THE HONGKONG TELEGRAPH, FRIDAY, MARCH 10, 1950.
SIR ARTHUR MORSE REVIEWS SITUATION
(Continued from Paze 1) and other features into which I will not fo. brought about rapid deterioration which forced the Brillth Government to de: value the pound In terms of gold and United States dollars on September 18.
Although proved to be finally unavoidable, proved to be finally unavoidable
Allock
overseas. As
ΟΙ
consequence
the free and black markets of of the world continued to quote sterling at a discount.
on
economic
10
COLL-
Ogure Increased to 11,005 About equivalent to million,
co7 millions, certainly on im pressive gure but parily due to the financial disturbances to On which I shall refer later. the other hand it is fuldeant at the fongkong Stock Ex- clange has been in the doldrums throughout the year and bust
Some strange
speelalise
political
ess transacted in dollar figures elush faw, order and enterprise and currency difficulties have uti į regarding the eventual issue of of living has
a con-
the cause of this rrecasion.
AIR TRAFFIC
Incal
14
our
fron
been
roads to that
13
and
or
and the
As koon
sent conditions are not con-
FREE GRANT Last May the welcome 31- nouncement was made in Par em nt that in view of the 10
which Malayn evened burdens
had to bear cluce 1948 111
Majesty's Government had des
into China erased į able changes in post-war prices Chlan ro lang as there Is cone properly be expected to oldest to rates to £20 milions
As a result the traffic
Import Exports
1047 1948
1549
2077
1949
2700
1217 1503 2313
and great
reat efforta
have
were
were
and standards of living.
could
onct
A very
do
no
cent
en
with
the that
orc
War
ព
|
of her
next
lions and the higher prica of a favourable co the need for
and
been
I
there.
trust that the present year will we have no office in that coun- see some real
we pre doing a con- try but "cadway By way of contrast to the dis-siderable amount of business
pleture in North through appointing
our correspondents Borneo, Brunel State in in
The general economie
ik outlook
satisfactory, the prosperous condition thanks to the all well which are lucing at the rate of about 0.000 foreign trade balance is favour- able and the financial position Is sound but the dispute with metric tons a day. Royalties on oll provide the chief revenue of the Government and enable Indy casts a shadow over the Die State's financer to-be-in-o satisfactory condition.
pro
seene,
Ceylon has been fortunate in being able to pursue the even INDIA'S PROBLEM
lenor of its way throughout A very great deal might be 1949 with hardly a ripple except said about political and econo- perhaps when mic conditions in india as de-
The year 1940 has been one political fret og rapidly on 10s also review its stockpiling pro- velopments of much importance / Wealth Conference met in Dow
(Contd. on Page 8, Col. 1)
confined to Cal- In foreign of you may think
trade which in ono way or another On the other hand the noon-1 considerably increased but pro- Interests are essential | proved to be more intricate than cial position of the Colony of gresa is not likely, to be rapid. culta and Bombay where I am
offices that a speech like finance and provide
are The foreign trade of Maloys glad to say dur this I thould refer so fully to services for which the indigenous would seem likely to the un- Singapore appears to be satis
In 1940 showed an adverso bastendily progressing. India's parochial. comewhat
matters, banka either Inck the resources Initiated. These gave our Staff factory and there has been no
There was disturbance of law and order lance of a little over Malayan main problem is that but I do so deliberately becuase or the ability and experience. a harassing tline.
with Pakistan: I wish shareholders In other is a
the banking the long delayed Sterling Aren there. Both in Singapore and in $162 millions as compared with relations Enst that
$61 millions in 1048. However perhaps is that of producing of the world, and systems in most countrica of the Trade Agreement of November the Federation labour conditions partn
as to cut down East are only in the
in December there was an ex-more food so enrly stages especially in the Untied King
port surplus of some $34 mil-
alt-Imports of foodstuffs, and after Foreign Trade Control Law of ployment has continued. Wages
that I
I would COS dom, to have a better concept development: experience and the Foreign Exchange and have been quiet and full om- of the way in which fengkong ability take many years to no- December 1, and the discussions have been stable
external balance rubber added to the strict con- a continued on to quire, whlie internal thanks developing 16
trol over Imports of hard eurof
eur of payments and the attraction new Banking Licences which downward trend, so far at any best informed circles, the even-
orc Asiatic standards restored the pre-war status of rate on
rency goods should bring about of foreign capital. The first of tual decision by His Majesty's appears to have been been only
half that of 1048. There has combled with the many out rom, ruses hit them had
concerned. The 3% Loan of CO SERVICES NEEDED
an improvement in the balance thene problems is unfortunately Government
foreign banka effective from enme non- been a reneral fall in the quota-qualities of the Chinese pupuin-
of trade in 1950. Malnya is able stilt not on the way to solution millions floated at par for the The services of forelin banks January 1 most people in een
tion but particularly their in- pleasant
to pride herself on the fact that and military expenditures are as Trade Federal Government in London particularly tons of shares, averaging may
The been, and for have therefore
Sterling Arca the Sterling Aren,
dustry in their daily work, around
in 1040 she 250 and an
United the year last May was fortunately timed
a result being maintained at a earned mora statisticlau many years to come will remain Agreement covered because of the magnitude
The Government
States dollars for the Common- j light level. But top priority i the change in the rate. It sequence market prices show a
publishes a retall price index (if
they
for the Government, nre permitted
June 30, 1949 to June 30, 1950
wealth than the United Kingdom being given to the production achieved no permanent cure very generous return of 8 to
¡pperate), of much
value to and the delny in the final signa-afterwards an upward trend In
Interest rates started. The Los did and the same situation of good grains within the coun- In the coal for Britain's financial problems 16% and more on shares of somewhch gives a general guide to
Eastern countries, especially in ture until November 22 means ΠΟΥ stands at a considerabie probably existed in 1049.
try. Steps have also becu taken and being unaccompanied by
of the best compagles in lohy major changes
Connection with the expansion that 12 months' work has to be niving, of the community
discount in the London market.
NORTH BORNEO
the Political kar.
fente
to restrict imports while any relaxation of existing re-
Although some progress has devaluation of the rupee In line strictions on the use of sterling anxietles have of course bren whole. This shows that on the foreigu trade which neces" | squeezed into a seven months' There is an acute need of invest-
basis that the first quarter of rally goes hand in hand with period which has given rise to men
190 10ment capital in falaya as in so
been claimed for the colony with the pound sterling gave 'a 1030 equals 100, the December steps to increase the indus- some dimenlties. Since Novem
to exports. 1940 figure would be 653 but trialisation of
of North Borneo there is so much considerable lip country. eber sterling area foods have many countries in Asia and pre-
development to be done that few can be sails | Satisfactory taking March
of 1017 no 100 the therefore the Eastern countries Hongkong's air traffic relums i tekure would be 112, idesive that trade and Industria-rapid rate than licences have contructed for st a more
more ducive to rapid progress in the
fled with what has been affected | fruda has been effected as a for 1949 were swollen by events
Many development projects STRONG REACTIONS
In the past year. It is true that result of bilateral trade and bar- In mid summer when refugees Wage rates in Hongkong have lination shall develop rapidly been issued to cover purchases of which the country needs.
of cases rises utal efficiently, there will be Japanese
fair amount of legislation has ter agreements with other coun there In the East the teactions at from Shanghai used this means in the majority
been enacted and more is on the tries, in which respect Indla has those informed
of escape from feared political nince 1930 above the compara need for the specialized services have been emplenifona in res
stocks but that is not mensure Towards the end of
of tive level of matters showed,
been particularly active. Several the cost of living of world-wide banks. Vengeance.
ard to the financing arranges I think, ja
that this precept same period.
of achievement in the practical important statements welcoming I glad to my
which
the cept ments, that the year when the two leading mdex in the general tones of dismay
field. The Reconstruction and
the importation of
of foreign capi matters should
Chinere airways companier de consider it is no longer realistic has not hitherto been questioned ather British banks have been have any
fected from the Taiwan Govern that basic salaries and wages in any country in the Enst-that undertaking to an extent, which,
Plan seems to have Development
tat and giving assurances as to such a pres and that the Ster-
hung lire, since, in spite of the
ets treatment have been issued Blog Dollar difficulties should be ment, many of their aircraft should still follow the pre-war why we do not propose to in my view, ces much beyond
need for speedy reconstruction of bath by the Minister of Finance were grounded and at the same scales in view of the "otherwise
offees conskter.withdraw incoluble", a
what commercial banks should Sir
buildings, wharves and public and by Pandit Nehru; as a ro Stafford Crippa put it.
time trame
arities it is afficially stated that at a number of British manu- ellons in the East were stronger and the Hongkong returns fell
kelthoad of their being able to From the British point of view the free grant of £10 millions
about $6 millions have been facturing concerns only CHINA SITUATION thus the head-shaking in the D one quarter of the peak.
are taking business.
the importance is to ensure that already promired for the
1 on public works in the expended West And the financial landing
Nevertheless the annual figures
Bondholders of I said last year that the puli-
the Chinese no sericus anbalance arises as Pausage Compensation Scheme An in- as to provide 15 well
last two years. As regards in-steps to establisit factories in India, Moreover, the Inter- record more than 25.000 theat and economic structure of Government Hallway Loans will was the case with the firz, trade of
undoubtedly w
show n our country
free Joan
up to dustrial activity, forest
copra aircraft in
and out of Khi Tak suffered a loss of prestige. Frickt and a total of over 318-position than it had been since
noted doubl have Chlua was in a more ominous
ngreement.
timber exports
have Improved national Bank has during the year Interest
$160 millions. Both With those responsible for the policy on
new bank licences re- Malayan The
but rubber production decreased: Franted some timely inang to Anapelat present yea of this Bank, the
passengers carried; but the
from Lexis'atures have now passed reports
those obtained foreign traders had established
placing
hopes of
the re-establishment India for railway and agricul
tural development. All things situation in our home
hasebe reduction in these figures as have seen the structure college effectively and in most
will see a consider themselves on Chinese sell. We the railways throughout China SCAP were issued to the foreign the relevant Ordinances but
former of the
ner Japanese hemp tur throughout last
are now once again operating banks by the Japanese Gover-final settlement of claims will year weighed the China trame seems unlikely
not yet een considered there would be good estates have
were it almost as heavily as the pro-
We have wit
cament on the pre-war basis and take a long time.
realised. It is claimed that the grounds for optimism blama consequent on the
In the immediate during the past year, re-open
capacity passenger und in accordance with the Japanese
not for the Pakistan dispute. disintegrate and
aroused Much Interest WOR is seen armies fusion and uncertainty in
Colony may before long be freight traffle although there is Banking Law of 1920. E even the future.
in Malaya We scen
and
PAKISTAN particularly
yet in self-supporting in rice various countries out East, congestion at Kal Tak airfeld Curr
eld currencies dissolve.
equipment and
and Japanese banks have now been in circles concerned with
1040 the value of rice imports The same applies in reverse rolling not revolution in process of develop.hortage of It can be safely maintained will be eased but it will not revol
stock.
It is to be hoped designated as foreign exchange
the
rubber
10- and (in
was higher than in 1948,
to Pakistan, As you are aware The effect of this has that when diplomatic relations banka and these banks will. It that the new Government will Golve the problem of future ment.
lustris when unc of the continue to make every effort to needs and of safety for large been to make our China bran-
have been fully established on
s presumed, eventually be able
ten points which were the sub- ensure that the deficit in the of Slate for the Colonies and they prospered exceedingly.
a normal basis at Peking some to open branches overseas on aject of the official communique the types of aircraft, The Secretary ches a liability whereas
information will be forthcoming reciprocal basis. dollar balance of
Shunghat payments recently that the wheels
having
icrued on September 12 at the reduced during the present year
as to the possiblilty of negotin- Since the beginning of 1950
end of the important Washint tlons with the Central Peoples the transfer of the control of ton Financial discussions, denit and the gold and dollar reserves now going round in connection difficult time and owing to the arrangementa for are maintained at a safe level, with
can lack of press messages it is not
Government about China's the Japanese domestle economy with rubber and tin. It stated At the same time the Burrow struction of the modern airiteki generally realised how server rallway debts and other finnu- from the Occupation authorities that Canada was prepared to najority obtained by the Labour at Teen Bay. I trust that this the position is as a result of cial obligations, t must
hng fathered 11
its re- pressed forward as
recent heavy air raids and the General Election will he party in the
of these commodica will I imagine result in a slow-matter of real urgency.
continued blockade. On humant-cured that the new Govern- momentum particularly in the fake steps to inerente
China accept respon-case of of
commercial precedure. Berv One of the outstanding-events turion-grounds-along the bombibility for the ing down" of the "more" controver"
United and that the United States was international It ·la ̈ clear that the
prepared.““to open to natural sint parts of their economie and of the year from the point of Ing of this crowded and un-
treaty obligations of its pre Stutes Government are anxious
rubber a mibstantial additional financial programmes.
viene of this Colony wid the defended city should receive the
decessors Including of course to cut down the amount of
are 1 uf decision
urgent attention of the Powers those financial abilities which their monetary aid with a view modification of the Government made as a result
of competition, including| HONGKONG'S TRADE the visit in
of the Minister June
Representations have, I under-
are properly authenticated. to allowing Japan to stand on order relating to consumption of Defence,
the Common- to reinforce the
tesland, been made to the United
her own PROGRESS IN JAPAN Hongkong's foreign trade in
financial, if nother
of synthetic rubber" and would garrison owing to the un-Nations na well as to Londoa 1040 has aguin for the third year certain position in China and Washington but speedy
cember. However the Dominion in succession been a record. to His Majesty's Government's
Kramme
with
parilcular re-
are established a rupee 'currency of The figures for these three years responsibility
action is needed. I wish that if marked progress in Japan sible.
MALAYA PICTURE for Hongkong
and as
02- a consequence the
ference to tin and rubber. The absorbing Interest
taking place is that great coun- its own in September equivalent were as follows to the nearest
people." you
say more but I am sure
controls have been Let us now |cupation and the
turn to Malayadevaluation welfare of its
of sterling which tro, but I must leave detalled million dollars:
will support me in ex-eonsiderably relaxed. The arrival of the British troops pressing the deepest sympathy are still come gloomy prophets growing significantly.
There where the Bank's interests are came roon after this an
comment to others. Our direct announce- has naturally been
A veryment brought about a a rise welcomet
In bren with our friends ir Shanghai.
who in General MincArthur's important statement" was made the price of rubber which hatt It is tempting to look to East words) forecast the imminence in Parliament on April 13, touched a low point of 31 and
are being continued. made. lo provide suitable amenities Europe for guidance in red of economic disaster, the re-1949 when the Prime Minister Malayan cents a pound in June.
possible fut
future econo- which
undly to the realise we In 1040 imports Incrense needed in view
of the make-mie developments in China and emergence of politicial reaction 'reulled to a quistion about the At the end of the year the and inevitable social convur-future of Malaya. Mr Alice price was 50% cents. It must nbout 32C% and
are a number of cxporis by shift conditions
which indeed there under
be presumed that the promises I 46% compared with 1948. The
ving clear parallels between the two sons: but there are also those then eald-
are full of starry-eyed
Majesty's Government
will be just quoted ismo of the troops are this increase
have for reason
buth
Primarily who ghai We have every reason to the con-agricultural prior to World War optimism. So the haul-headed have no intention of relinquish- The port of Shangha dent that these forces in con
gradually implemented but the obvious.
banker finds it difficult to steering
their responsibilitis
Eynthetic menace has not been hus bren
closed virtually
course which will guide his Majaya until their task is co-eliminated and much depends on Chad been the Kuomintang blockade function with the help of the 1; many of their raw materials developed with the by
ure, pleted. The purpure of Benit of foreign capital: the one policy safely towards buns policy is simple. We are work-maining below that of synthetic local police and voluntary sc
the price of natural rubber re- since last
and
ali
law and mid
Two contentious problems the other Chinese coastal purtiers will maintain
area was drawn into Germany's
Japan, ing
within the New York
market. spoke orbit and the other into that of hang like a cloud over have been subject to restricted order under any circumstances,
Federa- Sincy last year when
Recently the question of in- After the war, all the First that of the Pene Treaty use for varying periods, al-
to enlarge the Japan about proposis
des moved with though Tientsin did
future status of to proceed too hastite with the considerable way towards which is bound up the tion of Malayo and Singapore, proving the quality of natural SCAP (the to guide them to responsible rubber, Its packing and its business for nine months in the
their raworpentsation
set up by the self-government
the grading has been under seri- year,
We have no material resources, their banks Supreme Commander of the Commonwealth.
consideration as a means As a result cargoes eventunfly the
Yous of Jeopariising the
be in has and their judustries: indeed the Allied Powers). Sreandly that intention Municipal Council Onailsation
whereby destined for Chha luve, to a Council
it would Uafter
the focus
to compete ixcame
of of Japan's relations with China. security, weil-being and liberty stronger position
whom for general in- extent, cone to been published
synthetic considerable
rubber. Be- Hongkong from oll over the formation. Proposals for
the greater aftention than hitherto. } From the political point of view of these ponsibilities, by a search
All these countries introduced the first is of overwhelming in Britain has
is actively proceeding world while zome
of China's enlargement of the Legislative an
reforma and state portance for the whore of the premature withdrawal."
and hopes are high that con- have also export commodities which nor- Council
been sub-
of foreign trode, but Pacific area.
This authoritative statement The second haiges might have by-passed mitted and the members of the control maily
and there is no fiderable progress in producing large extent on the to the all permitted, temporarily fa
speaks for itself and first
Krade of rubber can Hongkong have altered through community have had a chance to at least, some viciment of pri- and, while partly political, is of need to talk about times be made. It is noteworthy that
The Russtat to this
of rubber Colony for shipment express their views. There
purchases a divergence of opinion and avate enterprise and have from Latticular moment in connection for the transfer of power. overseas,
time to time entered into har-with Japan's economie outlook. eventual aim is clearly stated are estimated to have been These enhance Agures have final decision must clearly not
100,000 tons for the ler trade
agreements with the since satisfactory trade relations as "responsible self-government little over meant n greater Johnorte ot be rushed. As Mr Creech Jones democratie countries which
1 the most prominent second year in succession. feimer's foreign trade is 10 Meantime
TIN PRODUCTION stips loading and unloading in naid in Parliament on Decemties proved of mutual beneft. Het With China are essential if the within the Commonwealth." Hongkong waters and the statis-14 "naking constitutions is nut Pro
ever, it has also been apparent devel
develop
and Chinese are well-designed pat- Malays
Tin production In Mulaya ties show that commuerelat cargo too easy or fast a procedure."
that' East Europe looks Fast tern without further and from together with the
Blowed a considerable ges have increased about tonnages
THE 1950-51 BUDGET for inspiration rather than America. In this connection Titives of other Committes to and renched 85,449 tona 24% races in a Com-improvement during the, year 41% over 1948: orens and river,
West. The Financlul Secretary in th
I will not attempt would note that the adverse:
munities Liaison shipping
of Malays increase over whether and for how balance of Japan's trade in 1019 study the problema togethertroducing the Budget Estimate: foretell amounted to nearly 21 million on March
follow sintlar to November
about revealed that for long China will
its constitution. The present un was 89% of tans, bel; 36% more than 1948, the
about and understanding
Malaya 1919-50 there is n plans and policies. Nationalist US$350 milions which is a high fuck
produces while occan
world production fonuare alone surplus of just
$5k ! under
ic influences are strong. China's figure when the small volume of interest in the democratie third of the
Trade privileges available to citizenshi reached nearly 20 million tons. millions bul this surplus leaders will also be swayed by of Japan's
being expressed due to what the foreign ils largely
considerations, is borne ite mind. But has been shown in the fact that and fears are GODOWN CONGESTION
jest the growing excess pro- Financial Secretary described as the need for foreign trade and as
only saki, propres
13,000 persons registered est,
duction over commercial, con- Such factors, but particularly "winfalls" and to economies other desiderato, and it remains was made in 1949 and this will their names an voters in Singa- ducti
sumption may have serious re- will be to Hongkong of undertaken when
o be seen the despatch
which pull
he demonstrated If I mention a nore put of a population
percussions if steps Shanghal cargoes, have brought of reinforcements was foreseen. the strongest, but the Sino- few of the highlights affecting 800,000 people,
taken in advance to meet the about an unprecedented rouges-Government is to be engrat-Soviet Treaty and supplemen-Japan's general economy.
THE EMERGENCY
langer. The re-opening of the tion in our local warehouses late
the tary agreements of February
con- London 15 was welcomed by UNCERTAINTY REMOVED
Metal position but
The state of emergency
Exchange on where millions of pounds worth forcent of ever increasing ex-
cx- 14th supply a significant pointer.
In April a single general ex- tinued throughout the year and of goods are awaiting shipment, penditure cannot but
AN OPEN MIND
change rate was fixed at Yen it is regrettable that the end is both producers and consumers. expanding and we fear that the situation om
nonome cancern. Nevertheless we By recognition of China and 360 to one United States dollar, not yet in sight. We sincerely The importance of
realise that it the
the by the establishment of diplo-This removed
to Malaya's secondary the uncertainty hope that the tide is about blockade of Shanghal and Can-on is to be properly protec-matic relations, we have shown which had prevailed for some turn and that no improvement repeatedly been emphasised ton has been raised and more ten we must play our full park that we have an open mind and time and had a good effect on will be seen this year, In and it is satisfactory to note
conditions
made last sluble
prevail in us paying for such protection, that, even though our systems the export trade There were vigorous broadcast Chino. I may say that the The Financial Secretary's state-of Government differ, there is rumours of devaluation in line. Mr Malcolm MacDonald em- year in the production of vege finance of a considerable part
un no valid reason, so far a can with Sterling in September but phasised
that the terrorists in table oils. Rice production re- ment vens so full that it is of these immense
con- necessary for me to say more. at presint be seen, why Britain an authoritative denin? by SCAP Malayn were hated throughout mal delayed cargoes destined for
We have
of and China should not trade on scen a number
stabilising
The country effect.
needs but the Govern and whether they mains at only 35 of the
sumption nece Chinn has, I belleve, bas bien
the financial satisfactory terms. In fact inst disturbances
In May the United States were Communist or not they ment was nevertheless able to covered by margins or other
of the Colony during March market
the President of the Government
that could make no claim to repre- increase the ration and to re- announced arrangements but
there are
There was the Board of Trade sald in Parlia-
there would bo 110 fur-rent the peoples of Malaya. duce the price during the year. probably substantial apcculatiye bast year.
and
(apment that the British Govern- ther
removals April 14
Is clear that they are bandits Dy means ut improved irrigation reparations purchases as well
uniter issued on
mint "ore guided in their
trade
re- and criminals of the worst type the production of rice can be parently at the lastance of the mi
Wan Japan. This from position needs careful watching
considerations of ecived with mixed
feella and must be eliminated at the loss of business, the international Monetary Fund) relations by
intage and caruột throughout the countries which carliest possible moment with- transactions la, cconcinie advantage and
it a
that rule
trade had hope to beneft but His out sickening of effort. in the situation enused possession of and publishing mi-make
(WILHE communist Majesty's Government supported Fortunately the activity ot by the coastal blockade and the formation about gold, which set agreements
unfounded countries) shall be subject a quite to Chinese and rumour aerious worry to Chi
rub. that the
Hongkong the settlement of politient quen the decision on the ground that the terrorists has not seriously
Japan could not pay her way if affected the production of The
far-reaching im-reparations were continued, devalued in Beat,
tin or any other Industries
C.00, "long 10 be
Kong Calling"--Pro- foreign merchants but it speaks dollar was
In the spring o was plications of this statement are
policy of di- but it has retarded the rehabi-gramme Summary: 302 Children's volumes for the enterprise of terms of sterling: this
and have
and pusterity was Niation of the
country and has italt 31our-Presented by Filmbeth traders and shippers that in casily scotched. In May there obvious spite of all handicaps the 1040 started a serious
Inaugurated with a been carefully weighed resume, | Inflation
Ratio-Given by Milan Lee Way Lan sport
Panic
long of 11 for am deliberately
progressive and Mr S. K. Lee (Studio); 0.50. export figures from Hongkong to tasted throughout the
ately refraining curing a balanced view to en- freud the Government to prune Anne Studio) 010, Cantorials
tire rela-
development. thanks
However it has Three Serenades" — by Geargo fact effected, South, Central and North China dite mainly to fears about the tions between Hongkong and partly to radical cuts in Govern-
from any comment on
waa in
yern- been oficially stated int the Boulanger and its Orchestra: 7.00, World News and News Analysis: taken
were more effect of the political develop China and it would serve no together
in the Fed- London Relay): 7.15, "it Parade"-- standard of living in than double those of 1940 even ments in China. For the
nent subsidies which are now
145, Vocal excluding the greatly increased time in three years the
me good purpose to give any views to be further reduced. Taxation cration will not be permitted to The Volen of Amerles:
by Elvis Yuen (Sopranoi fall and that existing welfare Recital prospects of China's
reforms were
Introduced
with Plann Accompaniment by Betty Brown (Studio): # 00, "From the Fal torials" (London Relay); 0.10, "Ser- Maxine! Ken-
natay
taken
the diversion
cannot be relleved
are
were
were
a briskeridative Council rather than East European countries
until
the
stocks of
the
Stor
Kong
Ordinance
Iated on the
tilist
FIL and the riska in prohibiting
1371 font
civil war in China are thus for
ua
chuse
which summer
on the
policy
or
I
R
02
have
present
piso
i71
the
citizens
operation of the
within
ט!!
cf
better
has
on January that progress
1948 which
above
over
1047. one
Wan
are but
Industries
Radio Hongkong
11.K.T.
shipments to Macao for South chant rate had to blow foreign trade and on the outlook during the year and the Note services will not be reduced.
Imports from China to until it reached the bullam pen for China's Industrialisation.Issue was stabilised so success- A contrary polley would only Hongkong were also constrict of 1/2 13/16. "The furry lasted which some expect to depend fully that the volumes outstand-lead to discontentes obtained for beth Mackenzie (Studio); 8.50, "Bie ably higher but as few ocean until after the devaluation ut | vessels have been able to call sterling in terms of gold
and
more
at the end of 1940
Was
A
10.00. Alo
upon one source and some upon
pun ing
The higher another.
In fact China is almost identical with that at the valuation of sterling has come-Yvonne Charter (Studio 50, "at
rubber and
tin since the de- Lovers Hour-Clecsical and Light Clasical Programme Presented by at Shanghai since the blockade, United States dollars was an anoth
that nounced, after which the market the operations
laserutable as ever. Naturally end of 1848. It is clear commenced
sign banks of foreign
Madding Crowd" Industrial production improved what eased the financial position from the China's total foreign trade must settled down again to
In China have been on. n smail over 90% during 1949 and at of the Federation but the itey Wessex Comedy by Thomas Hardy have been much lower in 1949 normal conditions.
scale and you might well
Hawkins IBACT81: ark the end of the year it was up to to the finances of the Govern Dramatized as Serial 1 Demons than in 1048 even though a
COLONY'S ENTERPRISE what is the future for forelan
ment lies in the special expend! Nows Reel (Lomion Relay); 10.10. I will not attempt today to banks in China, in reply I would about 80% of the 1032/8 future on the emergency which it Weather Reports 10.18, "Composer of larger proportion of the trade
although textile production was
Werk"-Rubinstein: Is feared may reach Mainyan the has come to Hongkong,
10.30. A cover other interesting develop refer you to the last issue still only 20% of that level. Last year I meniloned thements in the Colony such as the the Economic Survey of Asia
$100 millions in the year 1980. Bart Vocal Heelial by Grace Moore (Saprann): 10.45, Lenden Brudio anormous increase in the Hong-expansion of electricity and gus and the Far East which gives. HARASSING TIME
Tho British Goverment's con Meloditton,
Light Concert kong Clearing House figures production, the
There were. olsa, a number of (tribution of £3 millions will, Orch. RASTA) 11.18, Weather Res progress made a fale outline of the importance
bert, World News and Home News during the last few years. In by other utility concerns and of foreign banks in the reston important financial developments is hoped, be supplemented by s
mes! Plod Save the King: 11.30, Close Buch which particularly affected the further grant in the second bait in Londen Heinz Record-
Down to $16 milions: An: 1949: the Industry,
M a
1948. She emount, was equivalent the great acilvity of the building covared by the knowu foreign banks in Japan and of the 70s.
banks,
Fortis
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