1956-03-16 — Page 9

THE CHINA MAIL, FRIDAY, MARCH 16, 1956.

INVESTMENT IN INDIA

Continued from Page 5)

position in "Brunel Slate where, Kingdom's share of new busi- | surplus of Itx,479 millions the extimated revenue exceeds nets Investment was not much" | against Rs.412 millions for 1954. In Singapore there have been' expenditure by M.$71 millions.ices. These figures show' to Tea prices, which at the considerable Jabour disputes

R

lava

Tho

More

India

wha

what extent British involved

on

foreign

Investment

Bure,

which

was

asion seems

OK

to

BANK PROFIT UP BY $1,250,000

Colony Has Prosperous Year

}

The Chairman of the Hongkong and Shanghai Bank, the Hon. Cedric Blaker reported that the Bank's profit for 1955 at $20,580,320 was about $1 million higher than in 1954.

Hongkong, he said, had a prosperous year on the whole, in spite of Business activity continued to ex- the fall in entrepot trade with China. pand, he told shareholders at today's annual meeting.

600

The Chairman, said:

the from

capital is beginning of the year were and unrest resulting in a waye

R3.20 per pound, fell con- hed of strikes which has

alderably in the early months, disturbing effect on tho

India has made no secret of

While speeches of individunt reaching a monthly average of economy. According to statistics

ministers promise fair treatment

Its 1.34 for December.

but rallied to lasued by the Labour Depart the fact that she is moving to-

words "a socialistle pattern of to foreign capital they have Rs.2.18 by

The men, er 25,000 har nyo society" and this goal has been recently made it clear that India

for the dia average were lost during the year.

year, was generally accepted by the public, is not likely to change her in- Rs.2.24 against Rs.2.50 for 1954. danger of labour disputes to a

Until recently the movement laternal pedicles to attract foreign The Increase in the price free port, dependent to such a

al lovestment. It seems probable rubber not only benefited the this direction has been gradual Loves large extent

entrepot under the first on Its

rola of that in the future the trado, is

balance five so evident that

of payments, B10

but the pace is likely to be in-india will be smaller than in be obtained from 1st June for

year plant, foreign private Investment in general

in but enabled a higher return Anding of an early solution to this problem would appear to creased with the introduction of

the second five year plan,

much the past and that the emphasis the rubber shipped to China, the be one of

most

urgent

ambitious

originally arranged which

The questions

faces

programme. Evidence of this Singapore Government.

more likely to be in as a barter deal against rice. Due can already whole be seen in the revision of article a government to government to the drop in Ceylon's purchases basis. The large sums required of Chinesë rice, China's debt to Before

As you, over 47%, which the directors over several generditions and I 31 of the constitution, which a I leave Maloya

to

are probably beyond the means Cosion under this arrangement is will made reference would like to mention the new

accounts consider may be regarded as a hope that it will not be long last year,

of all but the largest concerns considerable and so far no deel- before you, the profit, for the saflatactory degree of liquidity. before we have another Reewick Payn aleport

Lebar

the Companies Act 1930, with In

there is, I am

Shareholders the activities but

to have been taken year amounted to $20,580,320

will be aware on the London Committee. Sir Its restriction Sgapore which was opened by

which is

millions that the continued expansion of John Nicoll, who needs no in- some $1 the marginal role in which private as to the method by which this Mr Lennox-Boyd, in August. of managing BRETES, and

higher

than

the corresponding world trade and the rise in the troduction to this audience, This is one of the largest in the recent decision to nationalte life pifal can play a part if given will be settled.

its chance. Rasi and will manMain Singa-marmce, Foreign merchants

Agure for the previous year. In price of certain primary com-joined the Committee towards the Ceylon, like many other coun- pore's position as an important are net alone in their fears of

accordance with our usual prac-modities, noticeably rubber and end of the year and I am sure The Introduction of a decimal trics, hos

drawn up a new lee, this

been arrived in, contributed to more pros his experience in colonial affairs junction o

profit hap electo International | the cumulative the

coinage is promised on 1st April development programme, for private sector that the increasing 1957

at after making transfers to pir

our { perous trading conditions will be of great assistance to our air routes.

with the rupee being period of six years, but this only power of the state will have.

inner reserves out of which re- generally in the territories in London management.

On the divided into one hundred may covers Government expenditure serves full provision has been which Tim Brst five year plan with its

operate. This will result 21.

in the and "does not constitute an

made for the diminution in the whole, the directors are very emphasis og rund planning and

overall plan for the economy to market value An-

of our communications, with the con- disappearance of the

invest satisfied with the resuita of the a whole." The programme pro- past was vides other break with the past was

ments and for all known doubt- | year, greasel price for rubber resulted solidation of existing rather than

the nationalisation of the - Rs. 2,500 millions over the period

for 15 expenditure of ful debts and contingencies. the construction of new indu In a mariced improvement in the

perial Bank of thes, did

India. This bank trade

and

not impose a great figures

the main

emphasis on and the ccONDMY.

formed Whereas in 1954 Imports

Helped was

in 1021 as the result with of the amalgamallem of the "griculture and public utilities experts were almost in balance by three favourable

millions,

intricatural production Increased three Presidency Banks and be-

Modest Targets fore the setting up insotisfactorily und the economy

of the has been able

Reserve Bank of India it acted To take in its

The targets set out are com- the budgetary defels (as the government banker, strale

paratively modest and It is hoped to be able to finance them out of the annual budget, but the authors of the plan

That

and appreciate the prosperity of the country is dependent to such a large ex- tent on the prices obtained from

North Borneo

In North Borneo also the M-

at around M.$75 1055

revenue,

exports increased

M $105 #millons

with ampats ar M. 687 millons. Reven exceeded the estimate by M.53 militons.

whic Aulde

the

MONSOONA

prices have remained

Heavy Industry

of

the

bo

In his address in the budget f debale the Governor, whom we congratulate Cork The well-

White B.1 details dt se ved homeur conferred an

revond five year in are not the New Year, informed yet available, considerable em- It the Legistative Council that he phases is being laid on the ex- proposed to widen the compred-ansion of heavy industry, wie total outlay in the pubic tion of that body by nominat. the

unofficial members sector 15

To expected In eight

the

£3,600 nulure t a panet recommended by In certain recomised public bodies millions nearly double the figure

inta for the first plui. A conside and organisations, step "involves no amendmentable part of the finance will be ut the Constitution the blained again by denes bud- Colony" it should result In 1

Reting, oven though a rise in taxit:on more representative

expectext. expression! of opinion being heard in the Council.

annuel

While

ان

Anna.

Bulganin Visit

Spac precludes mention of a number of other important de velopments in India but I should like to touch briefly on the visit of the Russian leaders, Marshaca, rubber and copra that they Bulganin and Mr

have allowed for an adjustment Khrushchev,

in the targets if it is four India and Burns, on the West at a continuing defcit in the with their attocks made, in both and the United Kingdom in budget shows that they were too

high. particular. There seems

a con- doubt that this visit was a siderable

for personal success the Russians but their

com ments on the United Kingdom inust have been embarrassing to their hosts.

no

F10

Отп the economic side this visit may very likely result in increased trade between Russia and India, with greater com- petition for British firms, but the effect of such blased speeches on informed opinion in India should not, I think. be overrated and it may be that the Russians overplayed their

Whether the targets for this frummense undertaking are likely to be achieved is a question on The labour situation,

wh

chuch 1, from this distance, da which reference has been made not feel qualified to express an on many Occasions In these

The President of the opinken. reviews, remaina

Associated Chambers of Com- dificult, but I am glad to see meree in Indin, however, in his that the agreement with the annual address in Caleutia in

ping: Derber, Government of The Philippine

after sume Very Republic.

which

I mentioned cogent last year, way signed in August, of full remarks on the necessity hand.

co-operation between the public and the private sectors and the danger

unhealthy between competition

the two sculcars, suggested that they were attainable provided, "the neces xury transport-particularly the all bransport-is made avail- ble."

although no immediate results can yet be reported.

Labuan Airport

The formation of the North Borneo Credit Corporation with on advance from the government of M.5 million to provide loans Indin so far has made con- for development and buildingsiderable

progress much should give stimulus to new greater than I think was ex- projects. but the need for pected and at this stage we technicians at all levels, to which can

look forward with 1 referred above, applies with

conidence. particular force in Borneo and is a long term problem with no easy solution.

The facilities at Labuan air-

port are proving to be inade- quate by international standarda

The report of the States Ne-

published In October and many

of the decision of the government to adeninister Bom-

Burma

From India we now han to

In March a

the

we

China Trade

It is proposed that this year a sum of $4 millions should be The printed statement deals written off Bank Premises and, with the political and economic after allowing for this transfer situation in the Eastern countries and the Interim dividend of £2 where we have offices. This fol- per share, the directors recom-lows the pattern of previous (mond the payment of A final years but shareholders will

dividend of £3 per share, leav-notice Ing a balance of just over $10% millions to be carried forward to next year.

Dividend Unchanged

Although the proposed divi- dend for the year remains un changed £5 per share, it is of course payable on the capkal as increased by last year's bonus Issue and is equivalent lo

£4-5-0 per share on capital.

show £

the old

Substantial Changes

The assets side of the balance

lex;

that considerably space has been devoted to China

han has been the case in the past. This is unfortunately a 16- flection of the restriction of our

purposes

or

'Excellent Result'

Mr

in

* Page 9

Mail Notices

The latonë times oË DOMÈNE shown below are those für uns registered correspondence posted ** 0.1.0. Hngkong,The Butane posting, danne Tetasybore, which,

G.P.Q. times can be ascertained by engnity at the local office,

The latest posting thom FOR registered articias Are' gunatally one hour morifer than đốn times stlown below. Particulara régards, ing partai mals can be nokri tained by enquiry at any post одов.

9

FRIDAY, MARON 10 By Air Forom, 9. p.m. UB.A. & Canada, 0.9.m. Timüsad, India, Pakistan, Aladia Fast, Africa, Great Budbalny Europe. 6 p.m. Japan, 8 p.m.

By Surface Indo-China, Thadianc◄ p.m. Macao. 6 p.m.

ما

BATURDAY, MARCH 17 By Air Peking, Shanghai, Hankow, Kian- ming. a.m.

Thailand, Malaya, Indonesia, Aus

tralia, New Zealand & Dayton,

Indo-China, Noda.

Philippinor 1 pm

That India, Pakistan, Middle East Africa. Great Eritu Europe, 0 p.m.

Malaya, fnctonezia, Australia, New Zealand, 8 p.m.

Formosa, Japan, Okinawa, Korea, 0 p.m.

fawall, U.9.A.. Canada, ¢ p.m. Indo-China.

By Surface

Formosa, 9.0.

açTM

China

a..

Horace Karoorie, seconding, sald:-1 should like to express the satisfaction which we must all feel at the excel- lent result shown In the counts. This year's profit and loss account is the first which the shows the increased cost of

last dividend due

year's bonus issue, and it is a matter for

congratulation that after making the usual provisions and writing off bank premises

sum of $4 millions-the balance to be carried forward is increased.

Ming

HEA

Subsidiary In U.S.

The

$9

there.

In

to

too far distant mort

rapidly

'Welcome Sign'

People's Repubilo,

Macao, à p.m.

Malaya, Indiá, 4 p.m.

10,30

Japan, Bawall USA. C. & B.

America, 3 pm.

China, People's Republic, 6 p.m.

Масло

D. MATICE 10

By Afr

Formosa, 0 p.m.

Turma, India, Pakistan, Mkidio East, Africa, Great Britain de Europe, ap.m,

By Burface MONDAY, MARCH 19

Macao, 1 p.m.

Milna,

By Burface People's

Canada, Noom,

Metro, i p.m.

Republic,

10,30

Philippines, Sarawak, N. Banco,

a p..

Japan, U.S.A., C. & §. Americs, p.m.

Macao, 0 p.m.

"TUESDAY, MARCH 20

By Surface

Chioa, People's Republic,

B.m.

Jamaica, Noon. Korea. Noon, Philippinos Noon.

Malaya, Burma, India, 1 p.m. Indo-Chin 3 p.m. Macao. p.m,

.m.

10.30

WEDNESDAY, MARCH 21 By Surface China, People's Republic, 10.30 Malaya, Certon, Adam Middle East. Great Britain & Europe, il am.

Macao, 1 p.m. Australia, New Zealand. 1 p.m. Magno, 6p.m.

a.m.

THURSDAY, MARCH 22

By Burface China, People's Republic, 10.30 Seychelles, Br. Bost Africa, (N. & Rhodesia, Parorin via Beira).

Africa,

a.m,

Maloya, Mauritium & $.

111 am.

Maono, p.m. Mago, I p.m.

Aftermath

Of Bomb

Outrage

activities in that country although I hope that circum-

in these days when Hongkong provides that essential point of stances will make it possible for China if no longer in China. us to continue to

with trade

contact between Orient and Occident, and between contrast- Hongkong on the whole had

ing Ideologias, it is useful to a prosperous year as, in spite of remember the the drop

part this institu- in our traditional tion play in creating a Legislation was passed during

trado with China, "climate" of better understand- catrepot the year for the formation of the

business activity general con- ing and tolerance. Development Finance Corpor

tinued to expand. This on of Ceylon to assist private

Respected by nik for Its Industrial and agricultural enterit

Turning to the balance sheet, been very noticeable in our

Our Integrity and experience in Far where the number will be observed that the office here

Eastern affairs, I am sure I am prises and "40"

encourage and

reserve fund remains unchanged of current and sayings bank voicing the wish of those with promote the participation of at $128 millions, your directers accounts has steadily increased.

many and varied shades of private capital both internal and having transferred from inner We have now reached the

Macao, 1 p.m. opinion in expressing the hope external, in such enterprises.“ reserves an amount of $5 mill-point where these two depart- that tho not tre

Last month parliament was lions to replace the amount of ments have grown larger than future may reetare dissolved and elections will be the reserve fund which was is desirable for administrative intimate relationship with our held in April. The United | enpitalised during the year.

for giving efficient a service to the public great neighbour, thus enabling unsurpassed facilities we National Party, who form the present government, wish to ob-

Hongkong currency notes in as we should

The have

to offer in the field of tain a mandate from the people circulation remain unchanged, directors therefore decided to International finance to be used to replace English by Sinhalese but current deposit and other open a new office in King's

18'3 to mutual benefit, the official language of accounts have decreased by just Road the North Point agency

Hongkong from being A Ceylon

| over $135 millions. The trend of |——which started business on

outpost, trading our ordinary deposits has in Monday. This new office will, becoming an Industrial centre. San Francisco fact been upwards but the with-

While many factors have con drawal of certain substantial we hope, lighten the load and

we are considering other means tributed to the success of the Burma whose connection, with On August 16 a subsidiary of sums, which had been left with

various new ventures, not the of reliqying pressure. her large neighbour has ways the Bank, The Hongkong and usod a short term basis, re-

lenet has been the encourage been very cloce. Both coun-Shanghai Banking Corporation sulted in this overall reduction.

ment and financial assistance the tries have adopted a policy of of California, was opened in San

Bank has so often provided. The Bank, since Ita Acceptances on neutrality and the Prime Minis-Francisco.

behalf of ter, U Nu, paid a number of foundation in 1805, has had a customers

decline of In the printed statement, de- This broad outlook and practical millions which may falls are given of the opening of expression of condence in the visits to entries on both sides very long connection with Sansome $38

San future has done-and is doing- Francisco as, in that year, we be attributed to on alteration our new, subsidiary in of the Iron Curtain,

appolated the Bank of California In the

This subsidiary will much to relieve unemployment methods of financing Francisco,

and is asalsting materially in the a full range be able to

of give a Burma too is endeavouring to as our agent. Ten years later in adopted by certain large cus- soine

peaceful solution of problems banking domestic and foreign raise the standards of living of November 1875 our own office tomers during the year.

inseparable from an Industrial the country by

services and will, I hope, prove revolution, the means of a was opened.

importance of planned development scheme;

The directors have this year popular with our many old which extends far beyond our organisation Corumisslut WAS but unfortunately the fears I

From that time this office has decided to state the extent of friends and will make many new

shores respect ones. It has always been dis- of the recommendations proved expressed last year, that she contributed greatly to the busi- the Bank's liability in

be

ness of our Far Eastern offices of confirmed credits, guarantees appointing to us that the ser- trying to do too much might generally acceptable. The pro-

too quickly, have only been too

with the West Coast of America and endorsements by way of a vices we were permitted to offer posal made regarding Bombay, welt femanded as the dimenity but it has not been permitted to note on the balance sheet and

in San Francisco were so limited

A welcome sign of belief in and considerable werkt on reconi- however, Falseri considerable experienced in disposing of her carry on domestic banking in you will observe that this total and i am glad that this com- the continuing expansion of struction has been put in hand. ubjections Jud the announce-

rloc has resulted in a steady fall subsidiary, however, is able to It will, of course, be understood of California. The new amounts to some 9811 millions. State It was subsequently found that ment

plaint can no longer be made. Hongkong has been shown by

Oslo, Mar. 15. the

In the foreign currency reserves. offer a full range of domestic that the Bank has recourse for

our directors in their decision to proposed Improvements

Chief

Mr Manager,

A Norwegian boy was would not

open up new offices in outlying be sufficient to bay from the Centre had un

banking severe cut was

services

continued the maintaining a like amount on its customers. Michael Turner,

districts, a convenience which sent to a Borstal institution accommodate the larger types of happy resulta Further difficul- made in the Import programme current and savings accounts,

tour commenced in 1954 and will, I am sure, be appreciated today, another gaoled, and modern alveraft and an expert ties may be encountered before which had the inevitable elect receiving money on deposit and

our branches late

at by those who live and work from the Ministry of Transport

two received suspended sen- anal settlentent is reached, of reducing customs

Calcutta, Bombay, Colombo and revenue granting approved loans, as well and Civil Aviatlón has recently

The role of foreign capital in and making the balancing of the

as providing the facilities for

He also spent some Rangoon. visited the airport to advise the

tences for exploding a home. conclusion, may 1-on financing foreign. trade which government on what is required. Present-day loxia is difficult to budget more diffleult. As a re-

sheet discloses some fairly sub- Ume in London and was able

shareholder whose family over-made, bomb in the gardens A survey published suit it was found necessary to

has been our main function in

stantial alterations as compared offices in

when he was there to see our The question of the restoration forcenst.

the estimates

the past.

draft extends back to the days of the Soviet Embassy here with Just

Hamburg and Paris. to Labuan of its pre-war statusly by the Reserve Bank prune rigorouly

year's igures Hi

of Sir Thomas Jackson--express last November. as a free port has been in the 83% of all foreign investments has

This A loan that nearly for capital expenditure,

completed his itinerary and In January of this year a move

Advances and trade bills have

has now

visited all our our appreciation to the directors and he been promised by India news again and the Governor

The four, aged 18 and 19, increased by $240 millions was made into handsome new

tour for their foresight, to our Chick denied any political motive for Tho extensive has promised to re-examine it, In India at the end of 1853 and other forms of ald are being premises which have a modern $60 millions respectively. These which the speed of modern Manager for his understanding the incident, which led to ar

came from the United Kingdom, sought. Barier deals Have been layout and are quite up to the increases are mainly due to times enabled him to make they efficient staff whore magni- | apology to the Soviet Ambas--

the energy and interest, and to our offelal Norwegian Once again I have to record o and during the period 1948-53 arranged with several countries

standerd of our main offices higher prices which have ruled first Chit Manager to do satisfactory budgetary tho percentage of the United and while these should result in elsewhere. I am told that they throughout the year for certain has been of considerable bene-fleent team-work has contributed sador, and said they did It "for

the

disposal of a part of the

compare favourably with other of the primary commodities

only so

so much to bring about

thrill," choosing the Soviet export surplus there remains the

banks in San Francisco and the produced in the areas in which it to the Bank. This not pleasing results, of which

enabled danger, Inherent in such trans-

Mr Tumer to make

we Embassy

because the gre move will give greater scope for we are interested, but they also actions that Burma may have the extension of business which reflect the growing demand for contact with government offi- have heard today. May their sence of a police guard there dimeully in obtaining the gooda

efforts ever be crowned cials and our business friends in

with made it more exciting. we hope to see.

larger advances from bankers all these countries but to see for success and

may "The Bank" she requires.

to finance current and capital himself how each

The ringleader, who told the office was ever procced from strength to

pound arising from the

ourt he made the one faro strength. welfare conducted and that the

"bomb" with a sodium chlorate growing industrial development of the staff was being looked With these words, Mr Chair-weedkilter mixture packed in an in Southeast Asia.

after

Once again be was abic man, Ladles and

Gentlemen, aluminium food tin, was sent to on I have much pleasure in second- report

Borstal insitution for an in Investments show an increase to give a favourable repa efforts are

gooled for additional investments and economic conditions and to of prove the quailty of the paddy,

I am glad to say that Mr Turn- Accunts as presented.

and the other two were quired. Investments in and and production of other agri- pick out a few of the more

Portant

er, in spite of the very busy

The report and statement Lot

given suspended sentences of 30 cultural commodities such as

events of the year. amounts due by subsidiary Com

TC- Shareholders

17year which he had, was able to accounts were adopted.

days imprisonment and think. panles vegetable oils, cotton and Jute Sha

wili,

aro higher by

take a short holiday in the Unit On the proposal of Mr leased on probation.-Reuter, are being increased, which it is

agree that this has been a satis-millions which represents

ed Kingdom.

D'Almada e Castro and second- hoped will result in a saving of factory year; political differences interests in The Hongkong and foreign exchange.

have not been too acute and Shanghal Banking Corporation. The sudden death of Mr G.ed by Mr Chan Hau Fo the

retiring directors, Mr H. economic development has made of California,

H. Stacey, who held the ap Benham, Mr J. A. Blackwood Barter Deals

The countries In progress.

pointment As a result of the increases in Manager, was a severe loss to

Deputy Chic and the Hon. C. Blaker were re- Asia are moving along paths of

advances, trade bills and the

elected. Fears are expressed that the their own choosing and foreign other items referred to above we received from, business 45 us all and the numerous letters

The Chairman proposed that increase in the number of barter

and bankers must merchants

and to the net decrease in our

1, 1956 the themselves to deads, coupled with the Repara-changing conditions.

many nationalities as from Jan. these

sociates adapt

deposita, the total of cash, call gave evidence of the respect in should be at the rate of £800 a remuneration of the directors tions Agreement between Burma

money, and treasury bills had which he was held. and Japan, may have a serlous

fallen by some $139 millions. This we are trying to do: as Although this has resulted in a

year per director. In proposing

Monte Carlo, Mar. 16. effect on Commonwealth trade.

Prince Rainier this he Staff Changes

said since 1992 the

III today It is, however,

indeed we should, as indeed we drop in the ratio of the Bank's that

remuneration the directors offerd to buy a dress for every

or foreign

schoolgirl, in his principality to a Hongkong firm last year ob must. But what of new

£5,000 bad been

divisible tako That is another liquid assets to

I should be to | filles, this ratio still amounts to tained a contact for the con- Investment?

this equally between them.

wene to festivities for his. altogether. Many

opportunity of thanking all our

wedding with Gence Kelly, straction of barges against strong question

In staff, foreign competition.

view of the very substan- branch particularly the

Teachers read the offer aloud rise which has taken place Burma also haď ́a visió from

Underdeveloped Countries or managers, for their loyalty and tial

of remuneration in all forms the Russian leaders which was

ganised by the United Nations hard work during the year.

increal There were, however, various since that time, an followed shortly, often, by the Much lip service is paid by Association in London recently changes in London which would neem justified; and at the visit of Sir Hubert Ronce the certain countries to the desire "If

do standard pattern, to be worn by the

should like to mention, Mr same time it proposed to do

L fast Governor of Burna-e- to attract forelan

capital but

generally, are to

the wedding procession companied by Lady Tanoe. The stable

They

have to Senior London. Manager since of voting a hump sum toho the Palace to the Cathedral. apertan.cous welcome Sir Hubert of an adequate reward will do.

conditions In which

1948, resigned at the end of divided equally between → tho

Their blouses will be white people who aro the year and was succeeded by directors and to fix an annual with high collars and puned their stay was evidence that old exhortations. This is a que for that tile is the best Investment who also took his place

for other people's money Mr H. W. P. Perry-Aldworth, res to be payable to each." friendships had not been for-

on the Mr.H. Owen-Hughes second-sleeves. The akiris will have al each country · must gusten,

the response will in the world which is open to London Committee. Mr ed the proposal which was then to panels of red and white

W.J Itself and

satin The will be white

Whoo the moment: surely depend on the, decisions them at

This Keswick cosigned from the carried,

Other preparations for the means to say that conditions

on being appointed Committer made.

On the proposal of Me M. wedding so were in full swing have to be much, that the slak director of the Bank of England Lo and seconded by

Wtoday. The Prince ·appointed the The improvement In: Ceylan's In conclusion I feel I cannot of loss of ·Income" or "lose of on which we congratulate him Mackenzie, Moses Lowe, Barchitect Louis Ruc Chier decora balance of payments, which do better than quote an ex capital is at a minimum, and although we are surty, to loen ham & Matthews and Mers for for the occasion and Ruc took place in 1964, continued tract from a spetch made at a secondly, that the yield is likely the bened of his experience. Peat Marwick, Mitchell & Co planned to cover tre entre siste with increasing momentum In: Conference on Financing the to be suelent to offer any such The Keswick family he had a were re-elected auditor ata with flowers are USS 2950; and emailbed in a trade Economia Development? GF | danger as Remains,

close connection with the Bank fee of $20,000 each,

Monegasque finger United Prime

most

of

India showed

This bottle is the

RIGHT

way up

AROLS MI

UNIONDOA HYTT

ONIHSIBAON

Yet in view of the prevailing buyers' market for rice it is understandable that such trans-

Satisfactory Year

Once again I come to the end of actions should be found attrac- our conual survey of the Eastern tive to Burma, Meanwhiic

scene in which I have tried to

а

a

...for pouri

strong glass of

WILLIAM YOUNGER'S

MILK

NOURISHING. -

STOUT

Sole Agente!

CO. LTD.

DODWELL

commitmenta

offices,

the

the

being made to Im-give a brief review of political of some 50 millions being cost the staff of all nationalfiles in ing the proposal for the adoption definite m

the countries which he visited, of the Report and Statement of A second boy was

Anoraking

other the

chosen.

avenues are open and most attractive will be

condiions and prospects ital

and Lily Rance received during | much more than any number of “nice to

Ceylon

cc-

our

its total linbi-

Of

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days 00

government

Prince's Offer To Schoolgirls

in every Monaco school today?

The Prince will furnish. red- and-while-satin

dresses of a

undert S. A. Gray," who has been away with the prosont system | girls who will lipo the route

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