in 1951 rapidly
the Colombo change. The financial xliuation under
for immediate
trade was developing between Plan will undoubtedly prove of gives no cause
Japan and North China and great benefit to India's produc-anxiety but here are inflationary due course the of industry will continue until more active steps come sleel was shipped amongst
tendencies as in so many other tion in the course of time.
once again recover its former
ner are taken 10 deal with this other less important commodi The recent agreements relat- countries in the would. Mr W,
capacity even though progress problem. to the establishment of A. M. Doll, the Financial Ad in this direction is certain to be
tles.
United States then ing
Externally Government, who slow. Another viser to three Oil Refineries in India is
quistanding good sign was
was the time It is believed that only stepped in and at the present also of great interest and im- has for often yours identified the pgreement reached in Octo event of the year purtance in view of the special himself faithfully with the in- ber with the Burma Corporation signature of the Mutual Defence a small business is proceeding. terms obtained by the oil com March. His final report received Mines which in the past have which
terests of Thailand, resigned laster
on the working of the Bawdin Pact between the United States A further problem is that of
and and the Philippine Islands Japan's textile trade: the effect
followed by the and con- produced large quantities considerable on
publicity
of important silver, lead and.
signature
the zine.
Japanese Lancashire is hotly debated tained a number
in Great Britain without, so for Peace Treaty at San Francisco as I am aware, any decision recomendation which will no American aid has continued doubt receive the careful con-
ភាព September 8th, Now the sideration of
arrangements have the Government.made to rehabilitate
port negotiations with the Japanese being reached as to how to get a sensible seulement. Further the regarding war reparations have expansion has there is unfortunately dig the creat of a wave of things: t another ride but the balance
between them handle
Offices shows that there has beea prva uidered some
unparalleled prosperity" but he
be long and hard bargaining of the foreign trade of the before most words of
agreement gress although much remains
Burma has Recently to be done.
warning about the excessive country.
decided to participate in the resched. number of small banks, the need Colomba Plan.
Various important
uttering it on February 12. He to strengthen the Central Bank
was sent to prison for two The foreign trade of Ceylon and the evil effrots of the Ex-men fully realise the need for mendations of the Bell Economic
to |attroeting foreign capital Mission have been implemented You will have noticed re.
months. He claimed he got the Tax. There rehabilitate continued in a satisfactory state change Turnover
banknote through gambling. and develop the
in the course of the year such terences in the various sections the last year and exports exceeded was again a bumpor rice crop
Det. Sub-Inspector R. A. Pat- as the Minimum Wage Law and country and in this connection insports by R3, 340 millions. last season
of my speech to the grave and exports in
the that Japun
to fendant went Great interest was taken in the year probably exceeded 1,800,000 they hold strongly
to latter and other increased taxes the whole of South and South chinery. They claim that we can recommend spending a single loon and bought eight cattles of reparations visit of a strong mission from tons, a record Agurs. Unfor-should provide
the damage caused in were of considerable benent to East Asia of the insufficiency of
Save money by cending our dollar less then our security loon the coffers of the Government,
the partners only things that shout. requires. I am convinced that shop fok! was about to give him foodparticularly ice--and the these people do not realise that we cannot disregard the policy his change, he noticed the dis
paper, which cost $8.' INDO-CHINA
RESERVE FALLS crying need for greater agricul this would not be saving money of too little and 200. The untimely death of Gen-
However the
late. The Exports of International sural production.
crepancy on the note, and eral de Lattre de Tassigny
Central Bank rice are still less than half of at all. reserve of the
On the contrary, it risks of such a policy are too cast a gloom over all who are
promptly had would cost us more money.
great," during the
from the averago pre-war level but year Interested in the future welfare tell
"If we do not make 1: poe- to
has increased millions
President Truman said that arrested. US$240 population
POSSESSION CHARGE of Indo-China but the General's | US$290
10. The shortage is mainly
sible for other nations to in the cost of the entire mutual to - owing targely
67-year-old unemployed, palicy of building up the poli-millions
issues
crease their own defence efforts security programme he had re-
remanded due to the .of. Import ileat and military strength of creased
production which were aimed at South Korea
Burma
Lau
Tung cang, was Indo-China
we would have to send more commended was less than two and Vietnam has been endorsed and Heences
for three daya by Mr Poon Yan- is being
on where large-scale me from our own production, and a half per cent of America's continued by the counteracting inflationary près-
hol at Central this morning increases are only prevented by
people who say
national output. And America Fronch Government.
the... fime the American military uld export surplus in the first half
that much attention should be the year, the second half
bo people who have been saying thing like five per cent a year. forged banic cheques of programme has been getting of
First National Bank of America, given to R considerable into its stride. Business condl- produced
afford this pro each va the problem in
each valued at US$8,000, with- the President thing America hus bited worthwhile that Colombo Plan and the United tions
naturally
In Imports so un- crease
States Aid Programmes but stable
undertaken in the last 20 years stamme." the the
Anal trade lion, ex-priority is necessary, andy said,
adding that the mutual ut lawful authority or excuse, top exports of
and
the uttering
cheques "If they had been right we security progromne
has ecuntry's
commodities. Imports Ps. 959 million,
would be bankrupt."
between January 6 and 8. ready made solld achievements." rice, rubber and coal ingreased ports Ps. 831 millions, show-strongly, as I have already said,
Det.-Sub-Inspector T Chal- In 1951 over the previous year. ing
Continuing, President Truman further of that an adverse balance
Industrialisation sold that these were the people winning gur fight. We would be Police custody for further e- "We are not lasing. We ore mers applied for the remand in Rice ex
exports totalled over 300,- Ps.120 millions. The decline in should in the meantime be given
important export
who were in favour of the foolish from our own point at quirles. only secondary consideration 000 tons as compared with 140,- prices of
such 000
throughout the greater
mutual security programme but view and guilty in the eyes of in tons 1950 and there is commodities
part of copra, oil
who said that "we shall have to history it we were to stop now," &nd hemp in this area, an optimistle outlook regard-coconut
cut it by several the second half of the your
billion he continued. for 1852, to affected the export figures.. ing
CORRUPTION rice pro
prospects
-ANGLO-US RELATIONS
dollars", on the expectation of in- based
"The
programme This Wis Before I conclude there is one the world de
very popular mended, to the Congress today is creased pro
production
of Cam-/ In
point of view in
CHARGE. an election mand for many of the products word I want to say about Anglo-
a necessity if we are going to bodian rice. Our Offices at Sal-
more rapid
American relations. In regard
year. gon and Haiphong fully utilised of the Philippines.
"But I think most of you will rulers to dominate the world.
block the plans of the Soviet Philip Collace, 37, an over- all the resources at their dis- progress with agricultural pro-to the economic needs of the Bast
gramme already laid
that we would Make no mistake about it this scer of the Resettlement Depart down there is no difference of opinion. agree with me posal and had a successful year,
District Council, nient, Urban political matters there are
Is the way we can but when a cor
a comparison is made would greatly benefit the econo-In
ska residing at 801, Sheung Yun divergencies, my of the country. svitis
economic
hardest blow against Russian Ling Village, was charged with was honestly is a sombre one over a pre-wpu
JAPAN
recognised by President Truman
Ocmmunism. ditions it is tragic to realise how
corruption before Mr Oswald much leeway there is to make
"Thats why the action the Cheung at Kowloon this mom- The Treaty of Peace which and Mr Churchill in their joint derable part of the area and It was signed by 49 nations at San statement Issued at Washington Particularly sad to many of us Congress takes on my recoming and was remanded to 2.30 up and how inuch better trad-1 Franciaco on September 8th 1051 ¦ last January, and es we in Hone that out of the long list of OMços mendations. Is going to mean so kong know so well. But diver. Which the Bank formerly had In much to you and to me-to every
p.m. next Wednesday, was of course the most notable political event of the year for gencies can be straightened out there is no longer one that American-Reuter,
normally. operating Japan. But the
People's made by both parties on all and uncertain general political Considering how disturbing In Indonesia our branches at Government leaves. serious levels. I sincerely hope that this
aspects are, will be done in the near future. fully agree with the policy of the
that Djakarta and Surabaja have problems for the future., continued improve
to
their In the business field one of Finally I feel sure that share-
Directors in building up the business in spite of the confused the main events was the trans- the st wat we make the Bank's Reserves and in carrying and disturbing
state of affairs fer SCAP of control over foreign the staff of the Bank for the forward the large sum of over In that country, Banditry and currency funds to the Japanese very satisfactory result
of the HK$8 millions, which I imagine sweep across parts of the noun Control Board as 'a' conserjuence | branche, of the Bank the vary- † flationary influences which gang terrorists not infrequently Government Foreign Exchange past year's operations. If you must also be a
look through the
list of the
record. Even making allowances for the try like
waves, clearing of which Japan obtained tidal out crops
from plete control of her foreigning conditions at each place will see almost everywhere the way and produce plantations and estates. Other trade.
ut once come to mind. In some in which the Balance Sheet and pants after a period of quiet and the signature of the new Ste others but I am well callsfled credit is due to the staff of the Another important event was place, the strains and difficulties Profit and Loss figures have prosperity may in their
have been much worse than
grown is 'remarkable and much Buffer in the same way. Never-
ling Area Payments Agreement theless taking the ploture ne
on August 31st last. In this with the competent way in Bank. whole progress has undoubtedly Agreement the dollar converti- which each Office has faced its been made.
bility clause of the cariler particular problems. agreement was omitted Security at the ports.
I now beg to propose the adop- leaving all payments
of the Report and Accounts
n personal nature. On February between tlon greatly increased and the farge Japan and the sterling area to es presented.
27th, 1912, a slim, diffident young quantities of rubber exported at be eettled in sterling. It was SECONDER'S SPEECH
man aged about 19 years, walked high prices (estimated at near- hoped that this would result in
Into the London Office of the The Hon. TN. Chau, CBE in Hongkong and Shanghai. Bank 13 800,000 tons in 1951) have no provided
of trade both valuable source of an expansion
oth | seconding sald;--- ways but unfortunately Japane
and reported for duty for the It is with much pleasure that foreign exchange for the coun ese exports to the sterling area rise to second the Chairman's
first time. That yout Is bo The tonnage of copra ex-have increased while imporis motion, I shall not keep you
longer slim nor diffident. His parts was also higher than in have not kept pace leaving an long as I only wish to refer to More
the Hon. Sir
Arthur other post-war year but accumulation
Morse, CBE, bur Chairman and sterling three matters. sugar, which previously
was amounting. possibly to as much such an important export com- as 100 millions. Meanwhile speaking for all shareholders ago cele
First of all I feel sure I am Chiet Manager, who a duya
• few da célebrated in a quiet modity, remained depressingly exports to the dollar area have when I say that we wish to as
30 X 40 Informal way the 40th anniver sary of the date of his joining tobacco plantations have suffer- od severely from troubles of all · Einds.
rare and For chilly evening wear, just PAWA delivered # beautiful collection of one-of-a-kind studio designed 100% chemically treated fur capes, atoles, coats in NATURAL AND PESTIL MINKS and OTHER FINE FURS--the MOST BEAUTI- FUL FUR-PIECES ever seen In Hongkong. ALL PRICED TO MEET YOUR BUDGETI Buy one for your next vocation. Come along with your beloved and let her try and on --- 17'8 THE BEST TIME TO BUY GOOD FURS AT REAL ECONOMY PRICEA.
HIGHLIGHTS 1952 SPRING
aatiny can
Also specialty PAWA delivered direct from top houses in NEW YORK CITY REAL DESIGNER'S COLLECTION of 1052 EASTER WEARS, AFTERNOON GOWNS, SUITDRESSES, LUXURY WOOL TOPPERS, RAINWEAR, DRESS SHOES in flexibls AND PUREES, PRETTY WALKING PUMPO French
suedan, calfaxine, alligators and snakesking
baby ---all with.
h. supreme matching handbags from New York's top makera such as "PITCHEL, KORET, EVANS, ETC" exclusive at MODE ELITE only. Choose your gifts nothing obsoleto nor duplications nor fakes, CHOOSE ALL OF YOUR BETTER WARDROBE REQUIREMENTS AT MODE ELITE-you're getting & real square-deal in 100% genuine lastward imported and real low prices for volume purchases. Bes our originals and Amy for your next complete wardrobe requirements-you'll be 100% pleased with all of your purchasos at———
MODE ELITE
GROUND FLOOR, #2 QUEEN'S' RO, C. KAYAMALLY BUILDING.
Printed and published, by WiLIAM ALICK GRINITAM for and on behalf of South China Morning. Post Limited ht 1-3 Wyndhaṁn Stroet, City of Victoria, is the Colony, of Hongkong,
in
con-
not
ing conditions would be if only political troubles did dominate the scene.
any
INDONESIA
turn
4
has
view
of
25
as
Russia and the Chiposition of } if realistid attempts to do so are
of
com-
thus
ourselves with the Chair-
s
a
Kny
consi-
recom~
*Summer Time
On April 6
in- wo
́ 40TH ANNIVERSARY Finally my third item is of
utet (and.
in the doldrums while tea and fallen off but imports from that socine remarks about, the late | 240, Bank. Ha long term of!
MORE REALISTIC
source have Increased.
It is obvious that adjustments are necessary, Kinky purchases can bo
sterling areaQueen
the associated ·régulations which { so far as it is possible. This have a long and
reign.
George VI, the Royal service may not be a record one
and Queen Elizabeth II..but
but it is noteworthy, that, for The new exchange rate and the futura lo, the witched in Wonincerely hope that the young one quarter of
of these 40
40 year (that is for the last ten years) Arthur has been Chief were enforced last month came complicated matter lo now being
I want to congratu-Manager of the Bank. That is to the rescue of the more destudied in Tokyo by represen- late the Chairman on the record Indeed 1a great achievement pressed commodiles
and are tatives of the two Governments, Balance Sheet and on a most in which deserves our hearticat more Tissotic than the former VERY REAL DANGER teresting and Informative review congratulations: I widerstand Certificate system. The leading The dangers "of inflation of political and ecotiomie aftoire, that in April there is another authorities at Djalaria are of in Japan have become very in the countries where the Bange anniversary coming, but perhaps | course well aware, of the need i real (frë the course of the long and "Thanghai Bank oper: I had; baiter leave that alone to deal with the problems of past year as ha been ates. Unfortunately, the picture for the moment.
Summer Time will begin at 3.30 a.m. on Sunday, April 6, a Gov- according to erninent. Gazette àn- nouncement this morning.
The Colony` · will revert to Standard Time оп Sunday,
November 2.
INTELLIGENCE TEST
SOLUTION
(1) The fifth powers of 1, 1, 3, 4
are 1, 32, 243, 1014.).
Bence we have
AGE
Under lo
Between
LEGACY IN DOLLARS. Below 100,000
Between
10 & 20 10 & 30 8,200,000 & 2 800,000 24.800,000 & 103.400.000 The heiress is therefore between 30 and 40, (2) But the sith power of
number ending in any given diple ends in the game dirit,
follows that the httress in as..
· London Ezprass Serotoni
CHECK YOUR KNOWLEDGE" Answers
J
↓
Collaco was allowed ball of $3,000.
He was alleged to have cor- ruptly received $3,000 Wong Yun-sang as a
from reward
for forbearing to stop an erec- tion of an illegal structure in Kowloon Tsai Village on Feb- ruary 28.
TRUMAN SPEECH ON AIR TONIGHT
Tonight at 10 o'clock Radio Hongkong is broadcasting, by courtesy of Rediffusion, a half. hour Voice of America rolay of President Truman's speech to the American people on the Foreign. Ald Programme.
This comes Instead of the advertised BBC programme "The Boswell Story".
Mercantile Bank
Dividend
The Hongkong branch of the Mercantile Bank of India, Lid, today received · telegraphile ad- vico from the Head Office thing. the Board of Directors have res commended 'a· Anal 'dividend of 0 per cent, loks työbīne time, mak- Ing 12 per cent-in-all2 for the year 1051.
His Excellency the Governor has oppointed Mr. A de 0, Sales to be a member of the Committee on Higher Educa, tion, vico Mr C. P. D'Almada Castro, with effect from February 20.
1. Scenario. 2.: (c), SWA hole hastily dug in the earth as The Hon R D. Blick, ONE, protection from gunfire, 14. One | Colonial Secretary......... la gazetted and a half times, 5. In bad- today an official - Justice of the `minton); 0; Virgirding!!
•FORCO