1956-03-16 — Page 8

THE CHINA MAIL, FRIDAY, MARCH 16, 1956.

REVIEW OF DEVELOPMENT IN HONGKONG

pre-

Can

reduction of the Chinese ep including the United States | emburgo list to make it similar

+1

and the United Kingdom, and seems likely that there will be no dificulties in the establish- which should be

of considerable benefit to under-developed are

Position In China

Shareholders of the Bank whe China in the days prior stablishment of The into of

Ur

to the Russian al,

Score

found without undue delay.

Lantao Development

The recent remarks of

A visitor arriving here an absence of some years

to

that

The

to

in

only

affect trading

tho between

two

after $32

and Bath

ade-

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the Colony and for thig reason the size of the

for the airport. millions

these itemA

which

with which Hongkong is faced.xpenditure of $30 millions for settlement of territorial ques-customs duties will be applied

the Tal Lam Chung scheme and tions.

Gre

No

the

.

י

Malaya's Exports

This would seem lo be the seeing all the extensive building works of a capilak naturelle | spoedy solution of the outstand- | Increasing scale, but whereng swhich of trade from the trane 816,000 tons the year before.

of

ev[ tevu ae People's

ille of China must surely eir meult to adapt their to the real menning offietat Chinese polley on Industrial rural, dily 4 sociological matters in that

Ther country.

sent

r glarii sc* ܘ

future

V

R

ovalved

*

many

th

being eval Nor do

agrullural redicting

events

thell

to the

lives

↓

This ne

liey is, of course, #10)

Embargo Warning

lost

to

betly importance of maintaining wi-

win the current Five Year plament that they see no object in

and

with industrialisation

any further visits until there is a considerable relaxation of the embargo.

The whole pletta e reveala - markable sperd of development. There is special concentration on heavy Industries with extensive Ruselan hele Ruffway and rand

ommeations

astonishing easter for individual

to visit China to discuss allowances are

•

ה 101 10

are

This may be so as far large portles are concerned but I em sure that a great deal of good

merchants Das

а

Income,

4

was

Indonesia

her $1017

The Philippine Government considering the new Constitution drawn up after considera-

on

the

Cambodia

while. The port nea

ncain's recent decision to ratify

worth

is, however,

Malaya

Singapore is our largest office in the East after Hongkong and in the Federation of Malaya we offices have a greater number of than

In any other territory. The recent constitutional

arc

ore has

been increasing in recent years

for and the total

Was 1955 1,466,184

Дв tons

compared with 1212,780 tons in 1954.

The Malayan trade figures show a favourable balance of militons with imports M.$335 develop therefore of great at M.$3,821 millions and exports

Bank

und

at M.$4,150 millions.

to the

Of interest

although it is alwa

always dimcult to assess the importance of con

events, until the temporary passing of thine enables a more

Budgets

The budgets of both territorium

be formed | foreign exchange receipis, which | been in office since August un prices encouraging to learn/detached view to be taken, it showed few changes in taxation,

Colony's Trade

has been

Thailand

being woukt result it were made)# is enemiraging that the riseercial banks' borrowings from the 1004/5 published last year?siderable improvement in both rapid transfer to these ministers | rubber the Federation expected"

for

show (Continued from Page 1)

discuss it ob-to which we are subjected, con- | been easy to

has so far ravages of war and the building lems will be the relationship Colony's fli cicax that his government,

materials-which of the Labtral- Jedlively and there are still no tinues to rise-as, it must do finances are in a very healthy composed

counter-up been slightly

of a

viable economy between the two territorios, ES measura of agreement on national Finance Corporation",

A surplus of over $10 Democratie party intend to balanced by restrictions on the deprived as the state is of the a to which I referred last year, to of any narrowing of the with a growing population and state.

industries and rich coal fields of many mattern of policy will bu gap between the two points of increasing industrial develop millions was expected for the revise the Constitution, reform import of less essential goods. in process of formation.

ment and 1; vlow.

The rovision of the Bell Trade (the north. In these circumstances to their mutual benent. obvious current year which was brought the axiministration and revise the

Economically, both have had The organisation will have

Although we have done, our that somo alto for another about by both higher retenus system of taxation. This pro- Act. was approved by both the progress must inevitably be slow power

to invest in productive best to carry out not only the reservoir will require to ho

a good year due to the rise in and tower expenditure than was ramme is generally regarded Philippine and United States but a great deal has already been Frivale enterprises without the letter but the #pirit of this

stimated

да designed to enable Japan to. Congresses. This comprehensive achieved with the help of sub- the prices of rubber and tin. necessity of government embargo we make no secret of

and Profis tax rebuild her armed forces. treaty will materially and in stands ald from the United The price of rubber was fairly.. Salarico which guarantee,

States of America and the gov steddy during the first half of the fact that, like almost all Bri-

Shigemitru, the Foreign creasingly Mr foll but this wàs more showed

has considerably the year but there was a con- ernment of all International requisite

and bankers tish merchanta

than made up by rises under Minister, at the same time gave lations

strongthened its internal positionsiderable rien during August Bank Joana. The total capital Interested "In

If the China trade,

the other hendings, a large part of a review of foreign polley but countries.

by successful military sciion. U.S.$100 millions,

and. September and the average unable. proposed is

on which was we will welcome the day It la Goverhor on investigations

due to tho activo wha

much pro report

At a pleblecite in October Mr for the year increased

over but the

Corporation cannot be abolished but as total abolition Lamino Island show that the Gov-conditions In the property margrest In the Japanese Soviet

by, Customs Duties Dinh Diem was elected on shilling per pound. brought into existence until of

For negotiations taking place be quickly brought |ernment has this matter not

verket ond building trader

Head of State, In place of least thirty countries, with sub- about, linked as It is with much in mind, mintioned the Anancial year 1956/57 a London which had foundered on

this Emperor Bao Dal, and he has From the beginning of neriptions amounting to U.S.$75

numerous other problems, above the squatter resettlement dericit of $431%

we

millions, is the two issues of repatriation of

and the year free trado has ended and been recognised as such by the millions, have given their for

are contenting ourselves for the scheme but this is only part of estimated but

incluck Japanese prisoners this

French and other governments. mal acceptance. Several coun-

time being with advocating the

Exports from Malaya Wero the immense housing problem

The loosening of the ties with this

994,000 tons already taken

compared with tries have

by each country on Imports

France has resulted in a gradual a gradually He promised to strive for a from the other on

and

and The challenge by the aynthetic economic Ing reparations agreements and the Philippine duty on

United area logical solution as it is idle to

it is encouraging that has taken place might

sion of our trade with all coun- of the stondand fate, the US was allowed to lapse at the end present and suppose that China is not able tempted to think that the hous-ar casential to the future of promote positive expan- States goods starts at 25 per cent nancial agreement with France industry, however, is always to obtain

tries." being goods shipped from ing problem was

The Socialists on the duty or Philippine goods will of 1955. Elections have recently that a scheme to foster replant defelt should other hand are apposed to re-initially be only at 3 per cent.

been held ts n Constituent ing, both for estates and small- the West to Russia.

was anelly put into this Instances quately taken care of but 1845 | not give emuso for alarma.

Assembly for the purpose of building the armed forces and to

This scheine has have in fact occurred where

is unfortunately only partly true. At the conclusion of his the

with government's policy

Joint been China has exported to long-

Many of the poorer members

address Mr Clarke took stock of kong goods which are not per-

the

community are very badly

has been given power to change but the problem of the the Colony's financial position regard to China.

without elections with the north, which tion of the recommendations of be sent

On the whole Japan hoa re-the value of the Peso mitted to

Into China housed and supply them with

ten years after the re-establish- i recently, made much progress reference to the United States were part of the Geneva agree- the Mudle Report and the Rub- under the embargo.

better living accommodation at

atment of civil government. This but the rising population makes Government, and has also unerment of the whole country, in the nature of a compromise ment to decide the future "gov bor Producers Counelt and is We had hoped that at the re- a reasonable cost is a most ur-

showed that, in spite of the

the a continuing expansion of the dertaken to abolish

extremains, In view of heavy programme of rehabilita-

almed at

assisting replanting cent talks in Washington some

11 export trade essential which is change tax

on remittances but

where it is most needed, of this problem agreement of this the form of

Importance

likely in the long run to influence this tax has been replaced by nature would have been reach-

h appointment last month by on, the cost of housing the and large number of refugees

The price of tin rose slowly Governor,

political decisions.

a special import tax which will general post-war development,

during ed but it appears that all that His Excellency The

the major part of the be gradually reduced.

Our office in was decided was that a review of a commitier with wide terms Hongicong has built up a reserve

Phnom penhyear but there was a lump in satisfactory

of start December due to a shortage the of a year's revenue with a public of the control of Trude with of reference le investigate

Alterations have been made EOL CT to a China would be made.

Colony's housing problem in all debt of less than two months'

import and will I think prove to have stocks for spot delivery. Indo- The political

at which situation in In the rate its aspects was most welcome.

local in- When it is remembered that

Tin Agree Indonesia is extremely complex quotas will be applied by thei

for from the International The development of 104 there

has been such the Colony started with no sur and

for United States, and cach country satisfactory due to the shallow ment will enable the Interna- dustries, which

It is often difficult

reasonable quantita-ness of is permitted wor this foreign merchants and bankers,

the Tiver ture of recent plus funds after the

bui the tional Tin Council to aceptenstein esgard to

be Both Hongkong and Malayn an implied feature of Chuna Tatt Lick of

the deep and 372 new happy state of affairs I think occupied as they are with day-tive import restrictions to pro- scheme for

water inaugurated but the building up domestic e-day tasks, to follow the trend tect anormation, other than official have suffered greatly as a result years,

Industries. The

take port of Kompong Sam is being of the buffer pool may Jof this embargo and there is the factories were registered during reflects great credit on Mr Clarke atunguncements,

immediate effect Philippine of events. The rivalry of poll-

forward. pushed

Prince

some time so long as prices re- tatas danger, particularly for Hong- the year while the production of and his predecesser as well as $ནccaztp!z;『

tical on the Industrious people of

and military leaders has exports is likely to be small but Sihanouk, the Prime ith a

Minister.

Tin uncertainty.

main at present levels, Even

Hongkong whose energy and

factor in the on a long term view it will be had a sweeping success in been a deviding here in Hongkong, elu k and to a fresser degree for electricity increased by 15%

the production In Malaya WDS as vere to the Chinese srene, etaxation cone son, the trade develop new markets

Malaya, that, if no substantial Fargetic efforts ware made

and there adaptability have mode it composition and policies of re-

necessary to explore ways and elections in September and the

post-war record while exports rent governments and the elec- means of reducing production political situation appears stable. we Burkit haet 1. keep pare o ch

that the possible, signs

were 71,100 tons compared with welcome are THEY never

•nd to white it day to day china is atrendy leaning

tions have on that account been costs if the traditional markets

70,333 tons in 1954. Japan's Population

It tentomie and industrial changes

repeatedly postponed.

Is the United States are to be

Production of iron on suppiles from Eastern Europ-Arm standards of quality is being

therefore a matter of consider

retained. and developments which are no

ean countries and this trend is more readily understood.

able importance that these elec- Japan's population is ilkely raplelly

The formation of the Hongkong likely to increase, so long as the we know, neither can we judge, phasis on

On the whole this is a fay- 90 million markt tions were finally held towards with a to pass the all arrangements

Association, Exporters

the end of the year and that curable agreement to the Philip how the

Chimer people as . For exchange of goods with

cominliter composed of

thee composed of many of during 1956 and any analysis of

passed off without | pines as their market in the whole-and

the China is on bilateral agreements, our

merchant houses, ceonomic and political develop polling day particularly

leading merch

inajor incident.

US.A for their exports is still the country i

cannot of population are

With the overall control stwould greatly assist the market-nents in

Increasing

Provisional results show that available on advantageous the steadily Kaleidoscopie The vermy which the Chinese ing of the products of our in ignore

to one of the four major parties and the revenue customs which have affected, Governiniat

An invisible export is pressure which a rising popula- exercises,dustries.

btained sufficient seals to form duties is likely to increasements es and

Livelihood

available re on large numbers [tion makes bilateral and barier agreements provided by the

there is its own and the other hand a government on clorely In the st few year

be difficult may

nvold but of 10

tourists, bath service and sources. Economically 1955

of coalition

riso seems danger that there will be a Collective-ation

good year

and the visible some form erially unter frere sendiüions the ad Jevilian, who visit Hongkong adverse trade balance was re.

probable.

in the cost of living

which will troverdig with ruthless vigour yantage of dealing with Hong- | year. 11 has been proposed

The government, which bas make a reduction in De admusi Pe

Hongkong kong merchants, experienced as that

Tourist duced by US$300 millions while * Th

difficult. whole range of Agricultural they are in supplying the China Association Aboutus

der the

leadership of Mr while hclude invisibles, excceded pay- production in big directest and market, would us doubt be np-

to develop our tourist trade and

Burhanuddin Harahap, appears that the President has instruct be considered a most significant fact that the

probable that 1955 will but this was mainly due to the preciated.

by working committee of repre- ments controlled from above in a way

nearly

to have tackled the many probed the Monetary Board of the

Federation Go whlen has be

The Sino-British Trade Com-sentatives of the interests con-infilions.

lems which faced it with vigour Central Bank to tighten up im-year

ernment, having beg

been in office This improvement of mitter have recently been in-cerned was appointed la August parallel in Ara

Elections were held in both for only a few months, decided rise in the port controls to and, achieved in the face of a gradual price of rubber,

alded by the

prevent a territories and a great part of to formed by the Chinese Govern- to look into the question. 145)

it has greatly further drop in the foreign cur-

to introduce a "standstill" budget but nevertheless steady decrease improved the economic position rency reserves.

the responsibility for the day for the time being and Singo- in the foreign currency obtain-

of the country.

to-day government passed to pore decided not to act on their ed from the US forces.

We have more thah onco

the ministers whose parties hold own

own. From a study of the The deflationary policy which Hongkong's Irade in 1955 in-

quoted from the Bank Indonesia

majorities in the newly elected speeches however I would seem we mentioned

last year сор- creased by 7% in value while

report, as this always gives on

As the months that some increases can not he showed a rise of 14%. tinued during 100 and so objective view of conditions

in Reports trom Bangkok indi-atures. Volume

off however, it became

Come long delayed. country, and in the report cate that there has been a con- clear that the desire for a

a more Due to the rise in the price of the Bank oft Jupun reached the has been steady over the last

since 1948; but, the Governor gave warning

the political aixi economic fields of

deficit of cento turn an estimated their

Was issued of such powers as had been helped by a lively export de- the dangers few months of the year and that lowest level

of the continuing since my statement

more M.$140 milions Into a surplus last year. For this a great deal insistent and that to a consider of M.$42

deal reserved was becoming

millions. For the ***: Í continue to increase. Negotiations regarding Th

business activity Exports to the United King- although unemployment figures sity of weakening the effect

of the credit is due to the Prime able extent this desire would forthcoming year estimated ex- was apparent fand went on to show the neces- | Minister who, on his

Field The key point in the economic winding

affairs in up of our

Marshal Plbul be satisfied. China

91 Songs dom Increased by $80 millions.

penditure shows an increase of have made policy of Chirm has been sum-

cupsiderable

gave cause for concern,

Inflation "which should pri- Songgram

Shareholders have no doubt M.$80 millions, including Good crops to built press during the year and we This will not cause any surprise marised as follows:

and marily

successful overatas tour, front *

of been following the course

$23 milions to the who will no

about introduced measures aimed at events in these territories, as rubber industry

erant of M. a socialist society, which cannot hav

have been able to reach a settle-

ecreals contributed 10 the reducing the cash defleit of the stamping out corruption in the this has had a great deal

for replanting. improved balance of payments government." be raised on the foundations of ment of our local currency posi- doubt have seen many references

1.$50 mil of leaving a deficit of M. k this subject in the press, but

draft budget,

administration and permitting publicity in the British press, lions. Singapore estimated a sur imports from that country also positi

which is at present before the

freedom of speech both at public and they will therefore be plus of M.$2 millions for 1953 rose by $12 millons which Hiven considerably less publicity shows little

Budget Committee in the Diet,

meetings and in the press. aware of the way matters have with a deficit of M.$16 millions change from last The need for such Even now our exports to the

action la United Kingdom are still only issue

and although the note made apparent from a study of permanent these reforms will be,

It is too early to judge how developed. I sincerely hope su for 1950.

is not possible here to do The report of the Inter- 75% of our imports from there.

rose by 8% this is

conthe current advance to the Gov-as personalites play a large part more than touch on one or two national Bank Mission, sidered to bo

visited Malaya carty in 1984, was * reasonable lernment by the Banté Indonesia. Trade with China in total was es

in politics in Thailand, and al- of the more important items.

were made published in September 1956 and Arrangementa general This about the sume as in 1954 but effect

rupiahs 1,433 ready there are signs of restric- the drop of just over $200 expansion

in production, In-millions at the end of 1953 tion in public discussion, but the during the summer for delega- gave a comprehensive survey of

tions from both territories to economie conditions in by The a share in the China trade and the negotiations, finally obtained millions in exports was offset cluding the bumper rice erop.ruplahs 4,477 milions at the end iminediate outlook is encourageit London during 193ß to dis- Federation and Singapore and

Anglo-Japanese Sterling of 1954 and rupiahs 5,959 mil-ing.

cusa political developments and made

numerous recommenda- in ex Payments Agreement of January lions in June 1955.

was unsider 1954 ports was caused by a consider-

extended until During the second half of the So also is this economic posi-the visit of Tengku Abdul Rahtions for increasing the ferri- and his ministers took i tories productive resources, HK's Steady Progress able reduction in each of the September 30, 1956 with Japan year a generally tighter money tion, as exports were well maine mace

to

and in particular remove certain policy was adopted and an over-tained

the place in January. At this moet- This tiseful report is, I under- three largest groups of commo- greeing

was ing it was decided that every stand, being studied by the two has not featured dities-namely dyestuffs, fertili- restrictions on imports from the haul of the systems of inport formage of rice exparted

governments

no and

doubt and much in world news during the sers

sterling area. pharmaceuticals

This agreement and export control was carried greater than in 1954 although effort would be made for the which we have recently been

Those will be reviewed again this out. se measures have re-prices were lower. During the Federation to have full self-action on some of its recommen- last year bul this lack of publicity Whic

which government and independence dallons will be taken shortly.... sulted in a drop in the advance year all the regulations has not meant that progresa shipping to China,

Although considerable of within the Commonwealth by Trade with other East Asian

the government to rupiahs necessitated surrender of

of part of has not been made but only countries thowed an overall in-

4,074 millions at the end of 1933, the foreign exchange proceeds of August 1957 and a Constitutional cesses have been achieved in the that it has been steady rather

Gold and foreign exchange th

Commission would be appointed eight year old war against the ometal At the exports

rate WW create and it was encouraging spectacular.

rates of

duty immediately to draw up a con- terrorists, incidents continue to reserves have Increased and the were raised to compensate. Im-sitution. to see the steady rise in exports

withdrawn but During We were pleased to welcome

the усаг

estimate

occur at frequent intervals and for

1960 budget the the Serretary of State for the to Indonesia, Indo-China, Thai- became a full member of GATT

deficit of shows D

the terrorist organisation is sitti requirements were of rupiahs 1,000 port licence but hen Colonies,

satisfaction Mr Lennox-Boyd, and in the closing months

active force. In the was millions-a

a very Financial Affairs fuc-abolished in September for the considerable reduc- who,

fact that a tich.

hope of hastening the end of tempered by the in his

his short visit, managed

The improvement in the majority of goods and customs Britain would continue until the

the number

Federation r nations

fighting. invoked to see a very large part of the

Stock Exchange

Article 35 against her.

free market rates for gold and duties were raised at the same that date to be responsible for Government declared an am; Colony.

The

squatter resortle-

and foreign currencies shows that time which should have a bens foreign affaira meni

external nesty in September offoring programine,

Three agreements have been there is increased confidence in feal effect on the revenue. which has སམས

defence but there would be freedom from prosecution to been

made

Business on the Stock Ex- made with the necessary by the

United States

the economy. change continued to be very Government covering the sale

Relations with Holland have Exchange rates during the changes in the administration of those who surrendered, but the always seemed to us to be one active and the volume for the to Japan of agricultural produce unfortunately deteriorated in first half of the year showed internal defence arrangements response to this offer was dist of the post-war developments

first six months of the year was

against payment in Yen while

recent years and discussions wido fluctuations but in July and the Chief Minister has re-app

cently taken over, the portfollo over a number of outstanding Stabilisation Fund was set up of Internal Defence and Security.made for a meting between the part of the of which we can be most proud greater than that for the came part

Yen proceeds La

Arrangement

were, however, period in and It was encouraging to find

1954. In July the available as SL Jobg term

loan matters were held recently at which is operated by the Bank thin distinguished observer furnover was more than double for capital development. On-Geneva. Although at one time of Thailand. This fund seems Responsibility for all financial two Chief Ministers and the describing it as "one of tho

the figure for June and there siderable assistance is also being there seemed to be hope of some

Communist leader, Chin Peng to have

successfully been most

were signs that these namoot given by achieve boom conditions were having

United slupendous

the

Secretary, Desember, the Financial

This meeting prov- ments I have ever seen."

Government in pro

providing

tech-the conference ended in failure the market has been much would be transferred at once to

failure and the amnesty Indonesia the day of his departure disturbing effect on the economy, nical training and the Inter-and

subsequently more stable,

on elected minister and Colonel ed he announced that the term of which if not checked, might re- national Bank for

Netherlands Reocastruc abrogated the

H. S. Lee has taken over this forms were withdrawn on Feb- sult bu more serious develop- tion and Development has re-Indonesian

Union

Ordinary expenditure in the portfolio.

rupey 8 and in broadcasts to the fancipi and economic ments.

agree" | budget cently agreed to grant

people of Malaya, Tengku Abdul a Jon

balanced was

by Grandham, had been extended The rise in short term money of US$8 millions for the

entered into in 1949.

The Federation recognised the. Rahman has made it clear that revenue but appropriations for until 1057. This was extremely rates in so many countries was nisation of heavy industry, All

The Philippines

Improving transport and irriga important part which overscas action will continue against the welcome news an Sir Alexander also beginning to be tek in these arrangements should great

tion resulted in on overall capital must continue to play in terrorists until they surrender. has a very special place in our with the Government, we and resources,

Hongkong and, after consultation ly benefit Japan's productive

Our cffice in Manila was deflelt which will be financed the economic and social develop- affections and we are grateful the other note issuing banks

that ment of Malaya" and

Labour Disputes treasury membership of the sterling area to him for agreeing to defer

raised

Unfortunately labour relations opened on November 11, 1875 loans and from

balances. cur interest rates hia well entned relirement.

was to the common advantage and the eightieth anniversary have not been too happy

Disappointing as it is that no opd The

August. necessity for an improve-

was duly celebrated at a recep- The above, are a few of the of the Federation and the other

have been there are ominous signs

tangiblo results This we followed in November further troubles

tion of friends of ment to the

air-port, to bring by a reduction in the percentage wide scale.

achloved as a result of the am- ot a nation-

many many developments that have members.” nationalities. up to modern International

nesty, it has been clearly shown taken place in Thailand in 1955, market

All our Japan value been mentioned woul standarde, es

which we offices were involved in a strike

Important Problem that the intention of the terror anck During -1950 President

while

last year 1, opened many times from this chair and wares. They sure art which lasted for seven weeles Magsaysay considerably streng to cautious pessimism". I think thla paragraph with a reference

to overthrow the elected I am glad that this year I am med

The talks with the Singapore government of the Federation measurea were but in spite of the at curbing further ex-

dimculties thened his ble to report that the contract pension of credit for

positions by his enoountered

I am glad to say sweeping victories in the Senate it would be reasonable to close Government will take place in and thle has strengthened the governmitt's hand.ku was and have in our opinionation that we managed for the most and it: this year with the words April but Mr Marshall, the

resulle part in n healthier pealtion in the

to

meet the requirements continued his drive to improve "cautious optimism". Chief Minister, with two of his Abdul Rahiman has been

colleagues, visited the United in his approach to this problem progress has al-

of our constituents. market. The price of land con-

"the domanon rendy been made.

Klúgom in December when and Me Marshall showed, con- As a result of the merger of man." tinued is upward movement.

and

siderable political courage

1rk Nature bestowed on

the agenda was agreed. Hongee very valuable

of the Socialist keng geographical features

party On changed hands. There

the hand and thà

ono-

Unfortunately, however, all facilitated the construe- however, signs towards the end

The partition of Indo-China The discussions in London set succesful effort to place which

certain of the emergency regu Ilberal and the Democrals on has not been well

the left behind many political and the course for conatibutional lations on the statute, book tion of a horbear but she has of the year of a sicketing of the other a two party systern economic and the ads oconorale problems to be solved developments in these countless 16hould like to pay tributo not been as kind over the air demand and it may be that the has been created.

ministrativo difficulties. I men- by the Biate of Vietnam, and I should lice to with, them to the Commonwealth forces. pert and this will be a costly peaks hes boen retched for the unue to maintain, a reasonable progress. Foreign: | currency/Amongst these' was 'the seitio- every micciar in the days that who have served in Malaya

Provided each party can con-

1* tioned fast year still bold up project.

ment of the

to hope Toca the emergency began. To many refugees who le ahead Anather

enzineering

degree of unity this development reserves declined from a figure.

girre poured in from the darts, and that the Approach to the their courage. and devotion to work is nearing completion-

should strengthen the Hongkong Finance

parlias of US$372 | mbilors to 4183213 the challenge to the authority many difficult problems, both quly the progrem so far madu mentary syelim, Between the millionk. Although the prices Supply schomwhich will Gen Secretary, Mr two parties themselves consider of topra and some other exports warring en orteils which there mom to be be due... Never snowing where

likely or when the crimp,

them bol, and to the Common an enviable and end consumption of water' however, { endPař, last month, when he li¬Mr. Hatoyama, “the MaPrimei:was the inurmiso ·În împodor/control, over:private arihless fured will be of advantage to’alrike their lank has not bein |_ Bécsbeleally third" was "the woalth is alwhois. - Opasöfsták, have lost their lives, trong comes me li oven under the strict rationing presented the Budget, was able Minister, in December made chiefly capital goods and raw tank of gaitabilitation After the most important: of there; prob- Continued on Page *0)

for some work of a rough own particular business problems. Exports of Hongkong product | mand, no serious restriction in increase in the supply of money

temporary nature.

tion but there

have been no

a snil-pezunt ecnomy:

further developments in respect foundations must be based on Inge-scale industry and large-fur foreign currency Habi- senle #retive farming.

British Policy

les.

This settioment

In

has not be made without cost to the Bank but under the riremstances no other course was upen to us. Mr Such being the fixed pulley of

Yoxall,

Manager our The Chinese Governinent,

Shanghai, who bore the brunt of British merchants are to retain take advantage of the situation, mission to leave and has now

important that

it

British

Doboration with other friendly

governments. No action of the

kind we have in mind can how- ever be taken until there is a considerale reduction of the

items on the embargo list,

The question of the embargo hah raised so much controversy in recent years that it has not

Headaches (BAYER

Toothaches Colds

axe quickly overcom.by

CAFASPIN®

SOAPY WATER

IS GOOD FOR PLANTS;

USE BATH SURPLUS

IN THE GARDEN.

WATER IS PRECIOUS

retired.

Hongkong

than

large Inflix of refugees, has

ofice of in Excellency Governor,

It

Sir

for the new

The Alexander

runway

awarded in August and

considerable

Jarge

that

To shareholders,

amount,

rise in imports of a strailar This decrease in ex"

the year.

time being...

of

year

year.

The

of

the

rice

Joins GATT

the wings

two properties

were

to

Japan

be brought

Tighter Money

rose from

return

.

of

which

the

suc-

States form of agreement being reached managed end pineo its formal matters, at present discharge which was held at the end of

conditions for

and

on

the Tai Lam Chung • water

substantially Increase our A. G. Clerke, In his speech" in able differences exdet över bon tendod to be lower, the water' storage" facilition. The | the Legislative Council- ut the foreign polley and 'deferfeel, iz "entine" df this drop In

tho

Vietnam

each

by