1947-12-16 — Page 3

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THE CHINA MÀIL," TUESDAY, DECEMBER 16, 1947.

ECONOMIC FUTURE OF H.K.: H.C.L. IN

CONTRADICTORY OPINIONS No Fear Of Depression Before 1951

Views

Of Local Businessmen

(BY MARGARET R. BOWES) ..

Two contradictory views on this Colony's económic future were expressed in well-informed trade circles here this week.

The first was that Hong Kong need not anticipate a depression before 1951 and then only if the United States has one, in which case Hong Kong would, of course, merely suffer with the rest of the world.

The other view is that the tween Hong Kong and the aur Colony's economy ta on the rounding area, he replied, "I downgrade; in fact depras- don't see how it could." How- sic is now under way.

ever, if imports are controlled, "Hong Kong's golden days of even in this indirect way, it

logical prosperity are not over." de-acema

that smaller. clared the first source, who da-quantities of goods will find: clined to be identified, "al- their way over the border, cape- though there may be a bit of a cially if prices should develop letdown of speculative business an upward trend-as might in view of the fact that Hong happen, should demand exceed Kong has over-bought."

supply in the Colony itself.

He anticipated, however, no immediate decrease in business.

Taking an opposite view, the other authoritative observer as

The expectation, he said, is that serted that depression had there, will be a shifting in been under way in the Colony eight the past six to traders' inquiries from the dol-for

anld that smug- lar areas to the cheaper ster-weeks" and ling and "kindred ecuntries." gling, at a lower obb now than There already is evidence that it had been for some time, was sach a movement is under way, merely a "political football" at le asserted.

present being kicked about by the Governments of Hong Kong and China.

Exchange Allocations

Tightening Up Declaring, that "things are

this up."

man

He predicted that offelal ex- change in the future would probably only be given for capital equipment and raw tightening materials essential to the re-pointed to the fact of existing habilitation of the Colony and commodity shortages, which, he its industry.

said, could not be taken care of All traders able to supply by any switch to Sterling area their own exchange will com- purchases. England, he point inue to import, he said, but ed out, was la desperate need inquiries for United States of dollars; therefore, her ex- goods are beginning to fall. ports would not go to Hong This condition he attributed to Kong in any quantity, but ra- A

Existing the increased cost of unofficial ther to dollar areas. exchange for such goods "from shortages, he predicted, would months' time reach country where prevailing in three prices are already exceptionally the crisis stage. high."

He would not estimate how many traders in 1948 would find auch conditions favourable to the prosecution of business. Smuggling

To the suggestion that the new foreign exchange ruling might curtail smuggling be

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"Things are not as good now as they were last month-und month will be things next worse," he stated.

A brighter prospect was pos- sible, he said, for those who

So many photographers' flashlights scent of when M. Molotow left the Foreign Ofice that he seat blinded for the moment and as shown, in this picture he is being assisted dosen the Foreign Office steps. On right is Zarubin, Soviet Ambassador in, London. (Photo)

China Attitude To

Japan

Peace

SHANGHAI

Shanghai, Dec. 15. The Chin Ying Jih Pac quoting an authoritative: economic agency: la Shang- hal today reported that * prica' rises, Instay week brought the general index of wholesale prices to a new Fever 123,897 times pre-war levels /

The Government's cost of Ilving indo.c. for employees in now roughly 50,000 times pre-war · living costs but most businessmen 'belleve. that it will rise sharply when the index is annauna- 'ed late this month-Unit- cd Press,

H.K. BOOM ON THE WANE?

news-

Shanghai, Dec, 15. The morning. paper, China Press, in an editorial today predicted that the "post-war boom" in Hong Kong in waning with harder times ahead.

It sald that "business has been' slowly declining—although certainly not on the scale scon In Shanghat over the past year' --and sterner import regulations are coming into force,"

x

The editorial asserted that thoi 2 prosperity in Hong Kong do pends on the prosperity of China. and for that reason the Hong Kong Government recently has shown a growing spirit of co- operation with the Chinese Gov- ernment, negotiating financial matters and taking steps to fight the smuggling of goods from the colony to the mainland...

"The Hong Kong Government Nanking, Dec. 15. realizes that a total collapse of!

China's economy would have Foreign Office source today confirmed the re-

disastrous results in Hong Kong ceipt of the London reply to the Chinese pro-

no less thanin Shanghai, Can- posal for an 11-nation Far Eastern Commis-

Lon and other cities in China." sion drafting the Japanese peace treaty with The editorial concluded that! the Big Four retaining the veto power.

there is every reason to hope for closer Hong Kong-China rela- ***. The source said the contents of tions in the economic field.—

the British note are being closely United Press. studied.

BRIDGE

could afford to take the long COLLAPSE

view. He could Set

possiblity of the Colony's evolving in the future as a tex tile centre for the British Em- pire, since outside capital was]

in coming

(largely from Shanghai) for such industries -and since it is part of the policy of the Colonial Govern- nent to encourage auch indus- tries.

Real Estate

The real estate picture too, he thought, indicated a long- term possibility for Hong Kong. A drop in prices in the

Bogota, Dec. 15. About 25 persons. werd killed yesterday at Pauna in the Department of Boyaca, by the collapse of a bridge.

The accident occurred as crowds awaited the ACTİVAI of the Departmental Gover- nor on an inspection of public works. - Associated Press.

*********

Easier To

next year seemed likely in his Travel Now

opinion. "People are building instead of paying high rents," ite sald, adding that it was also a part of the Government's policy to give priority to build- ing materials and SO to en. courage building.

Via Japan

SAN FRANCISCO, DEC. 14, NORTHWEST AIRLINES ' SAID TODAY IT HAD BEEN NOTI- Whether the long-term view FIED BY THE ARMY DEPART- is a realisoic one or not con MENT OF THE REMOVAL OF sidering possible political de ALL RESTRICTIONS ON CIVIL velopments in the Hong Kong- AIRLINE PASSAGE THROUGH

JAPAN FOR TRAVELLERS Canton area remains to be soon.

OF

And, as for the deflation of] ***

ALL NATIONALITIES.

It said passengers will no lengse Hong Kong's economic balloon, be required to obtain in transit mill- the question does not seem to tary permits pass through Japa

be "whether" but when?"ilitary permits are still required, Businessmen say that it will be however, for stopoveri În Japanes Boon,Associated Press.

The new order affects all passen- gre on Northwest Airline's" Bights to. Shanghai or Manila, since these flights go through. Tokra-Ausociated Prein,

SUIT AGAINST. DUPONT

Washington, Dec. 13.

Charging monopoly of the cel

JAPS WANT TO BE

CHINESE,

Shanghai, Dec. 15..

lophane industry in the United States, the Justice Department today an nounced it had filed suit against the “Thế Changchun office of Foreign

E. 1. Dupont de Nemours Corpora Affaire, has received over 400

women

ap-

tion to force it to sell some of its pilcations for naturalization. -' from plants.

1950 Japanese.

in Manchuria, | Attorney-General Tom Clark old married to

Chinese Dupont for, years has produced more The applications are being then two thirds of the cellophane warded to the Ministry of the In, stued In this country-Autoclated|terior in Nanking for ■ final · deci«. Prest.

slon, the reports added Rear,

Secret German Plan

For Constitution

preliminary draft o

terim federal governmen many, has been secr

leiders

akfurt, Dec:15 titution for an in- Western Ger- by German

The offelul source, commenting H.C.L. Soaring that China aims to prevent and In Canada

on the Japanese ptate, reiterated

new

Japanese,

claimed that China considera her veto power to bo the best guarantee that this would be accomplished.

Ottawa, Dec. 15.;

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MAING

A steady, upward march Canode's cast of living brought in- creased pressure today from consumer He said China tecla that the groups for Parliamentary interven. Japanese treaty could only be doo. However, the Government hell effective if Russia participates.

conference.

3

He said China is not balsting on is chosen course of avalding an imposition of price controls. general holding peace talks in China but A delegation

75 of more than welcomes the Soviet-proposal of housewives from sunce Minister Canadian choosing China as the site for the cities

called on Daugiai Abbott. They told him they . The

source reiterated that wanted prices rolled back to the pre- China is not trying to block 1945 level, general restoration Japanese efforts for self-suffi- price controls, and reinstitution clency but hopes that Japan will subsidies on flour, milk and politically, economically and mill- They asked reimposition of the ex tarily not menace China in parti-cess profits tax and establishment of cular and the world in general.- price control board-Associated United Press.

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