1953-02-27 — Page 1

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VULCAIN

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No. 35445

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FRIDAY, FEBRUARY 27, 1953..

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SIR ARTHUR MORSE REVIEWS SITUATION

COMMENT OF

YOU THE DAY

Hongkong's Finances Highly

Over To Satisfactory: Good

Vyshinsky

WO statements, one by President Flaenhower and

the other by Mr Cabot Lodge the American delegate to The United Nations, have Attention enptured world

this week. Mr Lodge's "ten fucts wikh the world should

told be

about" constituted M damning indictment of Soviet

Russia's

active participa-

tion in the Korean war.

Progress Made In Services

ASIA'S GRAVE PROBLEM OF RICE

PRODUCTION AND

PRICES

HONGKONG'S FINANCES REMAIN IN A HIGHLY SATISFACTORY CONDI- There has never been any TION, WHILE GOOD PROGRESS HAS BEEN MADE IN ALL THE SERVICES PROVIDED BY GOVERNMENT, SAID SIR ARTHUR Morse, cbe, WHEN ADDRESS- ING SHAREHOLDERS THIS MORNING AT THE ANNUAL MEETING OF THE HE ALSO EMPHA- HONGKONG AND SHANGHAI BANKING CORPORATION. SISED THAT INDUSTRIALISATION IN THE COLONY CONTINUES TO FORGE AHEAD.

Hlusions about Runala's determlantlon fu sustain the Communist combatants, but The catalogue of weapons and materials which the Sovlela have supplied to the Chinese and North Korean

Reds shows that Russia, short of putting troops into the fleld, has been and con-

In a comprehensive review of the political, financial and tinues to be the dominating economic situation in Asia, Sir Arthur also made these points: "I think I can fairly say that during the past year the Eastern political situation as a whole did not deteriorate aven though stability was lacking. Hopes of an early settlement in Korea have unfortunately been shattered; this naturally gives riso to norvousness and makes the outlook perploxing.”

claim that the

DI

"The Chancellor of the Exchequer invented the slogan Trade Not Ald' which has been adopted as Covernment policy. If the basic principle as stated by the Chancellor were to be accepted and adopted by authoritative circles in the United States.... not only would the Dollar Gap be less menacing but there would be also better prospects for improvement of the standards of living in Southeast Aslo.

"Rice is a pan-Asiatic problem which particularly affects the It is becoming a far more countries in which we are most interested. serious problem than is generally recognised... the present situation is one which gives rise to great disquiet.

balance of

усту

on

the

your

and

to

IL.

are

then, prices depressed, the result may well raising lead to unfortunate consequences the economy of producing to discontert and countries,

to popular revolts possibly

gainst established governments which are naturally held to blame for

any deterioration in conditions. Here there is fertile ground for political agitation by ngitatori with unscrupulous

Year Plan would be far happler.on

freedom

and

while

strict

of

A

Con is duly gratena.

Ex-

Bank's New Chief Manager

Mr Michael W. Turner, who succeeds Sir Arthur Morse as Chief Manager of the Hongkong and Shang- hal Banking Corporation, photographed at his desk

Staff Photographer,

British Proposals For Canal Zone Reported Drafted

London, Feb. 26.

Seizure Of Canton Properties

Britain Expected To Protest

London, Feb. 26. Britain will protest in Peking against the seizure of British-owned wharvės and warehouses in Canton, it is understood from on authoritative source,

The properties, which include two wharves and 10 4Vare- houses, are the property of the China Navigation Company, a subsidiary of the great Brliish China shipping and general of Bulter- trading concern field and Swire.

The properties have been reized by the focal Chinese authorltics.

This follows extensive seizure of British property in Shanghal.

Early last summer the British China drms announced their in- tention to wind up business in China because they considered that trading conditions had be- como impossible under the Com- (munist Government,

But despite dislomatic support from the British Embassy in Peking most British Biksinessmen In China, numbering between 600 and 700, have not yet been per- mitted by the Chinese authorities to complete the required formal-

Itier.

Informed sources here said tonight that the British cabinet had drafted broad outlines of pro- posals to be made shortly by Britain to Egypt on the rate and paying off. Chinese defence of the Suez Canal zone.

This source said that Britain would make two main proposals:

cvár,

to

evacuation

These include nequiring exit

stall-Router.

Under House

Arrest

for

A

protagonist In the Korean conflict. And no matter to what extent Mr Vyshinsky may deny Mr Lodge's facts, free and enlightened world opinion will remain satisfled that the indictment has been proved. It is not to be ex-

a rate of pected, however, that the

dubious or false teological axes to grind. In such Affairs reactions Arc felt Soviet delegates will feel

the world and thus throughout the either concerned embarrassed by the accusa-

also the Industrial countries are affected. This fact was pointed tions levelled against Russia. They are not

out by the influential Paley Commission, which was set up attending the United

by Presiders Truman to whom Nations General Assembly

since last difficulties and if they cannot be made a report commined the it lengthy report ast with the intention of help-|

Addressing shareholders, Sir, ers has increased

solved this may well affect the ing to find a solution to the Arthur Morse said:

year from 38.66% to 40.45%.

following Important paragraph The net profit for the year Trading conditions in many political aspect, Korean war problem, but to

world,, and perli- This brings me to China in its final summing up:-.

"If we fail

to work for a obstruct, as far as is within amouls to HK$17,321,405 aller parts of the

which at the present time is the territories in making transfers to reserves for cularly in

the Russian rise in the standard of living in their power, any endeavours contingencies, out of which re-which the Bank operates have closely following

world, we in this direction. Their serves full provision has been been more than usually difficult line although there are some the rest of the free wor

the Canal (1) That Egypt should agree, the technicians in contempt for world opinion made for all bad and doubtful throughout the year and

with prophets who foretell that one thereby humper and impede the

further rise of our own and that the Suez Canal zone should Zone to be "neutrals," consider that,

day this role

may be changed

Britain is not has long been established: debts and for the further writing Directors

expected the chances equally lessen Were it reversed.

continue to be the corner stone not

of the Middle democracy to prosper and peace

East defence accept this proposal and to sug- likewise their cynical dis- down of our Investmcate, which the existing unsettled political

not for China's serious in-

gest, if needed, that Atlantic regard of the losses and appear in our Balance Sheet at conditions, it is essential to con-

system. in Korea the out- to reign the world over." tinue to pursue a conservative volvement The market values. below

Nataraly Bufferings of the Chinese

for-nonctal policy.

That would mean co-operation pact technicians be selected. we hope that develop look for

Well-informed sources

New York. Feb. 28. prolit brought

her economic

here new Five statement such as this by a by Egypt's military forces and and North Koreans who are ward from last year is $8,075,332

and for the

Mrs Earl Browder, Russian- ment

keep POLITICAL SURVEY

important residential commis formation of an International said that Britain would

bora wife of the former United ordered to obey the dictates

the total avaliable for And

WEB will be given full weight military organisation in which well in mind her main turk In of the Kremlin.

distribution accordingly amounts Each year at this time when

It would be a mistake to deny

coming ་་

our Malayan friends Egypt would be on equal footing be to ensure that Egypt will placed under house arrest today

negotiations which will States Communist leader, As In previous I come to consider what should

that

have been but, as great feats MR

R Vyshinsky has yet to to $26,390,737,

railway know so well, there is a wide with other member states. accomplished reply to the American years, it is recommended that a be said about political develop-

(2) Egyptian forces would be enter the Middle East Defence because she was too ill to be the East during the

de sum of $3 millions he appro-ments in

construction

agricultural gap between preaching and prac-

Uce.

Lesponsible for the defence of Organisation If Britain were to taken from her dat on charges. He will probably printed to write down the value period under review I feel in production, but the fundamentul

by

within evacuate the Canal Zone, there- portation order. Die Canal Zone proper concentrate on making of Bank Premises and

SLOGAN AS-POLICY. after clined to--pass the subject truth about China cannot easily.

When the warrant for Mer this amount, counter accusations

the and to connne myself to a few

ascertained along allowing for

It is true that for some years the geroral framework of the by saving General Nagulo's face

arrest was Issued dividend of £2 per remarks on trade. But I realise be established lines, such an interim

who had said that Egypt would! Browder's keeps. silence.

to point with justifiable pride to tion.

consider entering MEDO. after yesterday It was alleged that she entered the United Stater America's alleged indulgence share and the final dividend of that this would be to shirk an regimentation persists and true the United States has been able Middle East Defence Organisa- before Egyptian public opinion It was also believed that before the British have evacuated from pro- the work of the Point IV £3

FOTENTIALITIES per share is now proposed, important duly to shareholders

20 years in germ warfare, inhuman there

ago as an allen remains a balance of who undoubtedly have a right

Now that our banking interest gramme of the Mutual Security Britain would agree to withdraw the Canal Zone.

belonging to, or amilated with, treatment of prisoners of $8,489,174 to be carried forward to know what their Board's

of the Technical her troops from the Canal Zone,

the Communist Party. She was In any case, the war and mass bombing of next year.

VICWS BTC

political in China is confined to liquidat- Ageny and

and with-

Administration, for there would be three supple-

mentary conditions:

of British troops from the Suez thus inadmissible, civilians. None of these

zone would take some Turning to the Balance Sheet aspects of affairs. The businessing our position

(1) That British forces would! Canal But such

helpful generous and

enable She and her husband are charges can in any way be it will be seen that the times of an overseas bank like this is drawing our foreign staff, it is which the

naturally liable to be affected natural that our attention should But

herald has hitherto only scratched again return to the Canal Zone time and would, ibus, substantiated. In fact, as 1221 millions shows a decrease one writer has pointed out, | of some £33 millions cvor last by political considerations and in the mole he focused on other the surface of what is reeded, in the event of a war or threat the British to return to their indicted with lying in their

great

naturalisation Indred we see areas.

British Suez Canal position if they saw application the we are bound to keep a con-

that Chancellor of

(2) it is fatuous for Russin to your. As you will e aware inuous and close watch on the potentiallies for the expansion The

other chequer invented the slogan technicians should watch over that Egypt was not honouring papers for her by denying that she had Communist sympathies. of military her part of the bargain, --- been in the post-war whole of there has

International tug-of-war

of foreign trade in the other considerable in the effect of changes

Reuter. of govern-

countries of South and East"Trade no Aid", which has been the maintenonco North Koren in being years

The total ne crease in our figures. ravaged by plague-carrying crot Balance Sheet during their an

country's Internal Asia. In this area, excluding adopted as Government polley. Installations in time of peace, France-Presse,

of If the basle principle as stated and (3) that Royal Air Force population of } air attacks and at the same two previous years increased by affairs and on external relations Chino, there is

others.

I think with

people by the Chancellor were to be should be stationed together with the Egyptian air force at eight that possibly 500 million

and adopted time boast that the Com-

bases in the Canal Zone. £85 millions and last over

can fairly say that which is growing at the rate of accepted

authoritativo circles 11 tha munists in North Korea year's figures constituted an all-

the Eastern at

WANTS "NEUTRALS" during the past year

year. least 80 million

(as it is indeed have operating a highly me record in the history of political situation 13 D whole Although the national income of United States efficient military organisa- the Bank. It is not surprising did not deteriorale even though these countries is low in com- being accepted by many far-sec- Egyptian Prime Minister tion. Bat irrespective of therefore, that the fall in

an early settlement in the vituperation which al value of primary commodities clability was lacking. Hopes of purison with that of Western ing Americans and apparently by

Mohammed Naguib, has already icon is rapidly raising its standard would the Dollar Gap be less pointed out that he would like general recession in und

unfortunately most certainly will come trade, which

would be has taken placo have

this naturally gives of living and in order to meet monacing but there from the lips of Mr Vyshin- during the year in the areas in battered:

and makes the demands of the people also bet

ople also better prospects for im- aky, the General Assembly which we are most interested rise to nervousness

vigorous efforts

production and living in resulted in some the outlook perplexing.

in South-East Asia. 1 delegates will be waiting to should have

Undoubtedly the Governments to cuarta are being made provement of the standards of Are if the Soviet delegate contraction in our figures.

India and Ceylons have export or primary products so deliberately use the words "bet- On the Liability side of the of has any concrete proposal to Balance Sheet

as to pay for the import com- ter prospects" because more le the contraction strengthened their position as make for resolving

thin this year's figures in reflected result of the popular clections, modities which are in. ever-needed than just external action Increasing demand. There is to improve the trading and com Korean armistice deadlock. by a drop of £31 millons in India's outstanding leaders have therefore adequate scope for the medity outlook. The Govern

London, Feb. 26. and Other i sumeeded, in spite The United Nations have Current.

Britain's House of Commons Deposit

of critical

the diversion of our energies and ments of the East need to play

drastic action maintaining in indicated that they are pre-Accounts and a decrease of some periods,

their areas.

part and that is a vital tonight took

"cosh boys" one, pared to make no further £2 millions in Acceptance on country in a stable and orderly resources to

but one thing I would urge against thugs or condition. move other than that pro- behalf of Customers.

of Her Majesty's most strongly-that no attempt who have treble, the country's of the loss of that great states-

to introduce pre-war rate of criminal violence. mala preoccupe-should be made Inan, the late

Labour Opposition and Con- Prime Minister Government's ma

rapid tions been to try and bridge industrialisation on a

bas

servative Government members D. S. Sencanyake,

would ins

for bo her political posi-the "Dollar Gap" and to arrest large scale. It

"Anti- the threat to the sterling area's wiser to concentrate all avail- joined in approving what le Cold reserves which was grow able capital and energies on Popularly known as the

Cosh Bull". which the Home ing increasingly serious in the food and agricultural production Secretary, Sie, David Maxwell subsequently turned

bas seca a definite

and on those ancillary, industries Fyte, sald would enable police. JUSTIFIED which depend upon the raw men to cope with the coch boy down by the Peking Govern-decrease would have appeared turn in the tide and Burma has early part of 10327

of Chancellor

the materials available in the coun- Before he unce his cash.” The ment. Mr Vyshinsky still even greater had it not been good grounds for hoping that

The Bi bans the carrying 'of of the insurgents will no longer by has his chance of indicating off-set

as in the Exchequer decided to adopt a try concerned.. menace

offensive weapons as the main

like coches " serious a

monetary policy Russia's willingness to deal over £7 millions in our hold-

British

THE VITAL PRODUCT............. Government past, Thelland's

bas instrument to effect his purpose

(blackjacks) and knuckle dusters prestige with the armistice questioning of

Of the primary commodities and other weapons in public which are in- Treasury Bills

dis- suffered from rumours of

ond

the Bank Rate was raised

vital one although on Router. means of a compromiso offer cluded in this figure. Decreases affecilon and dissension but two from 21% to 4% on March produced in the East, rice is places without sufflelent justifles-

strong arm of the Government 11th 1952. This step seems to the most continues to prevail

The have been fully justified by the other food grains, oils and fats, to the United Nations. It is shown in Advances to Custom- Philippines have many COT outcome of events. I do not fibres, sugar, tea, tobacco and all of great Lm- troversial Russia alone which can now erg and in the Liability of

Issues to

polvo but propose to dwell on the technie minerals aro for Acceptances. Customera

there does not seem to ba

cal

Dallar pertence. Rice is a pan-Asiatic of aspecto break the deadlock. Refusal Cust

and problem which particularly which now Money at Call

of danger serious

roblem, but I wish to remeets the interested. It is climber, Richard : Burdsall; 57, to do so amounts to sell amounts to nearly £41 millions

in which countries in 120

you of the fact that condemnation of motives shows a decrease of Rome 213 changes.

Government

unfortunately in which Uhls: Bank and principics. But if, by millions over last year, but this faced

dangerous and (with the exception of

died from

exposure and ex- deliberately prolonging the decrease is partly off-set by an

countries

mat-climb Mit Aconcagua, the highest successfully surmounted more ly dependent on Imagine they can intimidate rome 23 millions. In this con-

than one crisis. The some applies on satisfactory prices being ob- ter last year but the present peak in the western hemisphere. in a far tained for their export produce, situation is one which gives rise Rescuers found him after he Indo-China but. the free world from its nection it may be noted that although there has been a de- determination to fight for crease in the total of Cash and

trare critical way. Japan's Such prices vitally affect the to great diequist. In the Ave collapsed on Wednesday, on the tecure livelihood of producers and the main ries consuming countries snowy crests of the mountain, what is honourable and just, Money, at Call the overall per polliitat future seems

for some years to come, but the standard of living throughout in Aala the total consumption of 22,383 foot. above sea-level they are sadly misleading centage of these two items to

has serious

United Press, economic the Eart which badly needs (Continued on Pago 6) themselves.

our total Liabilities to Custom- | country.

posed in the Indian resolu-

tfon dealing with the POW

of

and the

ABSETS

the

0

and

It is understood here that the General

Commanderie. Ma Korea countries, it is clear that Asia the Faley Commission) not only

to these

During the past year we have Ceylan too, in spite een that one

lasue which the Communist On the Assets side the general Ar bloc rejected at the previous recession in trade has resulted in established Assembly session, and which a drop from some £51 millions on in the world."

to £38 millions in our holdings

which Afalnya Bils Receivable, of

WAS

along these. lines, or by

an

increase

of £0 millions and £2% which could be acceptable millions respectively are also

TURN OF TIDE -

with

bo

the

..

We are mont becoming

than le

far more fully)

generally

problem

Action Against Cosh Boys

MOUNTAINEER'S DEATH.

Mendoza, Argentina, Feb. 20.

*mountali American

An

Korean conflict, the,Soviets | increase in Cash Balances or threatening problems. but has are agricultural Their crops and roslaod. I referred to the mĮhaustion during'an attempt to

to

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