1953-02-27 — Page 4

No Change

The consistent quality of Black & White" has mado this fine Scotch the natural cholor of the connois- seur. But the secret that makes " Black & White** so outstanding Is the special way fine Scotch whlakles are blended to make them finer still. You can appreciate the difference with the first sp and how good it is.

'BLACK&WHITE'

SCOTCH WHISKY

The Secret is in the Blending

Is Appointment

to the late King George VI

Scotch Whisky Distillare James Buchanan & Co. Ltd.

JAMES BUCHANAN & CO. LTD., GLASGOW, SCOTLAND

BRITISH FLOOD DISASTER FUND

PLEASE ADDRESS DONATIONS TO SECRETARY, S. C. M. POST, LTD.

THE CHINA MAIL, FRIDAY, FEBRUARY 27, -1953.

Pressing Problems Of S'pore & Malaya Discussed By HK Bank Chairman

(Continued from Page 1)

has recently

grado

munity has doubled since 1849. Domestic supply has increased calories is from 10% to 24% in line with the large housing below a proper nutritional state development. but the industrial dard and the production of rice supply has expanded oven more is lagging behind demand, while noticeably. This shows that rice supplies to the International Industrialisation in the Colony is market were under 5 million still forging ahead: the existing tops last year as against over local industries with few ехсер 8 million tons in pre-war years, tions, have steadily expanded and Morcover standard

on balance 100 more factories rice which before the war

sold

were registered in 1952 than in at between £3 and ET a ton 951. Although most of there

be-industrica been fetching be-

are on a very small {ween £80 and £ 100 ton scale their total output, amounts

the free

free markets. Ways of to an appreciable figure: thele solving this problem are

exports alone are estimated to discussed and widely

con:

have beon.

$500 worth nearly There is for instance the

millions

in 1932 and textiles tion of Government participation accounted for some 83% of this which under present circum total. stances seems difficult to avold.

The Hongkong Clearing House Yet many

autrorities consider

figures were about 20% lower that larger Asiatic supplies

ies than in 1931 as was to be ex- would be available if Govern-pected, but they

were almost ments ceased to interfere,

the same as in 1950. The Bank Noto circulation figures again remained

steady at just over $801 millions whillo the local retall price index lower ended the year slightly than a year earlier after only minor fluctuations.

ques

As in post years I will now deal one by one with the various countries, with which we are mainly concerned.

will he First of all you interested to know that we have oblained the necessary authority to open our own office in Paris where we first appointed agents L 1805.

We have found very in

No. 22 sultable premises nt

22 Place Vendome and we hope to com- mence business there about the millio of this year. In due course our Lyone Omeo will be closed. It was Orst established there 72 years ago in connection with the important silk business of those days, which has now, sad to say, come to an end.

UNRUFFLED PERIOD Looking back at the past year In Hongkong I think you will agree that by and large it has been L surprisingly unruffled period. At the beginning of the

lo bo possibilities of

year

March 31st last year there appetical amounted to $210 millions nents to steady develou with a balance

but law and order

WDS

His Last Address To Shareholders

Sir Arthur Morse, flanked by members of the Board of Directors, is seen here this morning delivering his final address to shareholders of the Hongkong and Shangħal Banking Corporation prior to his retirement next month, Staff Photo. grapher.

fully put on the market, The export trade Agures werd seriously affected by the fall to prices of rubber and copra and dropped by $40 millions. This resulted in a small adverse balance of trade of $3.6 millions.

Import figures were practically the same as in 1051. There has been no little dis- satisfaction in North Borneo at the slow progress mado in ro- construction which it was hoped to Anish at the latest by the end of 1931. Now the

doad- line has been fixed for the end of 1054 which should give ample time for this long over- due work to be completed. Our new office at Jesselton should - be ready for occupation some

time this autumn.

INDIA INTERESTS

Our interesis in India belog Imited to Calcutta and Bombay are not extensive but they are important by reason of the link with Indlari trade

18 which maintained with our offers in other Eastern countries. Early consider- in 1952, following a able amount of overtrading, a collapse of prices took place affecting many commodities, and markets were seriously depressed for some months.

the loans

COLONY'S FINANCEB The finances of the Colony remain highly satisfactory. The

India has recently been called latest returns show that

♪ "bastion of stability and revenue is likely to exceed the

peaceful endeavour". This 1s estimates by a considerable sum

nn apt phrase even if her owing molny to * surprising

political and economic stabilty increase in the Eamings and

has yet to be fully tested. But Profits Tax due no doubt to the

her "peaceful endeavour" can additional staff appointed to

be observed not only in the deal with this work during the

political world but particularly year.

The Financial Secretary"

in her new and ambitious "Five la to be congratulated on the

Year Plan" which hos been happy position in which he

himself. finds

There is an In dealing with Hongkong'a postwar years, but both Goveri 30% of the world's output widely applauded in spite

target has criticisms that the insignificant Public Debt: he is trade I have so far dealt orly ments have defelts, of $07 mll- the same as in 1951.

been set too high and is not The cm- likely to have another good with trade values. If the volume, llons and $10 millions respec

Having referred to these two sufficiently preciso, General of trade is considered it will be tively. In their budgets for the surplus to add to the

The Federation very important primary indus-phasis on agriculture, transport Revenue Balance which on found that the tonnage of com- current year.

already mercial cargo recorded here.

in hopes to cover its deficit by the tries upon which the economy and power development both in and 1952 was 10% lower than in 1051 Security Loan of $100 millions of of Majoya is almost too vitally this plan, in the Calombo Plan or grants S he has the Development Fund, and 30% lower then in 1950. In sed last November: half of this some advance is being made in received from the World Back

interest which was author dependent I must mention that and in of over $57 this respect price changes and has been successfully issued at the establishment of secondary and from United States sources

date, to

other iactors complicate the

Industries for tained throughout. For this we millions on the same.

which however shows that India believes that which

par and another $10 millions the trading profils for have to thank the efficiency of

picture.

at present on tap, I must con- there is still much scope. There this is the most important way the year are to be added. The our Commissioner of Police and

Although Hongkong's entrepot fess that when this loan was are also interesting possibilities of raising the standard of living Legislative Council was there- his men as well as the solutary

in future mining expansion for of the people, which is fore fully justified in approving, trade with countries other than floated it was rather galling to

financial and central objective of the plon. effect of the presence of British

the gift to China remained very active recall that only two years ago we which external on December 31st,

also interesting to note military force who are so wel-

the Federation quired.

that in regard to her proposed come and valuable to Hongkong. Her Majesty's Government of a throughout 1052 there have re- were urged to subscribe liberally, technical assistance will be re-It is

Industrial development, Arst further sum of H.K.58 millions cently been signs of hesitation was did,

34 Loan which now stands at As a consequence there has been

over and above the $10 millions and unfortunately hindrances to about 85. It should not be tot- NORTH BORNEO

priority is wisely, given to the food progress in all the services

Vices included in the estimates for trad.

trade

fuller utilisation of the existing by goverments gotten that the Federation ex- imposed The Government. provided by

the current year, as a contribu- are very much the fashion

Let us now cross the ea to industries producing goods from Public Utility Services have con- tion to the cost of reinforcing everywhere. For instance the Panditures include $144 millions

theon accuunt of the "Emergency" British North Bornco and local raw materials. It is dis- tinued to develop, particularly the Garrison.

restrictions on Japanese trade but it is to be feared that it will Brunel, a land of promiss but treeing to hear further reports the electricity companies whose The short visit paid to Hong-put Into force here recently by hardly be possible to eliminate needing enterprise and labour. of famine in large areas

but fortunately Donations telli be remitted to The Lord Mayor of London's Dutress Punal output for the needs of the com- kong by Her Royal Highness our Exchange Control at the in- this heading from the accounts Enterprise is handicapped by Bombay State

the Duchess of Kent at the end stance of the Home Government for some years to come although the chronle shortage of labour prior to this the food situation of October was a very success

which are proving harmful to Hong-we hope that the amount will but it is difficult to believe that had been better. An important ful and welcome event

Hitherto, satisfactory means cannat be Government Minister not laug has contributed much

contributions devised to unravel this problem ago referred publicly to the subject of "Indianisation" in further good relations bly in beoeft. Similarly the recent im- made by the Home Government while ensuring that proper all

only

He brought Enter non-Indian Arms. in and $4 millions donated by the safeguards are adopted. imposed Hongkong but also in Malaya nort regulations

to the above Indonesin added

ove Singapore

the prize is, however, certainly ap. the matter forward in a moder- and Borneo.

restrictions are affect financial burden of the "Emer-parent in the activities of

way and no doubt the ato mentioned

Malayan Petroleum principle will in the main be ing our export trade to that rency" has throughout the whole British

been borne by the

whose Company

development acceptable so long as adequate of ordinary and expansion continues with time is allowed for training, and Now it has out check. Brunci State is re-the anal proposals are reason- the been decided by the issue of the ported to be considering a new able and not discriminatory,

this has not Security Loan, repayable in 10- Five Year Plan: 20 years, to spread a small part yet been published

choques should be crossed

"BRITISH FLOOD DISASTER FUND"

Printing of Distinction

ALEX ROSS & CU (CHINA) LT

BOOK

.ENG.

Oriental

RUNO & COMFANT

angiect ate poluses the templowing o

+

Megh

The Duke of Rom

by

„CATHAY COMMOMTtes, detenivärima

well Stem Shar

de of that t

Bunny Shrey Ste

• Mont Mowry Wage

Must shows thard

SOUTH CHINA MORNING POST. LTD. Telephone 20002 and ask for Mr. Labrum

- OVERSEAS ENQUIRIES INVITED —

the

to kong merchants and to the entre be lower in future.

from pot

which we all apart from trade

the

Government,

COLONY'S TRADE As regards trade, there have country which in 1952 reached

In record figures. been

various references

We can only hope Federation articies in the United Kingdom that governments will interfere yearly Itvenue, to the "collapse of the boom" as little as possible with

in Hongkong which is alleged stream of trade which eventually

prevailed here slace almost always

to have

finds its

way

the end of the war. In fact round-the-obstructions.sci in the so-called boom in Hongkong the way. merely covered the period when,

MALAYA

tit

but

the

4

the

ΟΙ

the

six

CEYLON From India we naturally pass The report of the of the lond over a longer period State's large surplus of revenue to Ceylon. of time. In September last the over expenditure should enable World Bank Mission to Ceylon Singapore City Council floated

which was led by Sir Sydney It in due course to make the successfully a small loan of $25 | territory a model to its neigh Caine was published last. su- as a result of rearmament and

tumn. It contained many Im- millions at 5% repayable in 10 risc the consequent

in com-

bours.

North Borneo's finances portant and valuable proposals to finance showed a surplus modity prices

After Hongkong our Singapore to 20 years, mainly following the

of ordinary The

and as a extensions to

reference book re- Colony's comes next in Import-

revenue over expenditure of $7 outbreak of hostilities in Korca, Branch

water under millions which was transferred mie position it will be of great garding Ceylon's general econo- world trade figures became in-ance, We are vitally interested electricity and WOTLE

Singa-

to the account set up for recon- value for a long time to come. political and economic takings. So satisfied flated.

Thus Hongkong's trade in the

and development Recommendations for returis were exceptionally trends in Malaya and there is pore with its financial position struction

Government decided

of the country. from the summer of so much that could be said that the

The latter

tter year development programme swollen

has account 1950 to June 195!, when

shortfall were sketched in the about the developments there in recently to make a gift of £1

considerable United Nations' embargo was the past year that it is difficult million to Her Majesty's Govern of $0 millions for the current detall and the establishment of

where to

endment as a gesture of goodwill.

to imposed on shipments of strate-to

to know

begin

your,

meet part of which in Ceylon Development Corpora- After that wh gle goods to China.

end. I must neces where to

consideration is being given to tion was proposed in which the but Hongkong's

of a Joan monthly period

The flotation sarily

of Government, the Central Bank trade figures (excluding

£500,000. The terms of such and the commercial banks are only want fuller China)

settled down rather intern political and social internal

a loan will need very careful

(Continued on Pare 0)" above the ilne of early 1950 airs I recommend that you which had been a very satis- should read some of the Import

trading. for perind factory

ant speeches made by the High General Sir you will find Coming to 1952

and Commissioner. that the total import figures Gerald Templor, in the course (even including China) were of the year. almost exactly the some as for

1950.

during

Further, the average

if

you

be to particulars about

cemont goodwill

of

TRADE FIGURES

with 105 the As compared Malayan foreign trade Agurea for 1952 at first sight appear alarming since they show a drop

M.$10.710

to millions from M$7,642 millions or 20% in the year. However it must be re- membered that 1951 was ad with trado year pressing exceptional One of the really

com-gures no less than 56% higher monthly export from Hongkong toples of the day is the

than in 1050. Moreover in in 1952, to countries other than munal problem-that of rela

comparing 1952 with 1051 we China, were higher than any tions between the Malays and and that while rubber exports similar monthly figures, except Chinese-which arises constant were lower by no less than the above-mentioned ly in connection with Malyan M.$2,000 millions, other exporta

Indeed imparts from affairs. boom.

The need to

were actually Higher in 1952 China

bonds ct $830 millions have

⚫friendliest the

than 1051- significant acl and only shown a fall of about 5% understanding

cmphorising how very important in the last three years, but ex-between these two communities the rubber industry is to Malaya.

1952

wers of the highest importance. Indeed the ports to China in

reversal of the down to $520 millions as com- But probably the most cheering favourable balance of visitla pared with $1481 millions in

trade which Was M.$1.055 feature of the present situation is 1050 and $1004 millions in 1951.

that public confidence and morale millions in 1950 and M,$1.270 The advantage we gain by the has gained strength throughout millions in 1951 to on excess of iniports

rts from China is obvious and while the loss of so the year as a result of the success bakmee of M.$52 millions in 1933

50 against the Communista

and

was certainly due to the rubber much export trade to China is because of the satisfaction at situation. of course a serious matter, the having a vigorous leader. £1 trade was in 1950 and 1931 an Malaya at the head of affairs, There is, however, still con- exceptional phase caused by with a clear unheritant line of #idence in the long term outlook China's stocking up on account policy. There is greater efficiency for the natural rubber Industry the administration, even cepecially as both the United though there are departments States and the rest of the STRICTLY LICENSED where economy and pruning may world's consumption for 1953 is But I must mention here that will be needed, and there is a estimated as likely to be higher quite a considerable trade to determination to ensure that the than in 1952 while production and from China, by-passing whole machine runs smoothly, may be lower. Unfortunately Hongkong, has been proceeding in Singapore niso there is satis- thero is a curtain of uncertaint

of the Korean war,

In

adverso

from European continental ports faction that the new Governur, hanging over the U.8. direct to various ports in China Sir John Nicoll, whore well de commodity which is impene- and back again. I do not In-deserved decoration announced trable, but as I have already tend to refer to the rumours in the New Year's Honours List indicated,

the Report of the about a possible blockade of the gave great pleasure his many paley Commission may perhaps China coast but I want to em- friends in tongkang, is also lead to a change in policy. phasise that the present Hong wisely directing his polley to- kong export trade to China, as

as wards efielener and reasonable

The production of un

Was

is well known, is strictly licens economy in the Colony, The not very much below the 1061 ed under arrangements made business community will give total of 87,100 tons, and under with the Home Gaversumenters as ho is able to take.

ten their full backlag in wuch and it does not include strategie, commodities.

kong in fort is strictly com- plying with the United Nations embargo ca items useful in the production of arms, munitions and implements of war.

BUDGET DEFICITS

present conditions and prices not much improvement in out put can be expected, but cepting the continuing dificulty Un- The Federation Government of prospecting for new and Singapore have accumulated bearing areas, the industry is in audactory surpluses in their saldactory condition and the accounts during the Malayan figures remained about

EL

walching if it is to be success-

AIROD

ALSO

Ask your

grocer for

TAIKOO

GRANULATED SUGAR

IN HANDY

TIME ROLLS

in 516 & 10lb bags

PURE CANT

TAIKOO SUGAR

Agen: "BUTTERFIELD. & SWIRE (Butterfield & Satin (hangangi Lid