1950-03-11 — Page 9

D

U

B

O

N

Z Z

N

E

T

HONG

(Continued From Paga' 7);

Trade agreement ........ "Industrial; production ¿Impro- vod øver 30% during 1949 and at the end of the year. It was up to about 60%, of the 1932/8" figure, "alikough" textile production was still only 25% of that level, a

THE CHINA MAIL, SATURDAY, MARCH 11, 1950.

KONG BANK MEETING

"Möntöd by a further grant in the fanly about $8 millions have been i second half of the year,

"On

expended on' public works in the the other hand the last two years. As rezards in« finanolat position of the Colony dustrial activity, copra and tim- of Singapore appears to be ber exports have improved but satisfactory and there has been rubber production decreased: of „na disturbance of law and order hopes of the re-establishment

thers, Both in Singapore and the former Japanese hemp-es- In the. Federatión labour non- tates have not yet been realized. Colony ditions have been quiet and full is claimed that the employment has continued. ray before long be self-support- Wages have been stable and the ing in rice yet in 1949 the value. cost of living has continued on of rice imports was higher than a downward trend, so far at in 1918. I trust that the present any rala as Ablatio, standarda, yong, will see some real. head are concerned.

way,

"Thers, were also a number of Important Anancial develop ments, which particularly affec ted the foreign" banka in Japan; and which in one way or on- other proved to be more intelcate than would seem koly to the uninitiated. These gave. our Stoff a harassing time. There was the long delayed Storiingated at par for

Area Trade Agreement of Nov-

The 3% Loan of 6 millions the Federal Government in London last May

ember 27, the Foreign Exchange e fortunately timed for the Government, as soon afterwards and Foreign Trade Control Law an upward trend in interest rates of December 1 and the discus- started. The Loan now stands at sions regarding the eventual

a considerable discount in the true of new Banking

Licences London market. There is pre-ward.

which restored the

an

Brunei' State

"By way of contrast to the disappointing picture In

North Borneo, Brunei, State is in a pros off wells which are producing at perous condition" thanks to the

metric the rate of about 9,000 tons a day. Royalties on Government

and enable the State's finances to be in a satis- factory condition.

India

Indo-China

alectrio projects, a loan for which, la, being considered by the au "Poltiical developments in thorities of the International Indo-Ching.sem likely to be Bank. The International Reserve of pivotal ¡Importance to Bèuth Laat Aala throughout the compines fall by Fr. 271 millions in of the Central Bank of the Philip- ing years and should be the year up to January 31 but watched with close attention, the effect of the Import and Ex- *I am afraid that plans for change Control measures will reflected in future general restorallon and re-equips probably be ment of Industrial undertakings ngures, will have to take second place Our

and offices in Maxiin until peace and order have been Toile continue to progress very more fully restored. The trade satisfactorily and the kopertant returns show, some improveïdent part we have played in the_re- in export values over 1948 but habilitation of the country Is, I Frice exports are still nearly a bellave, recognised.

million tons less than tho

pre- war average while coal exports remain at a low level. There is great wealth

In this country which awaits development, and utilisation.

Thailand

status of foreign banks affective acute need of investment 'capital | provide the chief revenue of the oulet and prosperous year. There

from January

View

the

should proper- "Much interest was aroused in cles concerned with the rubber Malaya and particularly in cir- and tin Industries when one of the ten points which were the subject of the official commiini- que issued on September 12 at the end of the

Washing

JCRCC.

of

Indonesia

The transfer of sovereignty on December 27 last which brought into existence A Netherlands- Indonesian Union was a momen- tous event but it Was greeted with falxed sesangs by the com- mercial cosa Junity in Indonesia.

"Although one of the agree ments signed at The Hague provided that foreigners of ali nations should have equal rights-in-the-participation of

recover

of the

"Thailand has again bad: In Malaya as in so many coun-

is however an undercurrent tries in Asia and present condi- The Sterling Area Trade Agree- tions are not conducive to rapid

nervousnesa in regard to possible ment covered the year June 30 progress in the many development.

political, developments and la- 1949 to June 30 1950 and the deprojects which the country needs.

bour Is Inclined to be restive, loy in the final signature until

երա trade with "Last May the welcome an-

Indonesia and In "A very great deal might be Co-operation with Malaya November 22 means that 12

the economic activity and in- months' work has to be squeezed mont that in view of the increas- conitions in India as

nouncement was made in Parlis- said about political and economie been achieved in regard to anti-

develop.

Communist measures on the bor- dustrial development of the into a seven months' period which

ed burdens which Malaya had had ¦ ments of much

der but I wish to milphasise how country, there le little optimism Importance has given rise to some difficulties.

taking Important it is that action should in-foreign circles because of to bear since 1948 His Majesty's absorbing interest aro Since November

be taken on a broader founda- sterling aron Government had decided to also place in that great country, but

the uncertain, outlook, goods have been contracted for at to £20 millions the free grant must leave detailed

tion to ensure that Thailand's "On the other hand the budget comment a more rapid rate than Ifcences of £10 millions already promised to others. Our direct interests stability is protected against any defcit for 1949 turned out to be have been issued to cover pur- for the War Damage Compensa- are confined to Calcutta. and external

The world- | less serious than expected and chases of Japanese goods so that ilon Scheme as well as to provide Bombay where I am glad to say

wide tendency to direct trade production of some of the most there have been complications in an interest free lean of up to

our offices are steadily progress official and

from normal channels Into important export commodities regard to the financing arrange- Malayan $100 millions. Both, Ing.

semi-omgial con-such as rubber, tea, copra, palm ments, which we and the other Legislatures have now passed the "India's main problem is thas] corns has I am afraid taken root oll and mineral all increased to British banks have been under-relevant Ordinances but a Anal

of her relations with Pakistan: in Thailand and naturally mor- the past year. It will take many taking to an extent which, in my settlement of claims will take a

chant

been years for opposition

Indonesia to pro. next perhaps le that of beyond what long time. 2003 much

her pre-war prosperity and in the ducing more food so as to cut aroused. commercial banks

"One of the oustanding events case of some commodiles this down imports of foodstuffs, and ly be expected

From ta do. British point of view the Imper-

after that I would place the of the year in the business field position may never be regained, need for a favourable external was the change, in the rate of but the wealth of the country la tance is to ensure that no serious

balance of payments and the change following the devalua- so great that an economic revival Imbalance arises as was the case

tion of sterling.. attraction of foreign capital,

It was hoped will surely comic if law and order with the first trade agreement.

"The Arat of these problems in that $18 80 per cent of in restored throughout the coun- "The new bank licences replac-

unfortunately still not on

on the Thailand's

trade is with the Throughout 1040 all ing those obtained from SCAP

way to important

to solution military expeti-

sterling

including area,

especial- were issued to the foreign banks ten Financial discussions, dealt ditures are as a result, being ly

most

of the exports of by the Japanese Government on with rubber and tin. It stated maintained at a high level. But ce fin and rubber, the

the pre-war basis and in accor- that Canada was prepared to take top priority is being given to

Tate the

would

keep in line with dance with the Japanese Banking steps to increase its reserves of production of food grains within strive

was so desirable. Law of 1026. Eleven Japanese these commodities and that the the count Steps have aisu

other counsels pro- banks have now been designated United States was prepared to been taken Lo restrict imports as foreign exchange banks and open to natural rubber a subston- while the devaluation of these banks will, it is presumed, tial additional area of

rate was lowered from Ticals 40 eventually be able to open bran- tion, including modification of the sterling gave a considerable alipo per pound sterling while

competi rupee in line with the pound

chca overseas on a reciprocul

Satisfactory Government order relating to to exports,

deve- the United States dollar rate was basis.

consumption of synthetic rubber' lopment of trade has been effec- raised from Ticais 10 to 1234 "Since the beginning of 1950 and would also review its stock-ied as a result of bilateral trade dollar. Apparently the able Mi-gloomy where low standards of the transfer of the control of the D

and barter piling programme with particular

agreements with

nister of Finance, Prince Viwat, Japanese domestle economy from reference to tin and rubber. The othe

resigned in opposition to this the Occupation authorities

he other countries, in which has devaluation of

decision, sterling which spect India has been particularly gathered still more momentum

came soon after this announce active. Several Important state- particularly in the case of com- ment brought about a rise in the ments welcoming the Importa- mercial procedure. It is clear that

tion of foreign capital and giving price of rubber, which had touch- the United States Government ed low point of 31 Malayan assurances as to its treatment are anxious to cul down the cents a pound in June. At the

have been issued both by amount of their monetary aid end of the year the price was Minister of Finance and by Pan- with a view to allowing Japan to so cents. It must be presumed dit Nehru; as a result a number nber stand on her own financial, if not that the promises I have just of British manufacturing her political feet as rapidly as quoted will be gradually imple- possible.

mented but the synthetic menace. has not been eliminated and much depends on the price of natural rubber remaining below that of synthetic in the New York mar- ket.

Malaya

car

agricultural

re-

the

con-

were it not fer the Pakistan dis- pute.

45

countries in Aala where we have offices have been prominently in the limelight, but it seems pro- bable that in the coming years

they will more and more be the

adopted by which valled and a compromiso was focus of world attention. At the

The

sterling

present moment the outlook is only satisfactory in those coun- stability and reasonable content- tries where there is economic

ment; the picture is obscure or living and backward econonle conditions are not receiving ade- quale attention. May I quote from the Prefaco to the Economic

is

"Trade in the main commodi- Survey of Asia and the Far ties of the country has again been 1,200,000 tons.

East for 1948 which satisfactory, Rice exports over

still Rubber exporta applicable

The devastation and economic were about 90,000 tons and as this Agure is 30,000 tons more than

of the war, having consequenges local production it would seem left the region in a condițion that rubber from outside the liltic short of collapse, continue cerns are taking steps to estab-country has been sold through to exercise their malignant ins lish factories in India.

Bangkok. Мого-

With reduced supplies fluence. When more than half over, the International Bank has available from Burma exports of conditions of such utter poverty,

the world's population lives.

in during the year granted

teak from Siam have improved some "Let us now turn to Malaya

timely loans to india for railway by nearly 20%. A now barter there cannot exist a a sound basis where the Bank's interests are

and

agreement with Japan came into for enduring peace. More sus development. growing significantly. A very

All things considered there would for two-way trade amouning, to called for on the part of govern

force on January 1st providing tained and organised efforts are Important statement was made in

Tin output

be good grounds for optimism US. $90 millions. The previous ments and peoples if the levels of Parliament on April 13, 1949 "Recently the question of im- when the Prime Ministar replied proving the quality of natural

agrement which falled to be fully living and consumption are to be to a question about the future of

Implemented provided for ship- maintained and improved.” Malaya, Mr. Attice then said: rubber, its packing and its grading

ment of a considerable amount of

The inv Majesty's Government tion as a means whereby it would d has been under serious considera-

Japanese railway equipment to

mendation estigations and recom- niade by the various have no intention of relinquish be a stronger position to com-

under the new agreement. Dur- are clearing the way for practien! Thailand and more is expected departments of the United Nations ing their responsibilities in Malaya until their task is com- scurch is actively proceeding and

pato with synthede rubber, Re- a considerable amount of busi ing the past year Thalland bo-economic aid, Moreover the Com- The purpose of our

Conference in Col- pleted.

ness through our correspondents | came a member of the Interna- monwealth polley

hopes are high that considerable there. 18

We are simple.

working, in

The general economic tonal Monetary Fund and being omba recently gave high priority co-operation with the citizens of grade of rubber can be made. It

International Bank, progress in producing a better outlook satisfactory, the now eligible for a loan from the to the consideration of economic

■ Mission conditions in the Federation of Malaya and

South East Asia Singapore, to guide them to res-

is noteworthy that Russian pur-

from the latter has been vialling and President Truman's "Fourth chases of rubber are estimated to

Bangkok.. ponsible-self-government within the Commonwealth. We have no tons for the second year in re- have been a litle over 100,000

(Continued On Page 10) intention of Jeopardising the security, well-being and liberty of

***} cession.

“The year 1949. was election these peoples

Tin production in Malaya again for whom Britain showed a considerable Improve being able to pursue, the even to

In the Philippine Islands in Kovember President has responsibilities, by a prema- ment during the year and reach-nor of its way throughout 1949 Quirino was re-elected for a term ture withdrawal.

This authoritative statement cd 55,449 tons a 24% increase with hardly a ripple except per- of four years. Although the Huk

Pakistan

"The same opplles in reverse in that country but we are doin's to Pakistan. We have no office

foreign trade balance is favour able and the financial position is sound but the dispute with India casts a shadow over the scene.

Ceylon

year

and "Ceylon has been fortunate in

Philippine Islands

speaks for itself and there is no above

over 1948 which in turn was 60% haps when the Commonwealth balahaps continue to cause trou-

1947. Malays: produces Cont that in

over one third of the world

together with the representatives The W

pro-

to

December, ble in Central Luzon the country need to talk about time limits for the transfer of power. The even-

the Dominion established as a whole has not been seriously tual aim is clearly stated as res- duction and fears are being ex-

Bmber

currency of fis

in affected. Unfortunately genuine Down equivalent ponsible self-government within pressed lest the growing excess

2.88 economic progress has not been the Commonwealth,'

production over commercial con- grains of gold and a Monetary as great as was hoped and the sumption may have serious - Law Act has been passed, which large rehabilitation. "Meantime the most prominent percussions if steps are not taken contains provisions for the estab-made by the United States Gov- payments Malays and Chiness are working in advance to meet the danger. iishment of a Monetary

Board

ernment have not effectively aa- of the London and Central Bank of Ceylon at abled the restoration of the pre- of other races in a Conimunities Metal

of November

an early datë, Liaison Committee to study

In February Scary the 15th was welcomed by both pro- 1949 a 24 par cent loan position of manufacturing and problems of Malaya and its con- ducers and consumers.

industries, power plants Rs. 81% millions ·was agricultural output which suffered stitution. The present lack of

The importance of expanding understanding about and of la- Malaya's secondary Industries has successfully floated. The greater, so disastroussly in the course of

the part. of

to the war, terest in the democratic privileges

1 Joan to citizens has been shown in the repeatedly been emphasised and be it to carry through the 1950 and 1932 the Ameri- fact that only 13,000 persons so- It is satisfactory to note that pro- Government's Industrial develop- gistered their names as voters in gress was made last your in the ment plan including particularly can aid programme will gradually Singapore out of a population of production of vegetable oils Rice projects to increase food pro- come to an end the Government

production 800,000 people.

remains

only duction which is so vitally im- of the Philippines have....been 33 The

per tate of emergency con-

cont

the comportant to a country which relles aware of the need to cut down tinued throughout the year and it sumption needs but the Gov on imports for about half of its the large excess of imports which

nevertheless requirements of foodsturs. is regrettable that the end is not emment was

able to increase the ration, and yet in sight. We sincerely hope

Burma that the tide is about to turn and to reduce the price during the

at

DI

year. By means of ・ improved

+

With the knowled-a that bew

was nearly Ps. 500 millions both In 1947 and 1948 and which may prove to have been not much less "The continued, disturbed con- in 1949 when the Bgures are pub- that an Improvement will be seen Irrigation the production of rice dition of Bums is dishearten-shod. It was clear that drastic this year. In a viscrous broad-

considerably increased ing to merchants, bankers and Cost on January 6 Mr. Malcolm can bo MacDonald emphasised that the

but

part of the imports consisted of progress is not likely to be all friends of the country and it measures were needed as a large terrorists in Malaya: were, hated rapid.

The foreign trade of. Malo difficult to understand why the fuxury and consumption goods.

De not

the much-needed : capital throughout the country and whe-

in 1949 showed, an adverse Purinese, and Karens cannot

persuaded to eattle'"; "thair, differ- ther they were Communists or

import table goods. But the Arst Kittle over Malayan ences around a confonce

control measures were inadequate. not they could: make no claim to lance of

so the Claverament were forced represent the peoples of Malayo $162, militons as compared with with the help of a mediator from:

Vigorous steps tok

It la glear that they are bandits † $81 millions, in 1948.2 However @Britain "or the United Nations to take a of 1949;when new

carllest, possible moment without slackening of effort.

tons

and criminals of the worst Upe in December there was an ex- Recent reports sive slightly was mo

port surplus of some $36 millone more optimistic view of the civil legislation: Imposed a severe cut and must be eliminated "at the work then higher price of rubber / conflict, and one cheerful thing) on luxury goods and on a wide.

added to the strict control over that rice shipments have been range: q con-essential articles. Imports of hard currency goods reasonably well maintained. Ex-

Exchange control as regulations Living costs lower should bring about an improve ports of about 1 million

were also introduced, on Decem- ment in the balance of trade in were realised in 1949 which was ber and in this respect; ita pad "Fortunately the activity of the 1950, Malaya Lable to prida more than was at one time to record that the Philippines terrorists has not seriously, effecte herself on the fact that in 1948, pected. For the current year

have at length been forced to ed the production of rabber in earned more: Uuited States the gures will probably be pr. any other indurixias but it follat for the Commonweally und 700,000 ton as the plan Fouth East Auca has retarded the rehabilitation of than the United Kingdom cid ted rice area has been consider The trade figures of the the sountry and has forged the and the can taation probably bly reduced, this ferlour in

follow all the AJOR, Islands show that although im the pre-war average exporta porta, decreased in volume a the year the Burniere Parliament compared with 1948, exports

Government to prine some ti "110'uxisind in 19a were "over, 8,100,000, fons. During value in the firstball Ford 1949

plans for "' progressive N

cally stated that the

be permitted to fall

and

“Alhodich), some process hua ham reversed its original polley created sill more in value owing living in the Federation will now been calmand for the Colonynt and made an important decision to prica «decline and ta godia of that North Boined there is so much to in regard to the investment of their volumé balig.. more than

he, done that few can be satisfied "forelimiCapital-in-Burma,where" kwhat ban bean: affected? by a large number" of, industries

existing welfare services, wi

be reduced. A contri 'would only load to

The higher pridca Frubber and fin sinch

tion, of vierling ::žini

the past year unit de true that pare kow thrown open to, foreign

for fale amount of pogiafation

been enacted and more, fi onts

of brachleverpent: In the practical

under: certain - reason...

Iona: "But the state)

"An compared with position - prodi

some of the most

OFFERING

200,000 PAIRS

SURPLUS

NEW ARMY BOOTS

FOR IMMEDIATE DELIVERY

ALSO

OTHER MILITARY SURPLUS ITEMS IN LARGE QUANTITIES IN STOCK.

Telephone:-

P. PIRANIAN, Room 680, Poninsula Hotel BETWEEN 2.00 AND 3.30 PM,

Or Contact:

DADOURIAN EXPORT CORPORATION 108 CANAL STREET, NEW YORK 13, NY, USA. CABLE ADDRESS: "EXCOR" NEW YORK

This is

GORDONS

the Gin

DRY GIN

MY APPORTERAN. COI DİSCİLLERI TO EM. KINGCROBCE YR -

Targrany Oldma à Ca., Zal

Quality Incomparable

Gordon's

Stands Supreme

Sole Agents

DODWELL & CO., LTD.

Accent on

Quality

CAPSTAN

de LUXE CIGARETTES

$3.50

for a 50% tin

No Finer Cigarette

and Cvals

Colds The Reconstruction