1954-03-05 — Page 2

Page

THE CHINA MAIL, FRIDAY, MARCH 5, 1954.

KING'S PRINCESS EMPIRE HK Bank Chairman Stresses QUEEN'S & ALHAMBRA SHOWING TO-DAY Need For Improved

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Stalag 17

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(Continued from Page 1) be said that it was a satisfacory problem and it was pleasing, people in a country restricted dne from all points of view, that Vice-President Nixon made since the war to an area half as H.M. Government in to encour-although considering the handi- special reference to the "for big as the United Kingdom with ngo trade with Chine in al per capy imposed, by the embargo alghted, humanitarian and only 17% of the land arable. It mitted goods. British firms and other difficulties about generous" way. tha quatter would be impolitie not to try

mented. things 7.15 & 9.30 p.m. || 7.30 & 9.40 p.m.|| 7.30 & 9.40 p.m. desire to sell more of Bach goods which have already com situation had been faced in and care their problems in the proved botter Hongkong. Refugees and other way the extended Payments to China. They have And than many expected.. Imports, such as those living in squalid Agreement has done and from are still willing to

de which increased 2%, amounted and

overcrowded

tenements the British point of view it is talls here in Hongkong, the to the equivalent of about £242 are also a vast problem. These surely wiser to expand then to United Kingdom, in Peking, m millions. Exports decreased 0% classes are estimated to number contract sterling area trade. Shangnal or whenever In most and a SMALL DROP..

about £171 millions. at least 100,000 families and the

INDONESIA tuitable to prospletive Chinese

Governmiont aim at re-settling Indonesia is another country customers, But the prevailing

In low A compared with 1982 there these large numbers

om afraid, also W which is political tension is

sericus was only a very small drop in cost Ants in permanent multi suffering from economie maladies handicap, ameini

the recorded tonnage of com- storeyed apartments. Some pra- but of rather a different kind. Chinese pronounce mercial cargoes discharged and gress is being made but only the Her Government, like Japan's, mente have stressed the desire fonded in the port, while ship-fringe of the problem has so a struggling to put the fluancial of the Chinese People's Governin

house in order, but her con- ment to develop

ping tonnage entered and cleat for been touched. International

In a small way we aro enir- siderable adverse :· balance of trade has 10 compensating economic relations under peace ed actually increased more than

24 million tons. It is signide selves attempting to ful conditions with any country cant that this was largely due housing problem by bulating windfall. Moreover Indonesia. irrerpective of divergent poli- 10 the increase In Japanese forty small finta for the Chinese being a new state, has far more and tical, social and economie sys-hips from 60, which entered employed in our Head Office. serious internal problems have Hot people

yel tems. Naturally we look for in 1982, to 389′in- 1963. How-This is a tentative experimental her Ward

relations on ever we must not forget that idea which we shall have to developed a strong sense of dis

cipline, as Is shown by the normal lines as thus projected, 2,020 British ships of newly-51⁄2 watch carehilly,

disorders widespread But unfortunately until a poli-million tons

in ANGLO-JAPANESE

the entered Hongkong

interior and the unsettled labour tical pottioment

AGREEMENT is runched in the same year. remrd to Korea, and the matter

Then again Indo- Tho Anglo-Japanese I will not discuss the details

Pays Conditions. of "recognition" of diplomatic of the trade of the year, but I ments Agreement has proved nesta's economy is predomin- representatives

with agricultural subject is settled, it is will remind you that our pros a

controversial

ever antly

oil

and Its signature at portant establishincil of commercial reihe prosperity of the surround-the

tied up with snoe practical

Expect the

perity is largely

One mineral deposits. The country's of January

potential wealth is immenso but ob- ory to ing

countries and

somewhat if-say important and both sides. The

this properly much on Indonesia and Thailand - are youre factor at the moment La to exploit

administrative skill and experi- ference to be held next month forced to restrict imporis for to what extent Japanese cotton

ence is needed. These are well- will, we hope, set the stage for balance of payments reasons a

goods will be able to compete bringing diplomatic cosime! -

In price with Lancashire goods known facts. Many of them clal and frencial relations tx.they were during the post year, the Colonial territories report by the President of the were enlarged upon in a recent then there will inevitably be in adverse neighbour-

markets. to a regular basis, but it would is countries and on Honour their end Singapores internal Java Bank who is now Governor bu unwise 10 expcet rapid The causes of such restrictions markets are

not likely to be

donesia, which replaced the developments. The

Chinese are well known but they ure much

are much affected. Tho entrepot former bank on July 181 1833 ns Minister of Foreign Trade, in soilen not casy

whole is another the Central Bank of the coun- elliminate: 10

trade as a recent speech to some British they arise from low prices of matter and it is

possible that merchants,

mentioned the im- basle commodities, high defence there will be Japanese competiiry. The Governor particularly drew attention to the dangers of portance of "normal conditions".

and administrative tion with Hongkong expenditures

export the large deflelt in the budget Let us hope tha: before long weak

apart prodi

products although Japanese weaknesses.

which for 1953 was estimated to both parties will are: on the from

not niments/ cotton

should

be Rupiahs 1,800 millions (£50 interpretation of

the thesc two caused by the above mentioned seriously compete with

He millions).

called for How- words.

industry. restrictions and the big handicap Hongkong

economics and a recognition of It is

question as toelating a mcot

to China,

Hongkong ever there may well be bene the realities of the situation. By to be gained it Hongkong: Increasing the margin required what scope there is for the ex- has no reason to be unduly de- | Ats

with China.

AIT used Although much more and Singapore panion of trade

49 from all importers from 40% na pressed. biffering views

are held, but trade was done with China in marketing centres for a great to 75% it ivás hoped to check we must not do any wishful 1980 than in 1008 yet, excluding variety of Japanese goods. The inflation and cut down imports

the thinking: o

depends Chino, the 1953 trade Agures number of registered factories but unfortunately Heat deal

Anal on unforeseen ble fuctors and were slightly better than 1950 of all kinds in Hongkong con-defelt in the budget account future trends

have been higher in international when trade seemed prosperous unues to increase and interest appears to affairs. It is, however, obvicus and

developments are taking than was anticipated and

the that when the embargo has been were

een and many Hongkong records Ing

broken. The exports of place. There are signs that now adverse trade balance will also reneved there should be a con- locally

be serious. The Bank Governor bds, investors are realising that in manufactured gobds, siderable increase in tende and taking the year 1953 as a whole spite of occasional checks there recently stated that on February no doubt there will be keen Improved

no less than 31 is still scope for the employ 13 the Bank still held cover, of Exchange over 1832 and textile exports ment of capital in light manu- Gold and Foreign

There 1 equivalent to 24% of its demand were two thirds of the whole.facturing projects.

somewhat small Electricity production has con- ample labour in Hongkong and abilities-a

practically no margin above the statufory tinued on the up trade. The there has been building industry and property labour trouble throughout the minimum of 20%-and that in transactions have been buoyant past year. JAPAN and there has been, great

Stalag 17

etaling

WILLIAM HOLDEN - DON TAYLOR - OTTO PREMINGER

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CHINA'S DEVELOPMENT

PLAN

the

goods

and

of the newly formed Bank In-

From this point of view a

the past six months the cover vory interesting step was taken

had fallen over 11%. He urged during the past year in the on- nouncement by the Chinese activity on the Stock Exchange. Having just referred to the corrective action by increasing Government

Payments production, by stricter Import that a Five-Year On balance additional

capital Anglo-Japanese Development Plan WDS

being

appears to have come into the Agreement it seems apt to turn controls as well as by measures prevent exchange losses mundhed. Actual

details have Colony and bank deposits have next to a consideration of affairs to not been published, but it seems incredsed. No doubt owners or in Japan during the past year. through the export inducement clear that the #reatest impor- such funds only await the pro- The Payments Agreement was schemes.

While the Indonesian Govern- jance is attaches to the expan-pitious moment when they can warmly welcomed in Japan as sion of heavy industrics and the profitably employ them in a definite help towards checking ment are thus preoccupied with most important industrial deve- | trade or Industrial operations,

the serious sterling trade im- their serious financial problems. | it seems, will continue HONGKONG'S FINANCES

balance of nearly £100 millions it is hardly likely that the im lopment, to be concentrated in the North

in 1953 and towards assisting port trade from neighbouring This statement was prepared the very difficult trading situa-countries will improve but their and Enst provinces. It was also before the Budget Meeting of on with which the country is desire to increase this trade was announced last September that the Legislative Council which faced. But Japanese business shown in the preliminary dis- Soviet aid would play a "Key Rol" in the case

of 141 it took place on March 3 so it men are aware that their coun- cussions which the Singapore

not possible to take was

try's main problem is still by Director of Commerce and In- portant industrben. A further count of

the Financial Seereno means solved. The Govern- dustry recently held in Djakarta

White Paper with senior Indonesian oficials. tory's speech in presenting his ment Economic

INDO-CHINA prog 3 botors, is the rapid stimates of Revenue and Ex-published last July and a fur-

penditure for the year ending ther one issued In November Like Indonesia Indo-China is

ສາ..

However, faced the facts squarely when it another country containing great Way construction, particularly March

conservative was acknowledged that owing natural wealth but suffering across Szechuan Province and knowing what a

its-

point, which, in the past at rate would have been of interest to British inv

made with railt

general direction of the Russian

of

new

the

at 5%

is scarce so I will revert to the subject of Hongkong,

HONGKONG

1955.

and polley is followed by every to the trade gap the Japanese from internal troubles which in In North-West China in the Financial Secretary In this economy could not maintain it-this case have been much to the Turkestan Siberian Railway. To retention of Reeping us

I am sure he has every self on its present basis without fore in world discussions during on United States special procure-the past year. Let us hope that subsidise the the

safe and stendy course, But ment orders, which last year the Geneva Conference will ulan an issue of L05 million

expenditures are mounting. We provided over U.S.3705 millions. bring a solution of the deadlock of

cannot afford to have any more As a result strenuous efforts are which has already lasted some Construction Bonds

Indo-China is a fires of the magnitude of that now being made to keep the eight years. now being raised throughout the at Shek Kip Mei which I be-1954/5 budget under rigid con- vital point in the strategic country under a quota system, lleve cost the Colony nearlymust trenchment is well under way. the United States Government trol and a movement for re- eturtion in Southeast Asia and Much more could be said about million, and Mr Clarke China but reliable information

an the heavy At first demands were such as have thrown in immense be worried about disbursements which the Colony to bring the budget up to the amount of aid, not only in the of warlike materials but has ahend In connection with equivalent of £2,000 millions, form already approved Public Works but latest reports are that it is also in connection with road- This is a suitable moment to and the badly needed enlarge being debated at a level just building, waterways, airfields,

Our our gratification that ment of Kal Tak Airport,

under £1,000 millions.

port facilities and for technical express Sir Alexander Grantham's term Medical

The need for strong action to training. Some of these things De- and Educational

with the nt office as Governor of Hong partments (including particular-cope

inflationary may outlast the present conflict

the situation is shown by statistical but at kong has been extended to July ly the University) bring a figures indicating gradual rises, of the revenue of the country is same time 70% 1985. We were

pleased when recurrent expenditures which

earmarked for war Sir Alexander's term was pre-

as the Financat Secretary hint for instance in bank advances, being viously extended to July 1954 ed last year, may have to be the note issue, cost of living and expenditure to the detriment of and we are now doubly pleased given a limit if we want to price levels, as well as an in- it

economy crease in production figures. The sudden devaluation of the at this further

ther extension be- avold increased taxation.

Moreover the Chief of the World piastre by the French Govern- cause the whole community has Two matters which directly Bank Survey Mission to Japan, ment last May from 1 to 10 the utmost confidence in He affect Hongkong's status as one on leaving Tokyo on December francs, caused much resentment Excellency and knows that he of the important cities in the 19, issued a statement which in official circles of the three will support

the Colony's best world are the Airport and the neatly hammered home the fol- States, but this was perhaps intereste whether commercial, resettlement of squatters or lowing points: that inflation was counter-balanced in the follow- social or political to the fullest fugees. The need for an Air-

of Japan's most serious ing month by the offer of more extent of his great abilities. port suitable for the landing of one

Icss complete autonomy Hongkong has so often been "Comets" and ather large problems and required imma-o

diate solution by resolute action: within the French Union. The the target of attack by certain modern commercial aircraft is that official plans to maintain a export trade naturally beneẞtod Individuals that last November indisputable and we hope that a balanced budget and to correct by the lower rate of exchange We especially welcome the visit final decision will soon be taken Vice -President Richard to proceed with sultable Nixon and we wish to place su scheme as quickly as possible. record here the very friendly We must not forget that HM. attitude which he took in his Government have offered us an speeches and interviews. It is interest free loan of that an increase in the food the fact that wages have not good to know that there are not millions for this purpose. ta a few influential persons in the As regards squatters, the United States who understand Governor's views on the im our problems and realise the portance of this matter aro well Importance of our maintaining | known. No one san qucation our position.

the fact that the Government Last year was a quiet one have done exceedingly well in for the Colony, but It cannot the way they have tackled the

Ginger,

NO. ONE IN MY

·BLAST HAD A BIG

MOUSTACHÉ

**

the overloan situation deserved and rubber and coal exports applause: that there was a great have increased. On the other need for capital investment but hand there has been a serious particularly for an increase in fall in the general purchasing the volume of domestic savings: power of the people owing to

supply was a basic problem and theressed proportionately to the that support for agricultural prices of consumer goods. Yet development merited at least as there is little doubt that*SI much attention 据 industrial political troubles, subsided there modernisation,

Japanese dificulties deserve recovery in this country, perious consideration. Japan, has population of some 88 million

(Contd. on back pare, Col. 1)

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