1954-03-05 — Page 10

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CHINA MAIL

1843

FRIDAY, MARCH 5, 1954,

MALAYA EXPERIENCES

(Continued from Page 2)

THE PHILIPPINES

it we next move in an easterly rection we shall and ourselves ቀጋ ሮና

stable n thure Jocally. The Philippines is Q euntry which is dependent or considerably "griculture for more than half its gross national poluction and for summe 80% { its export earnings. It is there fure very satisfactory and hardly surprising ΚΕΜΑΝΕΤ whore

11

$11223

The programme is fur too long to quote but its theme to help and encourage

WILS

and

One of the first steps of the

NEW

SHEAFFER'S

ADMIRAL

SNORKEL

PEN

DIFFICULT YEAR

REVEALS HK BANK CHAIRMAN

The National Budget for the flaval year ending June 30th 1053 shows a very small surplus

hoped will which

19

t

•

be

IL

ly

can

time.

the of the vn

has

0

of

both

П

of

rates on

the

n

the

Dimcult trading conditions hayo prevailed throughout, the, year in the territolea in which wa are in- terested and under the · eiroum- stancos our results can be regarded

satisfactory but the outlook at present shows little #igns, of. Im- provement. Your Directors here- tore foul that they are Jucified in continuing to pursue a cautious financial policy and that in the interests of alf, their first concem must be the security, and strength of the Bank.

VIGOROUS PERSONALITY Betoro I formally propose the adoption of the Report and AccOUNTS

had to deal.

Some

new Goverment was in intra- ! Tempfer's forthcoming departure | folo in least until the end of this part of indly influential stond- simple problem and the facts Roing some revision in order to plans which most Asian coun- the other British banks, and Her

kol

your

to

representations to the United give full-hearted co-operation. States Government for tijn revi- In

of General. Tem- speaking sion of the Bell Trade Act which pler's campaign i do not vrefer will otherwise

into forey to the field operations alone, ru July 4th next, and a special | where his success has been most Executive Committee has been promance,

it2Eu{u btit

理

has been

In that

the

"hearts anel

ů

the

that

much/co, his Government,

FL $300

tip. He realised

too that.

from

the

were

con-

to

of

that

on

which the Philippines claim the, in which the High Commissioner the Colony felt able to give £1 Singapore Harbour Board - anxiety. An unusual type Industries and the growing of inner reserves out of which however, remain on the Committee.

A

the

crops.

and

(£16 millions) higher owing to is not a substitute for good of about £6 millions on the | donesta bought considerably less) Ottowa Agreement

1932 | wala replaced Mr Dudley Sen- The Financial than in the past few youre and and an improvement in some of the government." Citizenship, elec London Market.

the Indo-Burma Tradeenayaka as Prime Minister and <btained considerablo

Gonnetilleke then Agreement of 1941 come to an Sir Ollver leading exports such as Fugations, civic and administrative Secretary made no bon's about Ceylon copra and Umber. Sugar exports responsibilties-these are stages the need for stringent economy quantities from China. How did and a new tariff came into became Minister of Finance. were only 33,000 tons short of each of which needs time for which wo Agree is certainly

ever, towards the and of the

effect. The distinguishing Sir Oliver hos realised the need otherwise stability matter of the very greulest un- year Japan became short of rice

fcatures Kre high the United States quota of 132,- digestion:

to raise foreign capital Assist would like to say how much I 000 tons

will bo who

to her crops the portance. He further mid that owing to damago

luxuries and nominal rates on Ceylon's endangered and

Development Plan.

appreciate the honour of serving DA interest of the new country will the main plank of Government's by floods and she then mndo

essentials. Heavy imports were

Feelors have been put out in your Chairman in succession to Bir the agricultural scene and

introduction Thailand made prior to the Fuffer in the way we can see financial policy was "to get rid contracts with for probity in reputation

Arthur Mouse who you know held been an- London which

and it has high should have been elected

others around us are suffering of this deficit and to bring the and Barma

somewhat un

of the new tariff and rice ship-

nounced by the Minister that this post from the time when our

Head Offon was transferred to Lon ensed the situation, and recently ments fell off towards the end the present

I need budget back into balance." President of the Philippine Re-

the International Dank is about within the last TIN AND RUBBER

few weeks а

der in the way until he retired on of the year; consequently the

10

foon of Rs.104 March provide

3, 1953. lie also pubile last year. President Mag-tuned by Increased income as hardly stress how important thai

held By the fail in the

batween Indla of un contract

and foreign trade balance for 1953 millions prices a result of strict supervision

the more arduous for (274

one of Chief saysay has however set himwelt

millions) over lux collections. There is a word "stability" is, from what-

Burma has at length been con- seems likely to chow a reduced millions and rubber during the

Manager. 1 am glad that only the ever angle you may consider it.

Hydro-Electric Scheme. But lighter part of his duties has de year the an ambitious target in the very ove

General Funkt Dellelt of Pesos

Secretary estimated

cluded. These political problems main-Financial

Total exports in 1883 surplus of exports as compact despite this I may Bay Inspiring programme which he

that voived upon 100 and that I have had revented in his address at the

are believed to have been about with 1952 when the suplus was 304 millions (£54 millione)

the Federation and that the Federation's revenue had affect President Magsaysay will soon be the burden of Sir been reduced by 20%. We need 1,300,000 tons from Thailand about Kyats 342 millions (£20 Ceylonisation shows no signs of my elbow the vigorous and keen opening of Congress on January which

the lowest figure for some years millions).

diminution and irade operations perceptive personality of our new Chief Manager, Mr Michael W. 25th

hopes to liquidate by setting Donald MacGillivray who will not intervene in the controversy

and about 1 million tons from Burma has rich potentialitles with a number of countries are Turner, who has throughout the past have the oxide an annual amorúcation

support and good and argue as to the best way to

Burma.

and grandiose plans. It is expected that in

As their confined to Ceylonese nations. year handled with great ability the MALAYA

wishes of all who have at heart deal with these two commodities

1954 Thailand will have a dis- Minister of Finance hus himself However an important and Im-many problems with which he has farme

the future well-being of Malaya. in regard to which the specialista 1954 to put into effect a co- ! We now move down the South

which of

speech be pressive about stated-their aims should widely posable

I must also take this opportunity surplus SINGAPORE

themselves hold such of ordinated plan

the Bank Staff as a cronomie | China Sea to Malaya which can

wid 1,800,000

of rice

of Finance made at of thanking tong

and

Minister "ambitious but feasible,” Singapore

from is, of course, direct-differing views. But

especially development, to straighten out not look back on 1953 with much

our brarich Burma about th

the same figure.

INDIA

opening of the ECAFE Con- whole and

managers, for the effective way in the axes and le secure a regret at its pussing, fargely bely concerned with the outcome banker's point of view, as indeed

almost

lilee production. ls of coust

at Kandy on January which they have worked for the la- In regard to India, a few of forer.ce ut Rovernment

ft of the political developments in must be the case from Cause the lingering slump integrity

from 20 last gave to

indications of a teremta of the Bank in the past year. wide fluctuations; the features of the year subject the Federation and the Colony any point of view, except that owing to crops being dependent our point of view

Shareholders will no doubt want emeleney All whe

con-rubber and un prices gradually are

arc the possible broadening of policy to a large cerned with the progress of this head gloom through

confidently rely

speculator, stability

on weather caditionis. Prices following. First and foremost attract foreign private Invest- to know what is the position with repand 10, our omees and valuabİƏ fertile country will watch with section of the

country. I will Governor, Sir John Nicoll, to see prices is of the utmost impor

Impor therefore vary greatly

how our from there is the deplorable friction ment.

properties, in China and that

their interests are fully tan

fance. If the majority agree that

The

The season to season and the holding with Pakistan which has in re- The interest and sympathy the steps refer to these particular prob-

foregoing

of foreign personnel are faring. survey luter. taken by the President to carry

flowever, the emer- safeguarded. Two bodies have stability can only be obtained of large government stocks may

but I sorry cent months become more in- events in the East does not claim letter at Weil and living conditions certainly

International out this great task. The cleation gency situation

been ex

exploring important matters by

agreements,

result Intas been

the future of the then such agreements deserve that one moment seem likely to tense as a result of the offer of to do more than plek out a few to say that we have not yet been called the provesi. The personality and

and relating to

cause a serious loss and at an- United States ald in equipping of the highlights of political and able to complete the closure of our victory against Com-inspirations of General Sir Gerald Colony. The one is a Joint Co-fullest support from the Indus other to

be a Recutest

wise policy, but Pakistan's milliary forces. economic affairs which seem to offices which, as you know, we have been trying to liquidate for bott- Tell In Asda Anundsom so far spen

Templer has been through-

set up tries and governments alike. The the concensus of opinion outside Whether this additional dispute deserve the special attention of aiderably more then a year. Committee organation

President If the President can accomplish out the whole territory and has under the Chairmanship of Mr Randall Report to

dent efficiul circles urges that gov- will delay the appointinent of a our shareholders. Asia is un-progress has, however, been made

should fortunately ernments

relax their Plebiscite

for doubtedly his programme or the major brought delite progress in the Malcolm MacDonald who, we Eisenhower

Administrator

on the move. All in Peking where we have said our are glad to know, will be staying cast cold water on commodity control over the trade and take Kashmir remains to be seen. the part of it this bold assertion may, operational #elk It is not sur-

in- way from Ceylon to Tokyo office building, and also in Swatow and we hope that our Swatow Agent is intensely prising that there should be in his present post of Comnils- agreements. Yet there is strong the present opportunity of more The problem

there prove to be literally true

Is an intense desire for will be repattisted in the near future, widespread regret

stoner General for South East sympathy and support, on the plentiful stocks to revert to pre-voloved. Secondly there is General

Americans

of war practice. This is not Five Year Plan which is under-speedy economie progress, as is As to the main problem, we have shown by the development mado proposals direct to the local

authorities working in concert will duce proposals covering a live on promotion to an even more year. The other is a Commission prominent and

under Sir George Rendel which ing, for the countries so critically need thoroughly ventilating be- speed up the tempo of expend!-

tries

Majesty's put

Charge Important assignment. But it is

d'Affaires bus vene propune for the

are now attempting to the bas that industry with

concerned with these problems,

ture. Already a new Five Year know view to ensuring | reassuring

tore a decision is reached. considering the

Instance. Vice-President

Government on our behalf. In order reducet prices and adequate Templer plans of campaign has then of Singapore's constitution For

THAILAND

Plan is being discussed. How-into effect. Coupled with this made representations to the Chinese of there is a widespread realisa to get a speedy and overall who of course could not tried out and on has just issued ils

over, On additional BUTI report. utput ti

the nation, been thoroughly tried out

we have offored con- the the financial alde On

of low settlement the raising All realise

millions Rs.1,760

£131 Hon showed sbroucky shown excellent We

cemions involving very considerable must come Already in fact a great deal has has

be allocated to standards of living

ancrifices. but negotiations Hava been done in this direction by results. It only remains for his depends on the outcome of these is der standing of the fact that feature of the year for Thailandtons) is to

has been the drop in the tree

of agricul- proved dimeult and progress has the American Foreign Operations successors to press onward with deliberations, Constitutional and Malaya's prosperity and it prob-market rate of the Tical from the original plan which is only as part and parcel

Industrial develop-been painfully slow, However, so Administration and adved rice determination, perseverance and other relations between the lem of dealing with Communism

merchants

far as we are concerned, the Chinese and Aupplies

Nehru has said that the plan is ment. British Exchange to be revised 58.50 to the pound. adequate for internal energy to a successful conclusion Federation and Singapore must were both bound up with rubber about Ticals 45 to about Ticals half way through its course. Mir tural und

our complete liquidation arid we are because will sure-come up for reconsideration in and

of the bankers established in the East have nothing to gain by prolonging teeds were produced in 1953,

of the campaign. This

regulations and imports In-

cannot insulate themselves from therefore hopeful that progress will unemployment

be accelerated in the near future. In question they come but it will come quickly the near future and greater co- other countries were also

is increasingly which

too have serious. these events. They

Mr Yoxall, our Shanghai Manager, htened up and port Fulippine administrators made unify it the peuples of Mujaya pribination is unkioubtedly desir- verived las 1 vary, cumilar way. November full scale

tha Is acting on our behalf in able.

The trade of Malaya in 1953 trols were introduced; however Indeed this is an ever growing part to play in the further de-

nexoliations proceeding there. continued the en

dis-velopment of Asia, problem. The must text reter to the naturally

suffered

the adverse trade balance for financial

Proposing the adoption of the has our full support and confidence.

LONDON COMMITTEE condition

In rubber

furbances in Calcutta seem to and tin of Singa- recession

1953 13 Ukely to

large.

the Hon.

Various changes in our London pore

and the

Federation, prices: Imports dropped 16% Sterling balances of the Bank of emphasise this and it is stated report and accounts,

Committee must bo mentioned next. The Colony

that as 19 fortunate but exports fell 23% being Thailand have fallen off during country increases additional com-

the population of the Cedric Blaker said:

The not profit for the year Sir Arthur Mor joined the Com

1233 mitier revised

on September 3 millions (£103 millions)

which and accounts

the year but U.S. dollar balances

amounts to $17,294,285

became Chairman ployment is required each year set up in Washington to examine petivities aimed at obtaining the fur 1853 are expected to show lower than in 1852. However in have increased. The note issue for 2 million adults. The Direc- is some $27,000 less than lass. January 1-1964 in succession to po certalis detailed proposals sub-, support

surplus of M.$33 millions volume, rubber and fin

in well exports i

coverod

but the

previous years, 5. A. Gray who has doneus good (£3% millions). The budget for were

tor General of the International year. As in

service In that capacity Kince July inifteri

defekt in Try

Philippine minds" the

fairly well maintained alderable of the people, where

the public

Offlee has recommended this proft has been arrived at 1948 and le now fully occupied with Government.

1954 allows for a dettell of about throughout the

Labour year and It is is sure.

Anances which continues from

for but An importații ene progress in slower

should

onerous work of be after steps

taxation the increasingly that urgent the same amount but last year

year interesting to relates to the currency question! Then there is the political arena

Mr Gray, Providing note that the year to

gives rise year

to Selor London Manager. transfers of taken for the expansion of rural and after making

Mr C. A. Campbell retired from the sioner milllon to H.M. Government and right to control iad administer,, has had

turns for 1953 shows that the nett loan

has

recently

been

Food provision has been

made for Committee..on which he had served face troublesome including as the determination, problems of

different mill

esome this year It has loaned M.$30 registered tonnage of vegsels authorised whereby the Govern-supplementary

last year all known bad and doubtful rince the days of Sir Newton Stabb

doublur

1053, On June 30, crops were excellent

Lnd We are millions or it very How-nature

or about £3 millions berthed at of the rate of exchange.

a wharves was and

in debts needing careful

ment has borrowed foreign cx- and are estimated to have balance of profit brought for services over such a long period of contingencies. The vary grateful to him for his valuable the Federation. ever decisions as to this and the statesmanlike

Moreover a record handling.

change equivalent to Ticals 1,200 and scord at over 10,700,000 tons. The

400 creased

pre- 11.8% above the millions other prupirals made to

The Mission to Malaya sent mil the overriding

special reserve fund of M.$100

time. ile was succeeded by Mr (£27 millions at the Cro been problem has

millions United States Government seem

has been set up and by the International Bank for offcial rate) from the Bankvious year, but it will be a long ward from last year is $9,488," J. A. F. Ditmy,, a Director of the that of attempting to fuse the

Ume before India can grow too 174 and the total avaliable for Westminster Bank. talikely to be reached in

various peuples of Malaya into millions but there still remains arrived in Singapore in January

Developmen

Fund of M.350 Roconstruction and Development Thailand against 10 year Bands Hatch code Prices of food and appropriation accordingly There are also changes in the immediate future.

at 31⁄2 This is to be used #RI AV Malayan Nation 71

the cost of living index In amounts to $20,783,400. In view Board of Directors but I will not and of en about M.$130 millions in the and will make recommendations for capital outlay. It is report Calcutta, after rising in

theor

of the expenditure which has comment on that this motment Luring that the framework 01 general revenue balance the

is based future State in

regarding future economic

plans ed that requests the

and

this made to the International Bank summer, began, talling towards been incurred during the year next lie on the frenda, Coated

developments. For sound foundations and that its

the for a number of loans but no the latter part of 1953 and ended on new banking premises, it is On September we opened our heavy expenditures reason I will not refer to the structure will be built on realis by the Federation and it is only important subject of the diver-

at about the saine level as the proposed that a sum of $4 mil-new office in Paris at No. 23 Place now agreements have been con- General right

of the tie and efficient lines.

year.

One lions should be appropriated to not yet been finally wound up. On that

Singapore should bear sification of production whether clud

cluded. Meantime the United

opened a new is the write down bank premises, October 3 we also Templer himself pointed out the

this building of Osaka where previously after allowing for of (£28 Importance of the various steps Governor pointed out when he

private capital and. stagnation

we hunt operated from a uzinli retsted trial. One of the

interim office, and on January its 4c Investment in industry during amount

2 of this subjects mic Mission continues ure which must, he said, be taken announced the loan, the Colony

which ow with

the Mission tivities in the country and the the pas

In this con-

dividend

share, of £2 per

year we opened a new building at to ensure that "self-government has its own heavy commitments will

past year.

Mongkok on the "Kowloon side of dela la

being doubt my and air force are no

Interesting nection

that me-lit ап

recommended with In ordinary

American

dividend times every that of rice in regard to which modernised

final in- the morandum

That foreign

should the harbour. on.

I think covers Wall; the vestment in India shows dollar will be needed to provide the attitude of the Government advice and help,

that again be £3 рет share matters which I should bring to your attention, no 1 now beg to propose leaving a balance of $9,869,542 the adoption of the Report and more schools, hospitals, houses in continuing to handle the

BURMA

capital fa not

being to be carried forward to next Account as presented. trade is giving rise to both The political situation

for purely trading ac- to

SECONDER'S SPEECH questioning and opposition in the Burma has changed little in the tivities but that it is in the year. Federation.

developm past year. Internal security has sphere of industrial

there After Malaya It is natural to others

19 considerable her need for foreign investment. para- situation in Malaya, but in the graph, called

It appears that joint the

a considerable drain on 2.4 promise have reliable friends who can indeed is. But so it will remain affillation seems more uncertain.

the Communist ventures are Itely in future to been it case of Burma come to their help. Their deficit

meet the requirements of the the year's profits and this and for 1953

953 is

of the so-called present situation in India rather other factors have been taken is expected to be about unless some dynamic action is The activities

into taken to find the

forces Kuomintang needed M.$146 million (£17 millions)

consideration by your pinned

than direct foreign investment. Directors in recommending an and for 1954 the estimated deficit into practical value. The

fortunately promise to turn the Colony r

In fact such a a system was re-

find that the general survey of Burmese troops and so prevent commended in M.$222

the Planning unchanged dividend for the past millions (C26 of

will no longer be a feature of these ed their employment in the task Commission's original report on year. millions).

Brunel On the other hand

In having

of catablishing order elsewhere. profitable

A comparison of the balance Hongkong Bank mostings, but I their surplus on January 1, 1053 welis in its territory and the he

realise that it would be foolish to sheet with that of the previous suck, to the old ways if modern the The ill-feeling arous cowhere: The First Five-Year Plan.

Discussions millions was M.$332

Ceylon on (£39 we

that the totals of ways oar shows your

prove mara convenient Pro- the United States by the late the problem of the Tamilsen mililons) a part of which was duction will be able to

revenue resulting from oll

nance

with matter re- that country have improved our assets and liabilities have builness-like and time-saving, and on that account"; the compromiso ver, to readily realisable.

an ambitious Five Year Plan of sulted in the Burmese Govern- that raised M.$100 millions by Development,

remained virtually unchanged. Lettreen the

between the old and the new which ment relecting further Unlied relations

been adopted today by - our On the liabilities side the has but many prob- States alda loss the Security Loan floated last kems arise

and the proposed удеть

of some countries year and H.M. Government have four Umes higher than

revenue is US$13 millions Burma.

The meeting in Ceylon of the Prime amount of Hongkong Currency Chairman and Directors seems to We have heard a few essential contribution of 20

number of *x- ilsed a promlard

penditure.

The loan to milions as well as additional help

the Government Ministers the Anances of

ed unaltered throughout the remarks about the Accounts and we year.

Cur

any delay (8 Deposit and other now obtain without

Burvey of if the financial situation

millions which

Accounts sho provided

relatively start the Bank's

Eastern affairs, and. I am sure that Wha

small decrease last November was a timely

of some of 1

33 this will be more convenient to all to this they have received

a defeit of Kyats 380 millions One of the main events in millions and Acceptances on "THE RIGHT POLICY. Singapore the 25 year loan of agature to help in the struggle (28% millions) to be met out Ceylon during the past year was behalf of Customers a M.330 millions, without interest against Communism.

of Cash balances. Social the Inancial crisis which come just over 2 milions. Various shoot and role Recount RICE for the first 10

the

Welfare and Economic Develop to a head in July and was fol- zetors have contributed to these strong a position been presented, to years and

I must any that rarely I have referred to the doubts ment Blate of Brunel provided a loan

are again

The malt decreases which are in und 1 fully in Malaya about Government emphasised and

heavily lowed by riols and arson.

Agroo with our 3.640 million, so as to ensure control of rice but when we look (deficit is regarded 01

the budget dangers of the situation had genatal due to the continuation Chatimentaarks Under exit- the Development

Pro

by the

of

ing circumstances the. right policy Hidden treasure and Inner circle the modern quality bias bras

grumise was not Interrupted.

when on

TRADE BLOWS DOWN EXCLUSIVE withi⋅ MODE ELITE.

that, Government mono- ment for posterity

our dividend and the sporti ot Small bosom? in-between

The Fiscal Secretary,

and better gramere Mr

The principal change in our as the, Deck. Better) days will surely sizes? Have a fuller, contour-perfect bust Peterpans are Himsworth, in

Budget is of the rice export trade mar

Was Insed and his

of standards

Ulving". Оп

reduced. hay been a decrease of fut come but is fully appreciate the rice ration was havo "ALWAYS" sold at Oxed prices the best under the Sun.

over 154 milliona in“ Advances.. This thorny nature of the problema: “That roved la Speech showed that the Federa- come to stay. Both coun November

trics

decrease, aries mainly as a result exist at tim, moment-in regard to 3 a settlement was But this programme proved are very dependent

reached of financial tion

through could ust

to the

the end

External nsacts con- of the low prices for Brimary, pro- our offiens in Chim, and I am sure udequate. Ex Better Footwear For The Gentlewomen

their large production of rice arising out

ducts which have of the present financial year for their well-being. In the Burmese Treaty of 1947.

continued) that our Chief". Manager and Mr H.M. unted to fall and, the "HAYMAKERS" and of the sorting to% of farm over mens dal fact neceled suly, drastic re

to grow. In facts the general slowing down of zor, have our best water, for, the outcome *** of 200 their STEP" the world's leaders for most comfortable walking shoes, fact ho stated that the Gover- Fund ....is.

drastic measures wezs in- trade in the territories in which we entissotory estimated to be £7,800,000, against a debt of All exclusive with MODE ELITE, whose another shipment of now ment did not propose either now given

operate. This decrease in trade"ly negotiations. food subaldies paddy up to

and 60% £20,700,000 payable by Burma.

| Ponly 2, wish to sanatate,

Emysélt made" by OSTE spring high fashion shoes are also just unpacked for those desir- or in the Immediate future to the

over, 831-millions kn, ojar Trade Bilis|with "the","temarks latter. As of result of This was i

were virtually

and addi-

kilo Ing nothing but the correct HIGH" FASHIONS and PERFECT make any increase in the Com-everal

however, Ja, oduet, bý...... a. ring | Chalymaniy

the Thick Tot severat unforeseen occurzerices Mens Talaya"","

particularly Why impair your health by wearing pany rate of income tax because during the past year a buyers' paperiput

as a Burmese new tlenal duties were COMFORT in footwear.

levied on | Government "Fresatry - Bility, ponilt deserves-hearty, - comprabylations HARD FEELING FRIMITIVELY CONSTRUCTED SHOES" seen it would be: Inflationary in an maricet developed and both on Burma's National Day the luxurios: At the amo time abia in the balance, theet show the bank dhrough the BAR

figure for, Tillis, Re- way be hap overywhere? Only MODE ELITE features EXCLUSIVELY bet under-developed country, stud

Central Bank rato was ter imported footwear, with built-in preetelon comfort arches etc. would tand to frighten og siderably over locked and portant peach

countries found, themselys "con- | Prime; Minister; -made: animoined from 2% to 3% gj w net increase Viot: some 64 year

millions. The increse: In Money at "After" ilik" replet, send nt capital which was therefore anxious investment

-on the subject | This the of an "Interim Economic Plan the end of the year the adverse call, in Herd and Belanger with beer

other, Darka sadoute tariniana whất what the et untry required move inancial outcome. One Tempur called "interim" because of the ostence of trade, had been con-have becomes viable han anything else. Mr Hims for this situation was awood compressed; Intention ultimately siderably reduced as compared of the repsystept of Advanceskdür. worth also. announced that in Fring orodje India Junter W- |· FLábtry: Unito, a` soeiplised economy bad, cdistiqued to “fall in a. WAY. of the Back9rechky)

to organiss all trade and in- with 1932 but external assets ng the courierat connection order to pay for important capi- | 18 10: decision tal development projects it was enter the rice. market undir operated by the consumers and whlets? Printed and published by WILLIAM ALICE GRINITAM for intended to raise locally or loan prices were lower, aine Philip workerk and on behalf of South China Morning Post Limited at 1-8 | of 1.$100 million

*(811% pines Idlanda, ware dlso able to 3. On October 1 the. Wyndham Street, City of Victoria, in the Colony, of Hongkong, | millions) in 1954 as well as one supply: their own.

the

As regards trade, the Boat figures are not available but it reem likely that the adverse balance will be at least Pesos 100 millions (£10 millions) resa than in 1952 when it was around Pesos

millions Billions). Export Agures

D0 millions likely to be Pesos

147

of

sale! alligator bags.... ail leather lined and beautifully marked

The

has Emergency

have

been

part of the burden, but as tho | argicultural, mineral or indus States Special Technical Econourable feature

and

and other services.

THE FEDERATION The Government

of the

Federation of Malaya on

is

and the

A# In the

case of other organisations with interests

ar, they will be dealt with an ille

Vendome, but our Lyons office has

Mr N, VTAC Croucher, in second-

ST

in China, the cost of

of maintaining ing, said:

our

the NORTH BORNEO AND BRUNEI | improved in some areas but in ment that India Is. praclaiming offices there and OF, CORR~ | who one of those in this room olher hand are less fortunate, consider North Borneo which kusula, activity not unlike, the As I stated in an earüler na niving with the requirements of Speech of the Chairman of The

but they started 1953 with a good revenue surplus and they land

way

ofteri of

'bon

13

Д

Cate

|

down

with

of a

two

Above alligator handbags specially made for us by top New York. | deteriorate in 1972 should/Federation of Malaya of M$40 SHOW that there was a small sur. Asian countries appears to be a

bag makers for spring season. Now they are exclusive with MODE ELITE for your gifts to your close triends or relatives. They're the "BEST BUYS" from $150 up. Come... choose them

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Just Unpacked Peterpan Modern Bras

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22 Queen's Rd,, C.

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that

In addition

plus in the year 1932/63 but the good, move, budget for 1953/54 provides for

·

CEYLON

Chinese Authoritica

have listened to the Annual Hongkong and Shanghai Banking has Corintion for a good many years now and I must admit that I have always found that it contained each year an exceedingly interesting re- view of the state of affairs in the East,

in a way, therefore, it is and to events as read out by the Chairman

Notes in

in circulation has remain- me a sensible one.

regards year's

Balance

has wo

|ot; Thailand and a it seems;Finance Minister as an "inve become apparent by the end of less active trading condition,murl be to maintain the security of

about

of

tho

1952:

thee

malficent faxes were Increshed, ellmans furiber demonstrated by ■ drop of [

took

Bir John Kotela

place fri