No Change
The consistent quality of Black & White" has mado this fine Scotch the natural cholor of the connois- seur. But the secret that makes " Black & White** so outstanding Is the special way fine Scotch whlakles are blended to make them finer still. You can appreciate the difference with the first sp and how good it is.
'BLACK&WHITE'
SCOTCH WHISKY
The Secret is in the Blending
Is Appointment
to the late King George VI
Scotch Whisky Distillare James Buchanan & Co. Ltd.
JAMES BUCHANAN & CO. LTD., GLASGOW, SCOTLAND
BRITISH FLOOD DISASTER FUND
PLEASE ADDRESS DONATIONS TO SECRETARY, S. C. M. POST, LTD.
THE CHINA MAIL, FRIDAY, FEBRUARY 27, -1953.
Pressing Problems Of S'pore & Malaya Discussed By HK Bank Chairman
(Continued from Page 1)
has recently
grado
munity has doubled since 1849. Domestic supply has increased calories is from 10% to 24% in line with the large housing below a proper nutritional state development. but the industrial dard and the production of rice supply has expanded oven more is lagging behind demand, while noticeably. This shows that rice supplies to the International Industrialisation in the Colony is market were under 5 million still forging ahead: the existing tops last year as against over local industries with few ехсер 8 million tons in pre-war years, tions, have steadily expanded and Morcover standard
on balance 100 more factories rice which before the war
sold
were registered in 1952 than in at between £3 and ET a ton 951. Although most of there
be-industrica been fetching be-
are on a very small {ween £80 and £ 100 ton scale their total output, amounts
the free
free markets. Ways of to an appreciable figure: thele solving this problem are
exports alone are estimated to discussed and widely
con:
have beon.
$500 worth nearly There is for instance the
millions
in 1932 and textiles tion of Government participation accounted for some 83% of this which under present circum total. stances seems difficult to avold.
The Hongkong Clearing House Yet many
autrorities consider
figures were about 20% lower that larger Asiatic supplies
ies than in 1931 as was to be ex- would be available if Govern-pected, but they
were almost ments ceased to interfere,
the same as in 1950. The Bank Noto circulation figures again remained
steady at just over $801 millions whillo the local retall price index lower ended the year slightly than a year earlier after only minor fluctuations.
ques
As in post years I will now deal one by one with the various countries, with which we are mainly concerned.
will he First of all you interested to know that we have oblained the necessary authority to open our own office in Paris where we first appointed agents L 1805.
We have found very in
No. 22 sultable premises nt
22 Place Vendome and we hope to com- mence business there about the millio of this year. In due course our Lyone Omeo will be closed. It was Orst established there 72 years ago in connection with the important silk business of those days, which has now, sad to say, come to an end.
UNRUFFLED PERIOD Looking back at the past year In Hongkong I think you will agree that by and large it has been L surprisingly unruffled period. At the beginning of the
lo bo possibilities of
year
March 31st last year there appetical amounted to $210 millions nents to steady develou with a balance
but law and order
WDS
His Last Address To Shareholders
Sir Arthur Morse, flanked by members of the Board of Directors, is seen here this morning delivering his final address to shareholders of the Hongkong and Shangħal Banking Corporation prior to his retirement next month, Staff Photo. grapher.
fully put on the market, The export trade Agures werd seriously affected by the fall to prices of rubber and copra and dropped by $40 millions. This resulted in a small adverse balance of trade of $3.6 millions.
Import figures were practically the same as in 1051. There has been no little dis- satisfaction in North Borneo at the slow progress mado in ro- construction which it was hoped to Anish at the latest by the end of 1931. Now the
doad- line has been fixed for the end of 1054 which should give ample time for this long over- due work to be completed. Our new office at Jesselton should - be ready for occupation some
time this autumn.
INDIA INTERESTS
Our interesis in India belog Imited to Calcutta and Bombay are not extensive but they are important by reason of the link with Indlari trade
18 which maintained with our offers in other Eastern countries. Early consider- in 1952, following a able amount of overtrading, a collapse of prices took place affecting many commodities, and markets were seriously depressed for some months.
the loans
COLONY'S FINANCEB The finances of the Colony remain highly satisfactory. The
India has recently been called latest returns show that
♪ "bastion of stability and revenue is likely to exceed the
peaceful endeavour". This 1s estimates by a considerable sum
nn apt phrase even if her owing molny to * surprising
political and economic stabilty increase in the Eamings and
has yet to be fully tested. But Profits Tax due no doubt to the
her "peaceful endeavour" can additional staff appointed to
be observed not only in the deal with this work during the
political world but particularly year.
The Financial Secretary"
in her new and ambitious "Five la to be congratulated on the
Year Plan" which hos been happy position in which he
himself. finds
There is an In dealing with Hongkong'a postwar years, but both Goveri 30% of the world's output widely applauded in spite
target has criticisms that the insignificant Public Debt: he is trade I have so far dealt orly ments have defelts, of $07 mll- the same as in 1951.
been set too high and is not The cm- likely to have another good with trade values. If the volume, llons and $10 millions respec
Having referred to these two sufficiently preciso, General of trade is considered it will be tively. In their budgets for the surplus to add to the
The Federation very important primary indus-phasis on agriculture, transport Revenue Balance which on found that the tonnage of com- current year.
already mercial cargo recorded here.
in hopes to cover its deficit by the tries upon which the economy and power development both in and 1952 was 10% lower than in 1051 Security Loan of $100 millions of of Majoya is almost too vitally this plan, in the Calombo Plan or grants S he has the Development Fund, and 30% lower then in 1950. In sed last November: half of this some advance is being made in received from the World Back
interest which was author dependent I must mention that and in of over $57 this respect price changes and has been successfully issued at the establishment of secondary and from United States sources
date, to
other iactors complicate the
Industries for tained throughout. For this we millions on the same.
which however shows that India believes that which
par and another $10 millions the trading profils for have to thank the efficiency of
picture.
at present on tap, I must con- there is still much scope. There this is the most important way the year are to be added. The our Commissioner of Police and
Although Hongkong's entrepot fess that when this loan was are also interesting possibilities of raising the standard of living Legislative Council was there- his men as well as the solutary
in future mining expansion for of the people, which is fore fully justified in approving, trade with countries other than floated it was rather galling to
financial and central objective of the plon. effect of the presence of British
the gift to China remained very active recall that only two years ago we which external on December 31st,
also interesting to note military force who are so wel-
the Federation quired.
that in regard to her proposed come and valuable to Hongkong. Her Majesty's Government of a throughout 1052 there have re- were urged to subscribe liberally, technical assistance will be re-It is
Industrial development, Arst further sum of H.K.58 millions cently been signs of hesitation was did,
34 Loan which now stands at As a consequence there has been
over and above the $10 millions and unfortunately hindrances to about 85. It should not be tot- NORTH BORNEO
priority is wisely, given to the food progress in all the services
Vices included in the estimates for trad.
trade
fuller utilisation of the existing by goverments gotten that the Federation ex- imposed The Government. provided by
the current year, as a contribu- are very much the fashion
Let us now cross the ea to industries producing goods from Public Utility Services have con- tion to the cost of reinforcing everywhere. For instance the Panditures include $144 millions
theon accuunt of the "Emergency" British North Bornco and local raw materials. It is dis- tinued to develop, particularly the Garrison.
restrictions on Japanese trade but it is to be feared that it will Brunel, a land of promiss but treeing to hear further reports the electricity companies whose The short visit paid to Hong-put Into force here recently by hardly be possible to eliminate needing enterprise and labour. of famine in large areas
but fortunately Donations telli be remitted to The Lord Mayor of London's Dutress Punal output for the needs of the com- kong by Her Royal Highness our Exchange Control at the in- this heading from the accounts Enterprise is handicapped by Bombay State
the Duchess of Kent at the end stance of the Home Government for some years to come although the chronle shortage of labour prior to this the food situation of October was a very success
which are proving harmful to Hong-we hope that the amount will but it is difficult to believe that had been better. An important ful and welcome event
Hitherto, satisfactory means cannat be Government Minister not laug has contributed much
contributions devised to unravel this problem ago referred publicly to the subject of "Indianisation" in further good relations bly in beoeft. Similarly the recent im- made by the Home Government while ensuring that proper all
only
He brought Enter non-Indian Arms. in and $4 millions donated by the safeguards are adopted. imposed Hongkong but also in Malaya nort regulations
to the above Indonesin added
ove Singapore
the prize is, however, certainly ap. the matter forward in a moder- and Borneo.
restrictions are affect financial burden of the "Emer-parent in the activities of
way and no doubt the ato mentioned
Malayan Petroleum principle will in the main be ing our export trade to that rency" has throughout the whole British
been borne by the
whose Company
development acceptable so long as adequate of ordinary and expansion continues with time is allowed for training, and Now it has out check. Brunci State is re-the anal proposals are reason- the been decided by the issue of the ported to be considering a new able and not discriminatory,
this has not Security Loan, repayable in 10- Five Year Plan: 20 years, to spread a small part yet been published
choques should be crossed
"BRITISH FLOOD DISASTER FUND"
Printing of Distinction
ALEX ROSS & CU (CHINA) LT
BOOK
.ENG.
Oriental
RUNO & COMFANT
angiect ate poluses the templowing o
+
Megh
The Duke of Rom
by
„CATHAY COMMOMTtes, detenivärima
well Stem Shar
de of that t
Bunny Shrey Ste
• Mont Mowry Wage
Must shows thard
SOUTH CHINA MORNING POST. LTD. Telephone 20002 and ask for Mr. Labrum
- OVERSEAS ENQUIRIES INVITED —
the
to kong merchants and to the entre be lower in future.
from pot
which we all apart from trade
the
Government,
COLONY'S TRADE As regards trade, there have country which in 1952 reached
In record figures. been
various references
We can only hope Federation articies in the United Kingdom that governments will interfere yearly Itvenue, to the "collapse of the boom" as little as possible with
in Hongkong which is alleged stream of trade which eventually
prevailed here slace almost always
to have
finds its
way
the end of the war. In fact round-the-obstructions.sci in the so-called boom in Hongkong the way. merely covered the period when,
MALAYA
tit
but
the
4
the
ΟΙ
the
six
CEYLON From India we naturally pass The report of the of the lond over a longer period State's large surplus of revenue to Ceylon. of time. In September last the over expenditure should enable World Bank Mission to Ceylon Singapore City Council floated
which was led by Sir Sydney It in due course to make the successfully a small loan of $25 | territory a model to its neigh Caine was published last. su- as a result of rearmament and
tumn. It contained many Im- millions at 5% repayable in 10 risc the consequent
in com-
bours.
North Borneo's finances portant and valuable proposals to finance showed a surplus modity prices
After Hongkong our Singapore to 20 years, mainly following the
of ordinary The
and as a extensions to
reference book re- Colony's comes next in Import-
revenue over expenditure of $7 outbreak of hostilities in Korca, Branch
water under millions which was transferred mie position it will be of great garding Ceylon's general econo- world trade figures became in-ance, We are vitally interested electricity and WOTLE
Singa-
to the account set up for recon- value for a long time to come. political and economic takings. So satisfied flated.
Thus Hongkong's trade in the
and development Recommendations for returis were exceptionally trends in Malaya and there is pore with its financial position struction
Government decided
of the country. from the summer of so much that could be said that the
The latter
tter year development programme swollen
has account 1950 to June 195!, when
shortfall were sketched in the about the developments there in recently to make a gift of £1
considerable United Nations' embargo was the past year that it is difficult million to Her Majesty's Govern of $0 millions for the current detall and the establishment of
where to
endment as a gesture of goodwill.
to imposed on shipments of strate-to
to know
begin
your,
meet part of which in Ceylon Development Corpora- After that wh gle goods to China.
end. I must neces where to
consideration is being given to tion was proposed in which the but Hongkong's
of a Joan monthly period
The flotation sarily
of Government, the Central Bank trade figures (excluding
£500,000. The terms of such and the commercial banks are only want fuller China)
settled down rather intern political and social internal
a loan will need very careful
(Continued on Pare 0)" above the ilne of early 1950 airs I recommend that you which had been a very satis- should read some of the Import
trading. for perind factory
ant speeches made by the High General Sir you will find Coming to 1952
and Commissioner. that the total import figures Gerald Templor, in the course (even including China) were of the year. almost exactly the some as for
1950.
during
Further, the average
if
you
be to particulars about
cemont goodwill
of
TRADE FIGURES
with 105 the As compared Malayan foreign trade Agurea for 1952 at first sight appear alarming since they show a drop
M.$10.710
to millions from M$7,642 millions or 20% in the year. However it must be re- membered that 1951 was ad with trado year pressing exceptional One of the really
com-gures no less than 56% higher monthly export from Hongkong toples of the day is the
than in 1050. Moreover in in 1952, to countries other than munal problem-that of rela
comparing 1952 with 1051 we China, were higher than any tions between the Malays and and that while rubber exports similar monthly figures, except Chinese-which arises constant were lower by no less than the above-mentioned ly in connection with Malyan M.$2,000 millions, other exporta
Indeed imparts from affairs. boom.
The need to
were actually Higher in 1952 China
bonds ct $830 millions have
⚫friendliest the
than 1051- significant acl and only shown a fall of about 5% understanding
cmphorising how very important in the last three years, but ex-between these two communities the rubber industry is to Malaya.
1952
wers of the highest importance. Indeed the ports to China in
reversal of the down to $520 millions as com- But probably the most cheering favourable balance of visitla pared with $1481 millions in
trade which Was M.$1.055 feature of the present situation is 1050 and $1004 millions in 1951.
that public confidence and morale millions in 1950 and M,$1.270 The advantage we gain by the has gained strength throughout millions in 1951 to on excess of iniports
rts from China is obvious and while the loss of so the year as a result of the success bakmee of M.$52 millions in 1933
50 against the Communista
and
was certainly due to the rubber much export trade to China is because of the satisfaction at situation. of course a serious matter, the having a vigorous leader. £1 trade was in 1950 and 1931 an Malaya at the head of affairs, There is, however, still con- exceptional phase caused by with a clear unheritant line of #idence in the long term outlook China's stocking up on account policy. There is greater efficiency for the natural rubber Industry the administration, even cepecially as both the United though there are departments States and the rest of the STRICTLY LICENSED where economy and pruning may world's consumption for 1953 is But I must mention here that will be needed, and there is a estimated as likely to be higher quite a considerable trade to determination to ensure that the than in 1952 while production and from China, by-passing whole machine runs smoothly, may be lower. Unfortunately Hongkong, has been proceeding in Singapore niso there is satis- thero is a curtain of uncertaint
of the Korean war,
In
adverso
from European continental ports faction that the new Governur, hanging over the U.8. direct to various ports in China Sir John Nicoll, whore well de commodity which is impene- and back again. I do not In-deserved decoration announced trable, but as I have already tend to refer to the rumours in the New Year's Honours List indicated,
the Report of the about a possible blockade of the gave great pleasure his many paley Commission may perhaps China coast but I want to em- friends in tongkang, is also lead to a change in policy. phasise that the present Hong wisely directing his polley to- kong export trade to China, as
as wards efielener and reasonable
The production of un
Was
is well known, is strictly licens economy in the Colony, The not very much below the 1061 ed under arrangements made business community will give total of 87,100 tons, and under with the Home Gaversumenters as ho is able to take.
ten their full backlag in wuch and it does not include strategie, commodities.
kong in fort is strictly com- plying with the United Nations embargo ca items useful in the production of arms, munitions and implements of war.
BUDGET DEFICITS
present conditions and prices not much improvement in out put can be expected, but cepting the continuing dificulty Un- The Federation Government of prospecting for new and Singapore have accumulated bearing areas, the industry is in audactory surpluses in their saldactory condition and the accounts during the Malayan figures remained about
EL
walching if it is to be success-
AIROD
ALSO
Ask your
grocer for
TAIKOO
GRANULATED SUGAR
IN HANDY
TIME ROLLS
in 516 & 10lb bags
PURE CANT
TAIKOO SUGAR
Agen: "BUTTERFIELD. & SWIRE (Butterfield & Satin (hangangi Lid