1952-03-07 — Page 4

Some things must be done

-but I drink

MEEWAN'S

because I like it

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THE CHINA MAIL, FRIDAY, MARCH 7, 1952.

Comprehensive Review Of Far East Situation At Today's Bank Meeting

(Continued from Page 1)

come out of revenue, But as again later on.

Importa from

the peninsula is swept clear of

aspect of planning polley should these works get under way their and exports to the US militant communism and united Malaya

Call off considerably last year

CHINA Trading arrangements

and

24

and

cur

areas where our Bank operates, we record month, when imports China, both imports or exports, the United States Government ses for the year of about towns are still either non-exist

ot

the first meeting held to wel- millions

the representatives of come British Overseas Legislatures noticed that much stress was laid on the Colombo Plan by the Secretary of State for the Cotonics in his opening speech on that occasion

HONGKONG

I feel sure that I speak for all who have at heart the wel-

дя

not O

fare of Hongkong when I say javerages in 1947, 1948 and 1940 years ago I said that we

1

fact

some

that

been

Rubber accounted for 70% of

The support for both the Federation part

accounted for a

ed

and

The

While

timber considerablo Other

The danger of inflation in other Offices in the Colony of seemed particularlyNorth Borneo and the State of These agency Ofees in loyalty to a country which serious early in the year 1051 Brunel

and

tin prices are at Sandakan and Tawau In have turned towards agricul-annual cost will grow.

I am not in favour of drawing as was to be expected but im- will, we hope, take its place when rubber ture und food, seeing that more

sturdy self- were at their peak but by the Borneo, and Brunel Town and than half of the population of un our general revenue balance verts from Germany increased in due course as the world get barely half of as it may well be needed in the from HK$37 milions to HK$214 governing unit of the British end of the year the situation was Kuala Belait in Brunet. In the less menacing. In 1950 the bank latter territory the all field at Thus future. The implication is that millions in the year and the Commonwealth of Nations the calories they need,

deal that note circulation increased over Serla dominates the scene. It s great There is may alter has in fact expanded falls off we

about Malayan 80% the Colombo Plan uns become it revenue

10 her trade throughout the East

but last year it rose from operated by the British Malayan additional laxalion an aggregation of various aid face

Inn way only second to Japan. could be sald

economic M.$033 millions to M.$704 mil-Petroleum Co. in a progressive projects for the whole of South meet these important charges

cannot conclude this section commercial

developments in the past year lons, some 20%. At the same way. The production of all in increasing rapidly. and a self- and South East Asia. The on revenue.

hf my speech clating to long but it would lengthen this survey ilme total bank deposits were up launching. of the

TRADE FIGURES original

This time last year we hard-kong with ut saying how much too much to do more than refer 21% to M.1,263 millions while contained town is being built for scheme served a valuable pur- the pase in calling attention to ly expected

that the immense we appreciate having the British

pleding affairs.

elightly in the latter part of the Iration of Brunet naturally pro- urgent needs of the under-trade Agures for 1850 could be Armed Forces stationed in the rapidly to some of the outstand-the monthly clearings dropped its general needs. The adminis

The 1051 trade figures were year. The cost of living indices its from this situation to have them here for defensive developed countries in the net, excelled by those for 1951. You Colany. Not only are we glad will remember that the 1950 which, if neglected, would in-

We welcome once more a record being no for 1953 rose 10% to 20% ne-revenue is now, I believe, higher purposes but also evitably result in political and figures for exports were no less hem because of the part they less than 50% higher in value cording to the grades concerned than that collected in the Colony revolutionary discontent or re-

those for 1050. Exports and in 1831 there were further of North Borneo. 60% higher than those for take in the life of the Colony, than than

imports by

rises up to 11%. It is clear that about

Perhaps inevitably develop- Inflationary possibilities need volls against the established 1940, while imports were 38% We must continue to assist in exceeded

ments in the towns where authorities. I have referred in higher. Yet in fact the 1951 providing amenities wherever Malayan $1,270,000 millions.

va's › watching. has been estimated that Malaya's some detail to this matter be

The financial statement for Offices are established in Borneo figures show exports up a further they are needed.

stem to campare un

unfavourably. United States Dollar net earn- plans and cause the

projects 19% and

nearly Importa

for the year were about 410/1951 of both the Federation and Nearly seven years after the ré The peak was

Singapore reached now being pressed forward are 29.

Governments occup

of the territory the with millions in spite of the fact that the especially important both econo- however, by the end of March,

zhow satisfactory revenue sur-

uity services in these mically and politically to the

very largely in the dropped out of the Singapore $110 millions and M$41 mllent or Ineffective and inefficient. and exports together fotaded are now

of Chinese Govern-in market in March 1951. Moreover in England last year

for the one hands

Hons respectively thanks to the Much planning has been done ment Departments or their esme ne 1110

swollen receipts from rubber or about the

and the groundworks has HIGH RUBBER PRICES

and tin duties and in spite of re-laid for progress which will no the whole of a normal pre-gents and it has been estimai- for

By er that 70 to 75% of China's 1038,

When it is doubt get under way when steps The trade figures were encord expenditures. year such wor

1951 Whe month's foreign trade is with the So-

the exceptionally remembered that

We are taken to import the neces- December

HK$737 viet Union and East European hanced by

Arary labour. figures were down to

coming more

and more under the early part of the year but much, directly or indirectly, on of the

Nevertheless the natural millions though here we saw countries. Banking is also be high prices of rubber and in in Administrations

later the fall in prices brought the continued prosperity some reaction from the low spot coming of the year which was HK$581 Government control.

much in the Western sense but the monthly figures down well

inere

subject to many unpredict to its rescue. For the second rather following

the Russion below the comparative months uber and tin Industries, which wealth of the country has come millions in September, but even

1950. Imports however were able tendencies, there is every year in succession exports ex- this was well above the monthly rather

maintained. It is noteworthy reason to Two

that

Bhipments from Japan rose policy of the present cecded imports by the equi-

building up financial vale

valent of about 26 milions did not propose to withdraw our that it was with great pleasure and not far short of the month

in 1950.

Officer that we heard that the term of ly average

from China un long as from M.$93 millions in 1950 to reserves against the rainy day. Rub The effect of the embargo cn there was some likelihood The

of M.$243 millions in 1951 and from The difficulty of raising capital the value of exports and copra office of His Excellency

SU

10 China imposed at the Alexander exports Governor,

their being able to do business. Germany rose, from about M.$22 by means of publle loans was for another 14% Grantham, had been extended instance of the United Nations Now it seems that there is little millions to M.$78 millions. The illustrated by the lack of public accou

of the balance. the support covered

room for foreign banks to oper-

Imports from until July 1954. Sir Alexander which comprehensively

the Lonn "items useful in the production

States Dollar area in- Government ate is not only popular in all

in China. In fact we took

sed considerably

as is indeed very to M.$270 Singapore Municipal Loan dont agricultural products are being ammunition and im- of arms,

Start circles but he is also honoured

to steps which from Tsinging und Swatow war and

withdraw

with ad with 34% interest repayable indicated his keen desire for

[necessary.

Governor has autumn al, the price of curaged in and respected for the wise and plements of

came into force in June, can be January 1951. In September

98 surprise. Tin exports were 1061/73, understanding way in which he

05,000 tons DS

But considering that more rapid progress In the administers the affairs of this seen in the fact that Hongkong's

Tsingtao was

was effectively closed slightly under

good от nearly $2,000 S

beller returns were development of the country and China (excluding but We

indeed exports to are Colony.

Formosa)

although we have now compared with

of available from prior Singapore this valued

augurs about

well for the fortunate that he is to stay with

liquitated our Office in Swatow,

tin has been maintained at

Ing years. After much delay Us. But we suffered

but from

oroughly

obtained a the same level as the ernment Stock issued in London we have last December when we heard in the end of June

able extremely

July to the end of the year that

they the local authorities, and he is previous year, in-spite-of-the and tax free to residents in Ma-utable stently to amounted

tin laya, the failure of three issues only HK$452 ste

dimculties facing Colonial Secretary, Mr J. F.

there. str

In September we great. Nicoll, WOE promomilliens. Imports from Chin

in the two half years showed tool steps to close our Tientsin miners under the hazardous con- was not surprising, Hongkong

and Peking Offices and we are ditions in Malaya. little of posl

change being HK54550

There to reason to hope that the Governar of Singapore, Hong-millions in the first half and doing no business at these places

Churchill In Shanghai we now only have Winston kong's loss is Singapore's gain. HKS108 millions in the second while liquidation is proceeding. the arrangement made by Mr with the I have no doubt at all that Mr half of the year,

in congratulation to Singapore an four members of the Foreign United States Government le toples, I must record a note of Staff and business as tar os we

providing Nicoll will very quickly gain the

the latterí its receiving January

a Royal Charter are concerned Is at confidence of all sections of the

a stand-with 20,000 tons of tin by the conferring on it the dignity of a new and ana

end in his community

of 1052 will at any rate City on September 22nd last.

The year 1051 provided India onerous appointment as he did

Apart from saying this I do bring to an end the boycott of Singapore's history dates with a number of difficult prob-

Malayan tin. Those concerned January 28, 1919 when a

a few huts so quickly here in Hongkong.

of imports: not propose to attempt to pene-with the tin industry are serious-on the edge of the Jungle were lems But in spite of periods of Mr Oliver Lyttelton's visit last

surmounted thus exports to China were trate the curtain which hang worried at the almost insuper- Can there was to Indicate to Sir despondency December was very welcome to

over China whether down to HK$107 millions in the

It is aly to the whole Inst two months of the year as

We able difficulty of prospecting der great and prosperous city which cumstances and partly through

Stamford Raffles a site

for this

surprisingly

partly all of us and

bamboo or an iron one,

as a result дз I believe it

like others, Colony, especially

have against HK$173 millions of im-

R number of new tin-bearing

he then started to build. The was the first visit paid to non-peris from China. It is possible problems awaiting solution with present conditions in the in-

loyal population of Singapore death of Mr Liaquat All Khan her own foresight. The tragic kong by Secretary of State for

will before long the Chinese Authorities, and it terior.

predominantly Chinese, celo- the Colonies. It is good to know that China

buying non-embargoed would not help matters to refer

brated

the occasion ith resulted in a lessening of poll- that the Colonial Office is now Start

I will however Bay

India elvic pride. We tical tension between пана дла enthusiastic In charge of an official with goods again in

a more extensive

Pakistan and caused at any is including re - exports, were British, whose forebears initiated recent personal knowledge of terket on

morate & the building of so many famous

ary improvement temporary conditions in Hongkong. We can

she is concen- something that goes far deeper maintained at the high level of the bu feel that our problems intrating a lot of attention on than party dogma or political about 1,150,000 tons of which towns and cities in the East, in the Kashairi political situa

Furthermore the fixing trade European countries. Meantime honour, good faith and funda-Americ

with Russia and East theories; it depends upon the exports to the United States of proudly associate ourselves with tion.

were 1 little over the honour done to Singapore of the Rupee rate and the Trade two that on recent occasions in Lon-

there is a

of mental character of the Chinese

tong. Incidentally "Majulah Singapura""Let Sin- Agreement between the

flourish"

countries eased gapore

up trade dim- don when I had conversations

people.

the value of rubber

word about the culties and in particular, helped with Mr Griffiths, the former goods in Hongkong

MALAYA

came to

roughly

20 Ports

of retirement of our Singapore the movement of raw jute and Colonial Secretary, I was much but nothing like the amount we

experienced two years ago I will now turn to Malaya, 40% of the cations income of who has just let the Bank after

Maluya's total exports, Over Manager, Mr Charles Edwards, cool. Impressed with his keen grasp which very suddenly dissipated. very important territory and wide knowledge of the

rose rapidly in The commercial cargo tonnage the Bunk. Early in 1951 the Federation is believed to be W

the of the Colony, problems

Mdischarged And loaded bas

was and creund 30% of the labour Manager for Malaya in the post- carly part of the year but his visit to a particularly make a

this war years he has done us very serious inflationary possibilities check pepublics is engaged in in welcome declaration which I will pared with 1950 but the figures

Waro stin only

of good service and he will be were forestalled by Govern 20ivity. The importance again place on record. He said those for 1040. It is clear

ghdy below and indeed for some months rubber is therefore obvious and misted by a wide circle of friends, i meni action coupled with a 10-

action in

The prices.

food "His Majesty's Government are

vigorous no stone should be left unturned It was fitting that only last June a moderate recession got under tained as a result of the vigorous revolved to

to maintain their posin

the operations undertaken by the order to ensure that the in he had conferred upon him the Why honour of Commander of the

owing to ficods here, and way in the latter part of tion

Hongkong in

police and military combined, dustry is maintained in a healthy Most Excellent Order will discharge to the utmost of year. However,

in the Far perience of trade

resettlement of squatters

tera and prosperous condition.

somehow the The British Empire.

earthquake, but their ability their responsibilities Earth the ward

patlest and "normal" has also proceeded smoothly. These fall in Malayan mubber produc

long-suffering towards the Colony as regards rarely found a place and we intensified efforts appear to have on in 1851 by about 90,000 tons

**N, BORNEO & BRUNEI population escaped 4. major bath defence and the welfare of

as it can only meet the future

it driven the

into enemy

You are probably, aware that calamity. Yet live million tons its population."

Arrives. Banking operations desperate recrudescence

for administrative reasons our of wheat had to be imported ENDORSES POLICY have continued at a high level bandit activities which, in apite disturbed conditions around and

at Jesselton is entrusted

(Contd. on back page, col. 1) over with general control

our

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arc

I would like however to add

the

BALANCE TURNS

Towards the end of the year the balance of trade with Chins turned in favour

on

st

formal

the Hongkong to the hot is at stake in turmoil confusion

and scale than recently, but there to this no doubt that

a large acses!

น

15

for

areas under

RUBBER EXPORTS Exports of rubber from Malaya,

vere

in

Lank

The

have been prepared and work will start shortly. ROYAL CHARTER

the Returns are though Before I pass on to other spectacular I am satisfied with

are making in Borneo. the steady progress our Offices

A- not

INDIA

Finally,

Lyttelton took the opportunity of naturally fallen off when communist rebellion — the so- derives from the rubber (rälustry nearly. forty years' service.

In Our

satisfactorily held that considerable

Emergency

success

**-

The

ab-

of

was due to Camber al causes such as labour shortages, the

Every year at this time prior The Clearing House figures fell of many losses, brought them on the estates end so on Man-Offee

off a little at the end of the not a few successes. The police, time Indonesian production - to the introduction of the Appro-year but they were still well militar and

military

was

05 B

the came creased by roughly amourt. It remains to be seen casual-what effect the

now exchange in Djakarta thegutions lasuod

lest mouth will have on Sing-

priations Bill, the Governor above the

monthly averago

consequence had makes a speech outlining some of ages for 1050 and the total ties. The culminating point was the major developments in the for the year 1951 was equivalent the

suffered in the disaster Colony. Invariably a great deal to more than 21,100 millona murder of the High Comm18-pors's entrepot trade and United of interesting and Important in- which compared with 2900 sloner. Sir Henry Gurney, on States Doller earnings. formation is provided to the millions in 1950,

October 6th. Sir Henry's un-

REPLANTING PROBLEM public. Again this year, on

HK INDUSTRIES

timely death was a serious blow

One His Excellency's specch Matoh

of 5,

the most serious prob- The United Nations embargo to all communities in Malaya as

tems packed with information

now facing the Federation coupled with the restrictions the many remarkable tributes bout Hongkong which should

his great qualities have Government is that of taking obtain the widest possible cir-imposed by the United States on to

shipments to Hongkong. In De- shown, We wish General Sir steps to ensure that replanting one million The Governor has culation. always urged that we should remour 1950, which are sill in Gerald Templer every succesa in i started on the

force, have naturally had the important tasks

ofperas of small holdings which ahead of contain trees over 30 years old. press on as much as cirtum

ursfortunate effect o him.

It is also very important for the stances permit with those things some of Hongkong's indus

Mr Oliver Lyttelton's visit cuture that some agreement which we know Hongkong needs: tries, Efforts

school, hospitals,

reservoirs, being made, without much suc- helped to clear the way but the with the United States Govern- roads, the City Hall and, perhaps coss, to obtain relaxation of the support of all communities will ment should be reached to bring a speedy chout the relaxation of their most important of all, housing more onerous of the American be needed to obtain

solution of the troublesome policy of enforcing artificial con- fo: the less privileged members rest

restrictions which do not do problems of Malaya. It has been frols and limitations on the use at the community. 』' endorse this policy of advance-

not of natural rubber and of sub- before, but I do cases have caused unemploy

dilising synthetic rubber. Sud- ment.

iment in Hongkong through the apologise

the Malay In others the The Budget of the Colony closure of factories,

the confidence of

are not only was presented to the Legislative they have put up the costs of Chinese and Indian communi- oecured recently Council en the same day in a local industries which have had ties

be gained and hemful to the industry but pre needs

en add3onal causs of anxiety to especially very lucid way by cur new to buy

materials, maintained. their raw

the Chinese the Ipon authorities. Financial Secretary, Mr. A. G. especially cotton, in a more ex- important

depends Malaya's prosperity Ao a result should be enlisted actively on Clarke, Naturally there has not pensive market,

t

constantly

Taywny harm to China and in somed for saying again, what den fails in prices such as have

to

T

Is

that

past year and that we have an ed in Korea; they are just another

nee Instance of the pernicious in- The Commissioner - General will in effect be playing Inte

balance

yet been sime to make a tare Hongkong goods And it difficult the side of the Government. on ruber and tin: the communists ful study of his figures and I to compete with Japanese goods Phrases like these come conlly are doing everything they cats will merely say that it is satis-made from American materials off the tongue but to put such to interfere with plantelons and factory. that revenue has re-These difficulties will, we hope, words into practice takes time mines. It there industries are depressed by policies adopted by mained buoyant

be solved If a sculement is reach, and patience. throughout the be

the Regest consuming country t DEFINITE PROGRESS increased revenue

Justices brought about by con- against future contingencles,

Mr Malcolm MacDonald, has the hands of the communists and However, the dong list of im-trels striations and embargots, dons a great work in this direc-serialy endanger the political portant public works which are seem to be.

however justifiable they may tion. Definite progress has bean and social stability of this prints.

made in

In the on

the financial programme

past six years while which is undoubtedly the Further significance is added males tis

Brealize that we can to what I have just cald if you ho has held his office and the most vital soot in South East I is sadisfactory that nice not be complacent about the will note that Hongkong's, im-qalay and Chinese communities financial position

ports from Japan have increased are more and more showing a

1080-31 Many of these works are

your by year. The Willingness to compromise their production is steadily increasing gent: rapidly from HK$220 millions of them Iwant to see Hongicong devorn 1950 to HK$392 millions in †ilTerences, and 'to combine for sennon masze a record crop of over 1931. Exports to Japan only in the good of Malaya. It is good 442,000 tons but a similar quan on the right be out of to HK$193.millions. Japan has of office has been extended. Much | Kátava will remain in an

quite creased from HK120 milions news that Mr MacDonald's term ty is rull: being imported and the question to attempt to float expanded her trade in the past will remains to be done and the happy altuntion at the mercy of a Joon at the present time so year with all the countries in European, Indian and Eurasion the big producers until she be Ave must face the fact that pay the East, an Ale well known," a communities also have their part comes self-supporting mont for these works must matter, to which I shall retario play in order to ensure that, doubs she will before very long.

لله

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It Is

As

them

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she

of We

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time

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