1955-03-11 — Page 8

THE CHINA MAIL FRIDAY, MARCH 11, 1955.

H.K. BANK CHAIRMAN'S STATEMENT

But

(Continued from Page 1)

Jonse

انه

Their

salesfactory explanations on this 200 Partiquiar petal reaved rcatsiderabile pubit.ly in China as well as in the Weit and we all up, that that po cul vint, joined with the many ether wits to Chatna by krt parties, may have brought forward

little way town

kant. West bride.ng the which is sit

wire

Hiki

Nehru Jag consistently been working towards this aim and,

The Buime · Prime Minister bac arkleri bir support

We now benk hopefully to Chan for

JE move fman tha1 stele.

Non

tho

**

W

of

to

This

move

MYCTUR

at

0:

und local Industries by

and the

such

in case.

+

year.

Near- were

capitai avaliable, both of additions to Jach very great kaportance

Industria- obtaining easier conditions and the present scale of wider opportunities for import-ligation and also of the removal ting the wide range of materials of existing factories which are required for industrial expan- in many cases stunted in crowded

ing The 150 Industrial units and unsullable

in f which large-scale Russian

most hazardous buildings. It

lous con- also a matter for serious help is being received have no

buit aideration deatht progressed ruphily,

whether Hongkong of ants, and 1 c whole provide.

in other As Is done Five Year Plan should be pret underdeveloped countries, more in the proper purspective of the effe

Tepecific Inducements

To trensenarious size of the country, conge the establishment of 447143 145

vast pojmulation factories of a larger and more type to ulice the Offices, which have been Current, newly 600 million people.

up-to-date WITHITTS Slet Bloc can en much more! Place of small units cper:ting m. partly becausɔ she has failed to current international polemies.

SHANGHAI BRANCH

Our

parUralan OWN

Prope admat China are that the me Botiations for the selline

G111

in bring

TILIT

k

for maly dow should be satisfactorily. cluded!

tremely block

rt

Progress Bus benu på Blow One stumbling:

of BS. That

102

11:

ther

sincer

to

Nation"

Senate on

message

to the

sprend

measure

At the same time

hnd

ather. For oro

by Great reed government until a federal

General

have to be

that H.M.

A very in

out any time limit.

the significance of this nuriber (shenikl not go even further and Alexander Grantham is still with likely to be reached in the period.... to their needs. He then gave tive Council take place next July

If Russia

ກາ

the

they are direction

now doing In

Jonna of

Than

sentent assistance to

N

1

te

taer bi

Chiant So

read becuing en to other moal to follow: That is why many of us think It would be wise polley for the democradle

countries to get atted Nalleng

held by me op Chisier averimni, which

115. the

Governmen froze je vetikety 1950 which i is totally cut of 1 release. manded by the Chine *Th matter resis in the hands of the Kinverathere! at alt representatums we have an idle. even with the help of ouT 4 WE Goverharen), have so far berg Nations, attel unavailing Nevertheles We opening for that peaceful cu

an alternative route

would it be for China. wiser upon whom the onus wels, care to terms with the United 30 1 puvide an

rape that before long we shail, existunete

dured

she claims to dere

Gumaca,

We sent a representative with j intious oreusion. the British Trade Missin which

visited Peking jast November

under the

up

of

the

negolitions

HONGKONG

even

1963.

If 10

to

in

tho

From

the

vas

นา

on

ro-

recent over-

41

for

OT

A

A

10

the past year 'berauze, fortunate-conditions governing such entry remains and how many difficuh Federation Government to en-

trading upsel and

ald

concerns

the

millions

RETAIL TRADE CONTROLLED

wel-

Much legislation has been

the hands

its urssions

and have

ouv

of

been

sume

Bre

in many other

be men- Malayn which could Lioned if there were more space.

In particular Singapore's magni- Beent harbour

berthing

pern E.

has not,

with its

and

facilities

easy ducks in recent years, re

celved its due meed of praise.

10 to

the

FUL

now

Frem that all

which Woul chically | Economic official reports Hongkong, as was confirmed by Fund

Counsal

to the Board this #gure, appears to have been had not, and le not going to re-(prejudicial from China were nonsense.

Yet

responsibilities for | "this", sjensors recent be over

veto poweTS report

HK$400 millions nevertheless considers that the once more revised upwards to inquish ile without

anti giving chaptor nduption as palat 5 in the prin-

Inter - departmental Committes, that is to say more than the present, polley will, withh Avn Rps. 3,600 millions or over the protection of the people in held by the High Commissioner Inst

VOTIE, but basing opinion on which

recemmended the current year's total expendituro. years, bring about full employ-was not therefore surprising that country until the present, and ciples which were agreeri

the Governor, which of evidence collected from mang reclamation year between China and India, 291

of land suitable Under the circumstances it was ment, Amalgamations ant! other that na long ago as fast June the threat of Communist force is recourse dimit the authority of

not proposed to increase direct | steps to

on to a

he tho as a guide to relations between sources, I think we are justined

Governor of the Banic Indonesia moved.

Logislaturas and will, im- ral in deciding that very remark for new sites for factorien

steps to put industry taxation or duties. It was pro-more villefont basla have these countries. In its

progress towards self- literalable developments in agriculture Kun Tong on the eastern chores

in-should have shown some alarm added that the policy of self- pede posed, however, to look into the creased notably and there

situation,

not been government his recor- of Kowloon Bay. Engilsh

peg:eful

are at the Budgetary and Industry have taken place

un Malaya been up- possibility of increasing various clear indications of a return to THE PHILAPTINES

solution is evolved. olher hoving existence is a geos parute which

since the People's

mendation Government

has forms of licence fees such as for the pre-war pattern of Zaibatsu The Philippine Islands have but was entirely in accord with Joint Co-ordination Conmilice expresses the desires of muny

came into power: there may proved, preliminary work

und of stamp combines although at present on had a prosperous year but the her record elsewhere. The Athas had this mutter under con- of prople w live

have been some slackening of already started on the area, but motor vehicles

a much smaller scale.

reminded the sideration for some is awaited, as regards duly on alghments.

time but a' decision is of wor peace free from fear

progress

Government has not had an easy torney or evon some de-

The expenditure on education, The long drawn out negotia- time

to internal political Counell that self-government no Information or to its pro- the price and method of dis- But we are

Zule tilting

terioration in agricultural

public health and public works tong regarding Japan's Il is to be

time owing

President full antagonisms.

Mag-wondld not produce any mimcul- ground wiren

aress, has been made public. we come bask put in 1994, but the industrial posal of the sites.

to embarship of G.A.T.T. cem saymy's reputation for probity, problems would still remain and is estimated non-recurrent the

ous changes the hard facts and

FEDERAL AND COLONIAI. whither this plase "peaceful ¦ progress during the year

prosedure

110 in cost

thum hasparing sift

HK$103kely and developing

renowed when sincerity and hard work

DUILDING SOCIETY ro-existence" means the same to continued at a rapid pace in

millions in the forthcoming year. adopted

car; procent tard cominonuser

ustr services

Bir The

John Governor. discussions now been enhanced and he deserves hard work would all prespala. It is doubtint whe-spite of the United Nations

While the Colony wants a}1 Colonial by the

rous faced and accomplished. We are Nicoll.

the for his vigorous

recently urged thase things including the larger Proceeding at Geneva haye bren much credit Mr Clement Alilee, cimbargo on shipments to China in Singapore

concluded. The need for site- Corporation

at opinion

expansion of Industrial develop- and his colleagues get clear and of many categories of capital Development

mere Reservoirs guards is underlined by the 61% REDU

efforts to push through a pro- firmly

and

the attracilon vl goods. It

is clear that the be copied in Hongkong ro ne to port and

exports in Brame of rural development, Government has taken the right ment coused provide Kirong Inducentenint the people of the Colony must orase in Japan's

country line in ogurt to these constitu- capital

A com- Investment. not forget that

make tho they will have 1954 to the sterling 124. stenins on the country

country tional changes and thers seems infolent industrialista are getting industr

Their to pay for them

with Hongkong's in- bv The embargo

out of their y 80% of those exports

and to reduce un

dustrial progress has been made and Rre

more serious, but exiting fackaries o to start yo

Administrative no reason to fear any imtoward Parison employment.

speelal Inducements Stelet regimentation and careful

Kun Tong own pockets. oney on the

interesting to sue that exile goods though such ship-difficulties have however slowed consequences. Adequate powers and It WOR The future both

ments to the United Kingdom economy in materials

reclamation aren. is en-

The Governor

down, many of the best inten- the Hech been re-encourage secondary industries

served to the High Commissioner have been suggested. of Hengleng may well depend Financial Secretary

This in abling the country to overcome

dealt with on appear to have been lower tone of the Government,

and to the than in the provious

in the Federation A gevat mamy dufculties. Never- on the encouragement al

In the President's "State of Governor m

no doubt subject which is Ure importance of encouraging i

m the Colony. More- The Anglo-Japanese Sterling theless China

must surely at-present me, when

the

receiving the attention of the there is

wide- methods us the provision of land: Payments Agreement is dur to joint section of the House and ye

Government departments con- veling

responcerned. expire at the end of this month en reasonable prices

Our Singapore Branch 24, January

after sible ckrotes In Malaya

that has been playing its part in the and where a delinite contribution to certain disuses, an extension and Inbour legislation he re

in principle, but subje to

dealing with rural developme the strong link which binds

factory encouragement of new the well-being would be made.

of the Colony rur three months is reported to terred to excouraging results in the territory with HM. Govern-developments. As a step in lino

in ment have been agreed.

and the Commonwealth with this policy our Manoger. It appears I cannot complete my remarks |

manufacturing and processing must be firmly maintained with- Mr J. A. D. Morrison, has re- that the figure of £200 millions «bout Hongkong without saying

but confessoch that industriai for the trade each way is not developments did not Str how pleased we are that

The cleations to the Legisla-cently provided finance for and become Chairman of the Federal and

and Colonial Building us and will be remaining until of the Agreement.

a word of welcome to foreign and will give great responsibili- INDONESIA towards the end of the year.

Society, an organisation capital. He said that to eres to the leaders of the political

the Indonesia has not been much

Bored by

Colonial Do conange and facilitate its entry parties. Considering how serious JAPAN

nent Corporation and by the in the limelight of the world m

into the Philippines the essential the so-called "emergency" still Jupon has not yet fully

courage the building of houses established her position in

the ty for ber,

not beenUTR she has

financial, problems u regard should be specified, pleat arena in the East,

which are so much needed in reriously affected by any of the

Perhaps one of the most im- ecunomic, social and administra

territories. There these about reparz -

portant events of the your was live affairs still face the Gov- roach agreciment efficiently a

developments nad Hier Government has maintain: hand-lo-mouth

of negotiations ernment, the elected party will the conclusion andl tions with the

Philippines Ample unskilled labour

Ks bunts.

position notwithstanding

the revision of the Bell have a heavy burden to carry. for partly because near crisis in Indonesia and rse available in Hong-

December and in is, of

FINANCIAL OUTLOOK Ratification has not Trade Act. undefined relations with

of Communist

The finances of the Federation kong and some of this must be of her

support Chir

apile

com- Russia South Korea

yet taken place so detailed and trainable for skilled work. This

Mosiem antagonises

ment would be premature, but were dealt with very clearly by However, the

Mr Secretary. You H Theparations which which Japan gives special point to the re-

and groupe within the country.

the Philippines appear to have the Financial

Himawonth, in his Budget speech few weeks Agrement,

Bit the internul eccnony is far from a ly મ

gained considerable concessiona lambro. Burma signed to November may healthy and a few weeks ago a

to the Legislative Council on marks, made

by Mr Elward

well be the precursor to

to further

from the United States. In 1 November 17 which, in spite of The tonnage of vessels berthed when In

[amous economic journal and

and docked and of curgo deall le ori refugee developmenta

and tome strolght talking in regard carstime he free unde period the spate of ligures, was well from Rusein en

of the Act has been extended worth reading for the pertinent with, And

been Increasing struation 111 the Colony. Beschla

the barriers obstructing Indicate

for IB 18 desire

months to January commentis,

not

on only the rapidly in the post-war yours stated that there were 867.900

foreign trade and restricting the trade if not en

1950.

and the Budget, but also on taxation, un

Improvements that he

Mong on

outstanding questi:15

operation of foreign

In the financial sphere few the basic conditions necessary for under way will make the pert refuges thought that these would have Trade between Japan and China resident in that country.

changes significant

took place the encouragement of investors. in inany

the respects

best to be settled and integrated in- did indeed increase a glad

deal

It would not help matters to the

in

extensive equipped in the East. 1 Hongkong.

in 1854 but from the very low rente

lyreiterate the complaints regard-e year but the International and on the need for

Reserves

which moderately capital investment with

A number of development dropped TRADE OF HONGKONG

which regulations

make

milions Whether formul

U.S.$290

to to

the expand

other levels of 1933,

production of projects ared

plune are drom be able to come to a settlement ja muna. We had hoped that the

Hakon's trade in 1954 feli negotiations

and normD)

millione while the agricultural products, to set up with Russia

being held in suspense awaiting impossible, U.S.$273 with the Chinese about all out- Soet.

and | tukse

Industries which

and place

established pro-General Fund noi

at November 30 new or

report of the International Nations, when he was off about 11% in value withough Ching

not wan standing matters, inelticing the United

would cargo tornage changed little as

depends

Bank

visited the

discri- last of recture

Mission which which pollry repatriation of our Manager at in Peking in January,

Meantime the ques- have been able to clear the way was satisfactory to observe that the elections which have

with compared

Put shortly, the accounts of Malaya early in 1954. I under- Bat the Goverment emerging

from

minute against non-Indonesians showed a surplus of Ps.10.7 strengthen the national economy, Shanghai

д compared with a fuctors naturally JustSuch

give defelt of Ps48.7 millions in the the Federation of Malaya show stand the delay is due to the tion of future reprezentation in | for diplomat

a solution of runy ? there

it slowly WOM

an exproted deficit of M.3173.6 sickness of one of the members rising been held. The Government in rise to a feeling of frustration same period of 1953. The re- China has been raised with us | leading to a

and make it useless to expect the appointment power will have to lake account

of Mr Miguel millions in 1954 which will be

of the Mission. we have expressed our of these problems, but fempers tendency in the ngures recorded

by the Reserve

RUBBER AND TIN Governor of the covered the investment of foreign capital Cuaderno ns about the month by month Throughout the of the West as well as of willingness in come to some ar- | huse

Balance which was M.$355.5

There is no need to comment rangement after our closure I Formosan question, so we shalt year,

Average East and trade, white very which is badly needed in order Central Bank for a further term mil

millions on January 1, 1954 in detall on the subject of rub to fur Shanghal has been effected,

more pra monthly figures remained lower important for Japan, is only one

of six years was much to good account inve to wal for u

After deducting this deficit for than we would like them to be. of many matters to be taken potential wealth of the evantry.

ber and tin ns reports on these comed by all bankers.

1954 and adding grants-in-ald Trade with East Asian countries into

commodities are published in consideration. Hongkong. The Indonesian Government

H.M from

Government, the

profusion by those closely con- dropped in ulmoet

Like Japan, considers trade with Issued a statement a Cuses

year

year ago

M.$30 millions loan from Singo- nected with the two industries. of the Sino- ! nuspilven

nitish now except (*jylakit we

S. Korea and in

Chinu of great importance but with view to encouragin d

in Balance comes to about M.$200

pore and other items, the Reserve The natural rubber industry in British Trade Committee. In turn u Rongkong which does case of China the reduction was

both Hongkong and Tokyo are foreign investments but almost

Malayan so important to the under that he might investigate, og affempt to coneca: the fact, RKS315 millions (£20 millions) probably agreed that there are

ot ones afterw

afterwards a

of Congress during u levy of 40%

millions. Against this there is an

that the improved polent Lens

neither Simppern in Caina,

HK$1,37

why the possibilities of future

in the past year

ut defcit for dure trade, that what

1956 on overseas remittances was imm-

estimated

economy We hoped that at the same time

bills prospers,

how her 1953 to HK$1,082

in re-

statistical outlook and the rackd how le

I should be short-sighted millions

many important posed. We agree with the Gover.

about M.$148 millions, but the trade fares, whence it comes 1934.

gurd to this matter, he might get an opportunity to

adopted There were loent reams

but Financial Indonesia when

warned rise in price from under 1/5d a Secretary nor of the Bink Meantime it is

45 to be Bateri

ib. in January 1954 to nearly and whither

so-called 11

that clear up some of our diffieulues.

all are for the drop in trade with some

expenditure Councillors expressad the hope, a "nationalisation bills introduced was rising mere rapidly amx

end

the year than 2/4d at the His journey was worth while matters of great

that discussions are proceedlig to countries, suett an indonesia and

for the year 1953/54, that report between Japan and the United the promised elaboration of that only

naturally brought one passed Into law.

considerable for many reasons, and especially the Colony,

This is natural and Thailand, and u reversal of this

This revenue and that one day the p beenuse he was able to see MIT Inevitable. In the politicni feld situation may well appeur before

tore States as to the way in which statement "would be formulated was the very controversial Act would have to be closed by the optism and benefit to Malave

the Although Manager in Shanghal and dis-Hongkong is dependent exter- another year passes,

average without to Regulate the Retall Trade efforts of the country some U.S.$85 millions worth of Shipping

in Euch a way that

the full years 1053 farm surplus products are to be ar

that at least as

for which aimed at restricting such outside aid. cuss his problems on the spot.

Government to sinfistics nally an I. M.

show a

He emphasised that drop in the

official conditions

business to Philippine nationals.lang that the

und number

made available to the Japanese com peace

entrances

Indonesia CHINA'S TRADE

Government.

no country could be financially 1954 showed litle change, ex- has also concerned,

กรก Japan

After many protests, particularly stronger than its basic industries, 87,000 tons in 1954 security of the Colony is upheld clearances but

ports from Malaya increased by this is counter-

taken over responsibility

compared in attractive felt of by Chinese traders, at length an which, in Malaya meant rubber with 1853. frow by

Investment all the nicans at its disposal balanced by slightly improved the United States authorities for will

foreign **** | amending law has been sub- | ** and Hongkong's n

mission from

tramquentities of cargo carried.

and tin, for the prosperity vestors." the defence of Hokkaido where | Xesto

He added the hope mitted to the House. In the which everything possible should a fairly general feeling that tho the scope of the Manila Treaty

on Busisess

the Hongkong

that there would also be some big development projects a

explanatory Note attached to this does not

therefore Cause us Stock HAY

Exchange was exceedingly

the amending bill it was stated that be done, even at the expense of

has been overdone for reasons are now being rapidly pushed positive improvement In any

perturbation. Internally buoyant and reached its peak in forward.

climate investiment

in In the original Act had seen found other desirable projecta Hongkong is dependent on the December, Moreover land prices.

not entirely connected with the donezia.* Another remaric of to have had a far-reaching effect There was a significant sen- In terms of the volume of trade

ECONOMIC SITUATION

Let us hope market position. poller and defence services to in the central districts reached

is was:

tence in the Speech of the High uch visits may not

national economy by conclu ed

set-back will that the recent Internally, 1954 wil the help of all recard Agures and remain high remarkable

witnessed a

and when many of causing "Only as

the withdrawal of <ffect

Commissioner of the Federation, a meat deal considering

letiful citizens, to malutoin law.

transformation in * stems probable

the total trude

United

to speculators. toin law, Leverywhere. of The

obstructionist factors which foreign capital and by heighten- Sir Donald MacGillivray. when be no more than a healthy jolt order and stability, We are that a

the economic situation from one I shall not go into here because Ing the problem of unemploy-he opered the Budget Meeting of for partial explanation Kingum bul

The ps

The fot of inflationary

Mudle Report on the dangers at the they may be assumed Thunkful to say that in this res-

Counell to be ment. It added that by "nation-the Legislative what might be called a boom in beginning of the ct Elbil Ler

that expansion than ixel all has gene

year to well with these activities was an inflow of

an | well-known-will have been alisation" they were not only November 17 last. He said that Malayan Rubber Industry which iner-hunts

September and manufacturers Hongkong in the past year.

published in brought back to economy

computa-was from neighbouring reasonably sound busly at

capital a very approximate capital

swept away, is it to be expected driving away

a mixed reception. look and from which they hope In the commercial Acid Hong-countries, to which we may

to that the Government's efforts to which intended enter but tion of the east to the British met with

Government and producers are for real benefit in the future. Long has of course since

end of 1084 by a successful de- the increased confidence in the flationary policy. A few figures

attract foreign investments will were also dislodging capital Treasury of the Forces engaged The potentiaillies ure us great as

War

and particularly in the last stability of Hongkong.

already established and contri-in duties echnected with the now trying to work out a com- they have been for over a hun- few years, done

will help to illustrate the change be crowned with

promise, in regard to differences buting to the progress of the

in Malaya lot to adapt

Emergency

was We had the pleasure, some that has taken place. Japan's

parts of del year. As in the past œn- hu, tade to the new conditions.

RESTRICTIONS ON TRADE nation.

M.$550 millions per annum, that on the controversial two months ago, of welcoming foreign trade returns show that

The synthetic in- tury, So now they would

In this there has been help from to

How widely the above views is more than the total annual the Report. The Hongkong a

Official trade retures representative whereas there was an adverse cetuality be greater if political external capital which, especial-gathering of

for the

remains are held in the Philippine Com Income of the Federation. Few kłustry

an uncertain members of

1964 the balance of U.S.$1,135 millions in full year dimeulties and

not Bre and Ideologion!

and yet gress is not known, but they Malayans realise this feet.

dangerous potentially since 1949, hos found its way suspicions ecul: be swept out of to the Colony Rom surrounding and the Far East which

Economic Comunission for Asta 1953, It waa down to U.S.$770 available but it is reported that

Indicate that there is a growing

factor over-hanging the natural the way.

met millions in 1954. Imports were the unorthodox system under

realisation that ultra rationalistic

rubber industry. areas and has aided to and here to discuss

about the same in the two years which import licence continue measures, if applied to business certain trade

#Tin are aware that China's

prices unproved upen

Fices per ton in 1954 We referred above to the Re- many trade with the Soviet Bloc now existing Industrial activiles.

ne problems. The Conference, I but exports were 27.8% higher to be insued did

at any rota

concerns operated by foreign in the past year. The blance of Umit

which imports, four-fifths probably covers

of 29 estimated that in 1947 about am glad

were private enterprise, may likewise part of the Rendel Commission fluctuated between ev

trade. Whoy

outsirongly in

but the average for highest, the 10

of payments indicated a surplus of therefore expected to be some deter now capital and even contre which recommended a big step lowest point--and £786 - the

self-govern- blackade is removed the switch Hongkong's annual experts, re-trade as being a desirable target, dar year 1954 as compared with increased Rps.

HK$120 millions of multilateralism in international about U.S.$100 millions in Rps. 800 millions less than in long catablished undertakings to Dorward towards

favour of Japan over the calen- 1983. On the other hand Exports withdraw from the country,

ment, a step regarded by some the year was £708 compared with £731 in 1953. The Inter- to other countries is presented goods

as dangerous and by its national 70 millions in nufactured

MALAYA

bas Tin Agreement Much depends It the all companies Important likely that China's trade

had a Constitutional not far enough, was that the region et vered by an adverse balance of U.S.$104 value.

the loaders

smooth will manufactured

passage since of opinion in not hat goods, including the

1953, There were returns X | millions in

urns are omitted (as they chance came under considera un go back fully

organisation to the pre- rome

whether the it was signed in June 1954 and items

Singapore surpluseɔ of £44 millions and are on a special basis), there tion during the past year both electorate accept their new res- recorded whit

half of the U.S.$68 containe

ratification by the necessary war channels. No doubt Japan reparately, are believed to have work

millions respectively could be a small favourable in the Federation of Malaya and also with world's population will get a fute share, so the slice amounted to

of countriCH thes one-thirs of

the Sterling and Open balance of trade in 1854,

polis number first ponsibilities in going to in Singapore. There was 1ft for Europe and

imrunense America

export trade. In 1054 328 new

Account areas and a deflelt; of The restrictive system applied the Report of the Committed and clccling as members c. the awalled before the agreement

bo.pus

into effect. I who may not be large. Much of factories, were registered bring-ures, only for U.S.502 millions with the other to imports has resulted in a appointed to examine the Legiative Council, persons ceures depends on the extent to ing the

dulles for proves abortive the industry Di reduction in the question total of registered world which China is able to proceed factories up to nearly 2,500 and siders how backward in deve Procurements by

elections to the will discharge their world's trade, When one con- tion the falling will of Special Comidiarabie

Federal Legislative Council the real

of all sections will no doubt be able to adjust,

ecutions with her development plans and the total labour employed

the United ava adoly of consumer goods and

shortly In this connecticu what wil surh factories up to over 115,000. In this region are, this small of a ell

200. In mention of the States authorities destroyed hopes Filco Production has been Report of the Rendel Constitu- crease in the number of elected will undoubtedly super, Alay an

Exports were 70,333 tons tional Commission in Singapore, members who will stives 1954 as compared with count is the

which Nearly two-thirds of Hongkong percentage figure is not alto balance lost year, Japan's for during the past year have gained a surprisingly large number them highar way

stendly Improving and imports

€1,734 Council Elvestons in The Federation Report Includ-new Legislative China's export trade develops manufactured exports are cotton pether surprising. But it only eign and whether greater quantities goods the majority of which underlines the remarks recorded/sign curcicy balances were, also

responsibilities greater tons in 1053, been reduced! higher

retums considerably. the end of 1954 at

The Malayan trade 05- of minerals and agricultural pro- {were sent to Indonesla last year. In the beginning of this state-approximately US$1060 Exporte of both rubber usa un of unanimous recommendations: /thom those put upon similm ducts will be avaliable for ship-The

the year 1954 show - i semblies

in other territories. for United Kingdom

took nent about the need for inter- Furthumore the Note Ensue at mo Indonesia Increased

main distgreement

reduction of about mest overseas. Only thus wifi it

which moderate HK$70 (cr

Singapore of national efforts to remedy this the end of the year £44) millions

the question of the compositions .broke compared with 1959, In the de

of the new Legislative

ive Council has be possible to obtain suḥtsient | Hongkong's products of which state of affairs.

pride developed

3% in importa to M.$3,140- twenty year

record by falling case of rubber the increase was in due course General

status millions and a rise of 0% in foreign exchange for use in the about a half were cotton goods.

Templer FINANCES OF HONGKONG

figure at the end fortuitous rise in price in the

as pirtich as 24,000 tons and the r

values

M$3,109 below the

and recommended

Indeed, in the export purchase of the capital goods This is a drop in the

Before passing on tecan

from the wa

rom world. year instead of

elected mem-

These Instead of latter required for

constitutional millions Industrialisation when compared with the total subject of Hongkong I must previous Tho

SIR JOHN NICOLL will give it on even purposes.

laing annual iniports of the United | refer to the financial position of

tion for some of the dræcreased valur Ders out of a total of 98, cx- charges sures bevo also been successful | 197 #21

Before I pages on to other aluding the Spanker

was greier position of importance. This we INTERNAL

Kingdom which DEVELOPMENT

ara in the the Colony which

bringlag down

down wholesale of exports and also helped to

by tho approved

the countries, I must refer to depend Secrotery of Its future will region of £3,500 millions.

ions, with so Jucidly and comprehen- price: this in turn is causing a maintain the ratio of gold and State and the Bill, which put its elected representatives. We retirement of the Governor of elretimstances to give share | Win

Insively by the Financial Secre-

reurrency holdings to the the new proposals into effect, all that the leader

Singapore, Sir John Nicoll, leaders of the which is to take place

this holders a reliable analysis of the pret about alleged small week. It was very satisfactory xpectat

all

much as 10% note usua

was pursed on August 18. The

commercial

community as Spring what agricultural and industrial

the Bank Bill covered not caly the Legista of

will stand together

Sir John's departure prcizrers has been made him shipments of Hongkong ronds to hear that a surphs of HR by March 31, the end of the

and

Council but also exection

that no rash experi- will be much regretted by the Throughout the past year. If one

Eught to be looked at in millions was expected for the decal year. It is thought that if Indonesia show that gold

current year and that the figure this reduction is accomplished convertible foreign exchange procedures and many other insats will

will be attempted, but commercial community in that When one that safe, sound and orthodox whole-heartedly for the good of Colony where he has worked ' sto confire attention to the the proper perspective. Attacks right prove to be even lugher, it will go a long way to putting figures rose steadily in the latter matters of detail,

made by cffells in on Hongkong from other sources This did much to temper the mising of Japan's export quota- part of the year from about bare in mind the comslimbed policies will be adopted..

all classes and races. It is re 1835 million in June to in-Ros with

to structure of the Foderation .of The new Legislative Councils grettable that he should not wee all would seem to boments of the AS HELLES= | dimppointment · that tho - Fertionat Fiil of the of January 1965 while the note, '57ales and two - solilèvianfe end poiO WILL TEve many on the many local project, CƠIKA well are

embargo on trade math

Tips, 2,127 millions in the middle Malaya, on urrado mates for the financial year. My

with ning separate li The Federation and in sing the constitutional changes and ing. If..one were only to read WOD

And the progres astonish-am China . have, I am glad for the Colony of HKSSA mil. Įpan your's vicilationary policy issue IncroPPU millions. fuble feed to bring about: agros-41910 (omptale differences existisia Beritical staves Hour vet. Mr R

down. Hongkongg: 31.

inthosate a community of a particularly (plicated problems to face. One menced under his infiderice and emanating from the mainland of course, uttering serieatly long! Revenue was expected to has bem a considerable incremas period from Stos, 5,790 varlod nature, it was a remark of the most important concerns guidance, stored through their one would note certain frank from the continuation of the amount to HK$413.7 millions in unemployment which criticisms

indicating that there embargo and it is Indent only and expenditure to EK944677 cly to get worse, no one of Finance announced the notional arrangement within the Colony Never in the

April last year the Ministon mucha a uniqué con-between the Federation, and B. Black, whose were serious dimculties, that aggravating to know that millione. planned targets were not always pliers are benentting from the However, Mr Clarke was able pulley, 11 number of industrini, his dewrt budget whowed a deflet a period of inbour in you. We two, feristar bara being reached and that in some relaxation of.

Another Tracle

Meston

be going to Peking this month, and still move vilts, whether by Individual

parties, will

the

You

of trade

Lay organised prestalily flow.

of the

12

to

*L

and

say,

came favour

out in

bound to be slow and it is hardly in the Colony. In 1954 iccallyne interesting facl it publicised

even

no!

the

in

E.C.A.F.E.

raw

12%

and

material

of the

was dealt

a

the

currency areas. In this connec..

millions.

ho

and

119

It is not possible under exia Questions in Parlament or tary. Mr. A. "G, Clarke, Inst om in export prices which is forelan

Atère

the controlled Chinese press

la regard

too

diza

to alleged

tioma more con `a loyal'

to 1955/56 showed a record teneit One· Uhdrtunato

an

for

success."

pre

on the

the main

foreign

RENDEL COMMISSION

REPORT

as to

of

prices

and

Thero is, however,

rise in price since last August

afterwards the of the theft, the large in-tself, although some

a

on

- 1

city

Part of 1964 accounted king for 12 mpromiso in the East ortent

The returns

resitletione von to point out that the Colony, bad concerne Havo hack to close down of /ftps. 11,200 imlilionar-la Sepu věty glad to me that in moving capes they hɛa boon, reduced, trado with the Boylot bloc.. the satisfactory reserves in the for the mimo rimson but thenuj, tember, he flated that the tafel stie third reading of the But the Government ne kon If one were, to rely upon anti- „Thore✨ is stil scopa for Corferán gae Remarvading Balance her hair riot beers na hladinska was thors to meettivated

· Commmunfat publications it would { greater indtuntridliantlar (og in | and

The Mari2,600 mililton 95224

much on

ta'

to

L020-the

this

mantle and we wits him APSE lin' the important post which, 'Two [will aborti

ding up.