1957-03-15 — Page 8

THE QHINA MAIL, FRIDAY, MARCH 15, 1957.

HK BANK MEETING: CHAIRMAN'S REVIEW

(Continued from Page 1)

it

when

from

In

thousand purchases.

a muchi

approach of the

havo

was

L

"

The

Is limit to the extent to strain on the Colony's resources/ the year increased by 10% to targets of the plan being revised. | drop in her sterling holdings as Government expendituro. The amount of unrest and

uf

Unfortunate-

y durag the year under rev.ew agileultural production did not

marked increase it -how any

Tremendous Task

Housing

of

D11

1951.

under

Finances

and when this is j'active and the cost connues to influx

China and the a growing part in the Colony's structure. In considering the U.S.$300 millions as opposed to time of writing, it appears that pong Som natural

activity in most sectors was it opened it will enable this new be a heavy drain. Other prob- incrense -- OXOCSA of economy. No less than 488 new second five-year plan Mr Chou U.S.3800 millions in 1955.

a higher level than in 1935, Ex- port to serve the capital.

lems spring to mind, such as tho As the births over deaths-induences factories were registered during En-ai stated that it was their

Fall In Holdings time is no neccusury,

larger which parts were

Thailand

adjustment of racial interezia report by the Council for Tech- every sector of the community's the year as opposed to 372 In policy to build "with heavy li

to due mainly

Increases in

tho and the rotations between Bustry as its core a compre And it compelled the 1955, nical Co-operations in South and life

In spite of Japan's favour shipments to Europe on the Stock Ex-hensive Industrial systeni, within

and Asla

but Federation and Singapore, Business September to

The cautious optimism I ex- Kovernment South-East Asia 1958/6 puta

a fall of about three five-year plans. Special able overall balarice her holdings as trade with the traditional pressed last year regarding the the present government has built reintroduce the quota system for change showed food is the basic sector of pro-

of the United Stater future would be given to the of sterling have shown a con-market Chinese

entering the Colony, one-third compared with 1055)al Industry and it riderable drop during the year showed a slight fall. Due 19 to be borno out by events in

of Thailand appeared up a considerable store of good- duction" und bis in bonse out

will which should provided That this move was inevitable but the market was in by a study

of licences imports of conditions in

curtallment was borne out by the fact that more healthy state and the boon was hoped to raise the national tud negotiations, which where it 19

to have various countries

spent itself. Income by 00% by 1962. This been in progress in London since were on the whole lower, sor-1950. There were signs of more tolerance is shown on all sides, where

during the six-and-half month seemed

October, have recently conclud- ticularly consumer goods, but political stability and the dif enable them to get off to a good rise was, however, before the dis- usually found that a favourable

these restriction although the number of wers Lind values continued to

pro-turbances in castern Europe; and trade agreement. It seems that purchases of machinery.

died with the signing of a new there was an

Increase in theferences between rival person-start. harvest is the best tonic for

theauties, which had in the past lifted there were over fifty arty

A hampered was since that time there is evidence pertles that changed hands their general economie health

administration, Recent events in eastern Europe thousand Immigrants and this considerably lower with buyers that the lesson of these events / the delay in reaching this agree~ | result the foreign exchange re-emed to be less marked. Un-

if allowed to continue, coupled have shown that, even where

with the natural increase of❘ becoming more selective in their coupled with a less satisfactory ment was caused by the different į serves showed a slight increase fortunately the elections, which two govern- but this was still dependent tot were held at the end of Inst

The present position of the #gricultural output than Was the whole cognomy of a cou-

About seventy-five

ments.

finances of the Federation was United States Japan considered the large extent en The bank clearing figures for expected, has resulted in the ruthlessly planned to the

month, resulted in a certain dealt with clearly and concisely accumulation Bxed capital, persons, would have Imposed

justification of £350 It is significant also that free creased imports by the sterling coupled with the reduction

for requesting in expansion

It was by Colonel H. 8. Lee, the Minis- of the there

necessary to declare a state of ter of Finance, when he intro- which I would be quite unable around the equivalent

millions which hos only been enterprile has been given greater area of her goods; but the United the imports of consumer goods, secin which industrialisation can be a bear.

These disturbances duced his first budget. The es- emergency, exceeded once before, in the year reopen minor Industries and Kingdom argued that, as sterl-had is effect

to have been brought timate showed a prospective de usabsı! forward unless agricul

handicrafts and a free market in could now be used for many tended

on prices which

but the fuct that m lure kreps paer,

control bu ing has been permitted in many

outside the

to rise while a con- they occurred shows that au fait of M$145 millions for 1057 siderable increase in the supply lot is necessary in any op-abic general

which would reduce the realis- Colony's Finances

Items in dally use, both of which types of payment

enue balance to sterling area, balanced trade with of money, gave The Interim

revenue roport

em likely to benefit the con- Individual countries was relle of inflationary

warning of the

praisal of events in this coun-

M.$130

millions by dengers Special Commitice

Alçad

by the end of the

Financial sumer. During the year certain bilateralism and was now out of There were referred to by Once again the Asia and while not in any way

thetry, Economie conditions wore

This was the year. have

considered in Hongkong, which

bren date. For the same reason the President in his State of the the Stabilisation Fund ironed to be below the safety margin

Butisfactory and the operation the overlooking The part that

I mentioned last year, estimates Secretary, Mr A. G. Clarke, in other relaxations"

the Legislative made such as the campaign to his speech in weather conditions can play, that

Address even to prevent living

in which he out excessive fuctuations in ex- and, for this reason, changes in the employ "Intellectuals" without United Kingdom does not want Nation Counell when he presented

now payments stated that "we will continue to change rates particularly added natural dindards from deteriorating Budget, was able to report a very

too much enquiry into their to enter into a

agreement.

while the over-direct and indirect taxation were our foreign exchange al-stocked condition asters such as Hoods, one is left will be necessary to

to build "the

Apollent activities and the per-

adjust scary state of affairs.

The budget which has recentlocations the demand

of the con- brought into force, Briefly these for with the Freling that in many equ

not new town,

of just under H.K.$15

$16mission for the circulation of quivalent

sumer In the Diet essential consume goods with-

goods markets showed covered inertares in income tax resources much ountries. inaufletent

smaller than York, each millions is expected for the cur-text

brackets, in they been presented books published 11/ alfoente: are being

the

that shows increased expenditure of out impairing the requirements considerable improvement. The in the higher income

motor your" which gives tome idea of

revenue on what he West. These are all signs that around Yen rent year as

100 billions.

balance of trade, however, was new taxation arceting To In of high priority projects." the magnitude of the task. These re- agricultuint seeler,

This

describes as "luxury taxation" has some of their original plans 're-

view of the favourable condi- achieve this balance will slightly adverse during most of cars, the raising of certain im- marks of mine will, I hope, not problem was dealt with at con- been particularly buoyant while quire modifiention but it would,

tions enjoyed by Industry it is not

the year as imports continued port duties and an excise duty on and- the**** The need for såderable length by the Gover-expenditure is again below

Masy I think, the he misunderstood.

a great mistake to be a

proposed to reduce personal in- Pres

ions at a high level, which had a locally grower tobacco. This in- President dismissed suggestions raped rustrialisation by this nor in his recent speech in the estimate. For the fanciul year assume that any real change has come tax but it is anticipated that the time was ripe for the beneficial effect on the revenue. creased revenue was expected

Council Legislative

to day and aga

cannot be

higher to reduce the deficit M.$110 the 1057/8 a deficit of H.K.$54 mil-occurred in the basic polley

This was considerably than be more

economic controls than expected removal of increase that this will to

and resulted in millions. m en so far made in resettle-icon The next

enlighten and

set-

The estimates Progren so

is estimated but share the regime, which

a) covered by higher revenue from

he recom- On Industrialisation

the

the contrary VIL of Pt and in the construction of holders, who have followed the the

recom income exceeding ordinary x capital interes alone would lead us to

other taxes,

projects already housing generally in trend of the Cony's finances and country as will bear. It seems

mended that Congress reconsider rapid a pace as give this auovement every en-

the "No Dollar Import Law" penditure in the revised esti- males for 1956, while a small

proved show that a little over Political Picture ecuragement; but this does no

Think, remarkable. It is never- observed how courservative there the economy

which permitted a considerable

Is estimated

M.$200 millions will be required thetess not enough,

In 1957 with not far short of Hongkong estimates seem to be, will per-likely, however, that the trend

Capital amount of barier trade, as this surplus

expenditure this in eastern Europe of diverting war 31758 has prided herself since the in

M$400 millions thereafter. This ps feel, as I do,

foward consumer When we turn from a survey

measure was being abused, The 1957.

will remain at about the same

finance by gives no cause for alarm. It is production in what han been achieved

of economic conditions, and look suggestion that the peso should level and the overall shortfall resent

is being provided at the 134-3 In-

efforts und I

by advances from Industrial

be divalued has been heard will as at the politicat plcture the out-

present by of heavy we shall be able to continue to is considering dealing with

usual by Suanced by

but a funding · treasury be self-retinuit

loans and American aid. This look is not so promising. The again from many quarters but for our nonnal development but the task of get as an amount

not caplia! Hems in a separate bud equipment to Chlaw, and this

of HK$150 may urresitate some adjust emergênce oľ the two-party

this propositor of the Central economy

Is strongly opposed ald Is most beneficial to the will require to be undertaken recillemerst is something quite intillons in next

year's estment. No doubt Mr Chou En-system, which I mentioned fast by the

of the country sooner or later, lal's Interruption of his Aston year, has not brought with it Bank who does not feel that it enabling deficit financing to be schemes for frrent. The time is rapidly matos represents this type approaching--if is not already expenditure. The altport and not only concerned with political here when Assistance

from

Tai Lam Chung reservoir com- came outside agency will

prise

40% of this amount. There! matters. sential and the riots is also an allocation for the pre- ་བ་འམ་ The Columbo Plan continued emphasized

urgent this Umbrary work on a new reser- 16 play a large part in it: the problem is. It is, therefore, all voir which is to be built me development in South-East, the more encouraging that the Lanka Island and this will take Ade and it is encouraging lof executive committee of the about six years to complete. sec box mutual aid has freisan. | United Nations Refugee Fund For the first time since the was ad particularly in the provision recently

agreed

The details are given of the assets ་་་་

to

* away from the fact Hist

under conditions which exist most of Asia, with

growing populations, the increase dustajal development should not

neve of such a high speed the provisetlon of buste food stuffs and other negt süljes of Be at table lu keep pace.

Economic Aid

B**V

זי

www

of the

How

and

I

that

I hope that | interesting that the goverith delivery slow up, or even half,

10

be-1

of

On

of halting facilities. The Con- Geerral Arrembly to conelder held by the government against sultative Connilter in report, the problem,

their ability for the Certif- published ofter its annual nivel.

When

we look at the year uscates of Indebtedness held by

pro-

gramme, the importance improvement

Thi

and

sent justified.

Textile Industry

I

respective note Issues.

us in

China

up

д

be

10

tour to visit these countries was any feeling of party cohesion would be in the best interests avoided, and has kept the cost course of propo

are HOL 63/1

50

Japan

The

of

rubsluto cash basis.

the

aren

ha

adelegation from the statistical information has been 25% compared with the gure settlement of this problem fa dividual.

rose

Vietnam

Malaya

operation

ato In

It was

scale

than

should

was hoped - assist

of foreign country's

help

This is statement os

the economic development." a very welcome foreign capital investment and, what 15 perhaps more im- portant, the technical assistance which is likely to come with it, will be essential to the Federa

Tin Agreement

and in the movement towards full independence, while many of the changes agreed upon at

In the first six months of the the Constitutional Conference In

these The commodities moved gradually London last year have already year the price of both been brought into force.

Tengku Abdul downwards but this trend was Chief Minister,

holds the halted in July due to develop Rahman, who also portfollo of Internal Defensements in the Middle East. For there were

considerable fuels with a

The

and polities are bedevilled of the country.

of living and money supply in the light of this heavy ex- covering re- comparatively stable, while a perditure that the financial dis by the rivalry of numerous foc-

The The agreement

Is uppropriation being cussions were held in London tions. This party sirile did parallons was made with Japan large

construction of concurrently with those on de- Restricted Trade

nothing to improve the Japanese during the year which provides used in the

for the supply of capital goods strategie ronds which will be of fence which I mentioned above. prospects in their negotiations

to a total of U.S.$500 millions great commercint value, Ship It was agreed that the United Thade with China continues to with Russia where the dissez-

rice, which earlier Kingdom Goverment would over a period of twenty years. ments of be restricted by the embargo but slons and rivalry of the various

the level provide some financini assistance it was announced in the House political

at

Detailed implementation of this were lagging behind groups

home

1955, increased during the towards the continued cost, of weakened of Cominous in May that more

hand which wag agreement seems to be making use would

made of the never particularly strong. be

the Emergency and would help little headway and the Phillp- lust two months, due to reduc- t

in export premiums, in the

expansion of the armed exerpliers procedure to permit

Japanese also found, as others plrict are anxious to terminate tiens

the trade agreement with Japan which enabled the total for the in

These forces.

arrangements, 13,000 tons although perhaps on a smal wapan year to be some fur in Wellington in Dreember, a white, however, we find that us and the two other note is reasonable exports In appropriate | have found before them, Úst

eases to China of goods which

were hard bar- the Russians

and

payment on

than for the previous Jer stresses the desirability of flexi- once again there has

Although relations more ing banks as security for our while this move is welcome as the summer bern an

the Soviet lists".

gainers and the talks, which in

Rubber exports were a developarat billty

with the United "States contule in practically

These

higher and estimated for, were resumed in every held of eronomie enden assets on 31st December, 1955 far as it govs it has not proved Moscow, seemed for a long time tinued to be friendly, little pro figures for both production and Federation in their develop providing sufficient opportuni.

were 108% of the liability with

so helpful is it was hoped due to be making little progress. gre seems to be being made exports of tin indicate an in- ment plans and, before lewing shall give

over the revision of the military crease of some 15%. As can Hea for productively employing as some of the figures

London, Tengku Abdul Rahman will show, The Tai 37% in the form of cash, money to the absence of precise lists Finally in October an agreement the ever-increasing human re-

at call or short notice.

and the Lam Chung reservoir project was

delay in dealing with

basës agreement. al

be seen, Thailand seems to be stated that "overy encourage- was signed and in December, sources of the area" and the inaugurated this month by Lady

applications.

would be given The In Tokyo,

in a very happy position which ment

for the need 10

ceremony maintain a proper Patricia Lennox-Boyd: progress

An exhibition of China pro ratification Instruments were ex-

should continue during the cur-flow balager

between consumption or the airport is reported to be

duce and manufactures was held changed and the restoration

Although many of the dim-rent year provided there is no Malaya. to aud Investment, The Committer

up to schedule; a development Conditions in China are

in Canton from November to

cullics facing the Republie of further internal disturbance, alte exprised

diplomatic relations became an the hope tha!

plan has been untiouneed for the matter of considerable interest January and was visited by matry

mentioned "Increased Opportunities

Huy Tum Hom district of Kowloon;

accomplished fack. A few days Vietnam, which i Hongkong merchants, The layuter Japan 10 all the countries in South-

the develop for drawing on foreign and building activity

elected last year, sill remain, consider- was Qut was excellem and not only tightieth member of the Uniled abic progress has in fact been continues East Aala and nowhere is this Investment." This IS to he sees in every part of the more so than here in store unul ducts, which we all here know showed the wide range of pro-

This

The wor Nations,

into made. ly true and I trust that

The Alliance Government has entry

against the Colony, The proposal to con- | Unfortunately, Information until suitable climate. will be created Col

to now been in office for over a the

been brought sects has the International organisation a tunnel

but well, has been scanty and

also included a bridge recently ur

conclusion, a

large year and steady progress has successful to enevoroge

Investment struct

has given great satisfaction to United Nations

has been reliance has had to be placed ic examples of what their new In- Agencies

across the harbour CO-

the Japanese and has, to a large number of the refugees have been made, both in the conduct flon for many years to come, tinued to play their part while the subject of a considerable a large extent on official pub-dustries are turning out. Many

of the day to day administration been effectively rescilled and tempered their disap- extent, amount of discussion during the lications and an impressions of of these items were for export nit has been provided by the

under law and order is pointment over the failure to and there is plenty of evidence, year but the government has returning visitors whose move- United States of America on devided that the cost of either ments have in some cases been here in Hongkong, of the Increase obtain satisfaction over

their being rapidly enlarged.

The new constitution has been generous scule through various

territorial claims. In this con- there has in the rarge of goods available action it seems unlikely that drawa up

and although but lately

this channels,

International of these projects is not at pre-limited: T་

been a welcome

from China. Increase both Bank

for Reconstruction

In the number of visitors per-

any progress will be made over gives the President of the Re Development also made sub-

the mitted to enter the country and

return of the Southern pubile very strong veto powers, tandat lowna including one of

Kurlles

În a country in the

while the Islands of) for a time at least, and extent of their travel 115$75 millions to the Tato fron

which

suffered from so much the Hobomai group and Shiko- when there which is enabling

the In Japan and Steel Company Lunited of

усаг was The competition which the

Hongkong to

tons are to be returned on the dissension, such powers are prob- and Security, became chairman the rest of the hear eye marked by steadily India which is the largest loan Geited Kingdom cotton ndustry

increasing witness acedunts of what is economic

Operations signing of the Peace Treaty ably necessary. Steps are being of the Emergency is facing from imports of piece happening. for an industrial project so far

expansion with made by that batik; and its off goods from India and Hongkong been a certain amount of criti- polical scene. The index

There has

there is no indication as to when taken, although possibly not fast Council and in July the Federa-sharp increase in both prices also

continuing instability on the

this will be.

In the minds of enough, to introduce land re- tion Armed Forces Council was

during November and. Décem- spring, the International Finance has been the subject of numer cism from China's own leaders, industrial

of

many Japanese a reappraisal of form. This will restrict the area Inaugurated and has already ber. The rise hns, however, not Corporation, came into being in ous statements in the press and

production in has shown

where

future relations with China

land suitable for growing rice set about the establishment of a been at Tin Agre. of July

and announced is inten- questions in the House of Com which

was higher by over November

A some of the weaknesses lie, and

seems to be the next slep but which may be held by one in self-contained local force. tion of concentrating upon in- ncs. Led by Sir Cuthbert

Constitutional Commission was ment come

come into force on 1st These are all con- vestment

developed

the considerably improved. In fuct for previous year but likely to require a high degree siderable achievements but the under the chairmanship of Lord have already been made by

in the appointed early

your July, 1958 and contributions countrie in association with visited both India and Hongkong a great deal of literature is internally this does not seem of diplomatic skill. private investors. The interna at the beginning of this year to available; but the achievements yet to

economic situation still gives Reid and have caused serious

toured the country members,

all of them so far in fional Bank has proved Itself discuss this

problem. It was

Cause for concern. of the present

ion overstrain.

Production receiving recommendations from cash. At the meeting in Decem- administration

Personal Rivalry While the cost of the of the most successful in- proposed that the local industry are still so much a subject of metals and machinery

se and

of rice is still very low, in spite various interested bodies. The ber of the International Tin of efforts to develop hitherto report has recently been pub Council it was agreed to review rnational organisations set up should voluntarily agree 10

controversy that much of this there

there were bottlenecks In both

While these since the war and i hope that, limitation of experts of cotton takes

giving

events a partisan view,

were unproductive areas and to re-shed but it is not possible to transportation and electric taking place the Liberal-Demo- plu

the present floor with the experience of its parent cloth to the United Kingdom at credit or awarding

and ceiling blame ac

rice fields plant

abandoned power the prices of basic cloth at its disposal, the International an agreed figure and this sug- cording to the ideology of the and foodstuffs remained steady

cratic Party was endeavouring during the hostilitles, and exo more than touch on crnment prices and a report is expected

strong central government And a

submitted to the next Finance

be Corporation will be gestion is being examined. Even writer. In spite of these quart- but in Jarmary the

new leader as Mr ports of rico were not found with ឆ. common nationality meeting which will be held this able to make a useful and in- it certain sections of the ic-

The Hatoyama fications on any opinion which goods index moved up sharply.

had announced his

These bave for possible in 1958,

whole retiring.

the introduction While The creasing contribution

intention of towards dustry are willing to co-operate, is formed there seems no doubt Unless this is temporary it

measure month. The since been resumed on a small Federation the cconcmle development of however, there seema little whatever that the progress in be a

personal rivalry between the saf

the scale but the price may make of autonomy for the States of this scheme should, on foo In- It members in the private sce- chance of bringing the garment-

sign that demand is be-

the whole, have various leaders made

dimcult. and Settlements are among the Buence, to

the lor in which it will specialise. In making industry

operate ment the been made in the last few years ginning to press where it can

difficult and it was not any large increase cur cwn small way we are do- scheme. This is very much

until a second ballot that Mr Little progress has been made Tocommendations. Provision is is substantial and that the first do most harm. Interest

and made for a constitutional

buffer stock should hold both Head ink

part and

continued of industry stages of the welding of farms con

high but we have the cottage type

bank Tanzan Ishibashi was elected in industrial development and

in Ballon has become a serious of State for the Federation and cash and tin but, as the managers

ation of t interests

the buffer stock is not per- in two development with no organised form of

have as-into collective units have been, advances

steadily in- and later formed government.

the Settlements becoming Ja threat in spite of the large

for corporations. one in India and sociation and this makes any to a large extent, completed. To creased, resulting in a rise

This Kovernement

short Ishibashi was amount of American ald, The States in the new Federation.mited to buy until the price is the other in Ceylon, white con- Imitation unworkable.

In view

what degree this has reflected the level of borrowing from the lived

the The reed for safeguarding zideration is being given to the of the publicity that has

little prospect of acquiring any to resign due to il recent reorganisation of the im- special position of the Molays in at the present Umo. From been

obliged the wishes of the people, or how Bank of Japon, setting up of a similar organisa-given to the competition

the health. Mr Kishi became

the by reducing from lasting the collective pattern

porner of those engaged in it)

has been recognised and The 1 tion in the Fedemtion of Malaya, lengkong it is, I think, worthy will be, is diflcult to estimate

Shipbuilding in particular has now Prime Minister but con-

.

qualifications for citizenship fol- 31st January 1957 the buying of 'tin by the United States These corporations are intended of mention that the spinning in-

but the speed with which this been extremely prosperous and, tinued to retain the portfelle of and the fixing of profit margins, low the proposals of the main Government for stockpile pur- grant finance on a rather dustry here comprises just over has been brought about must alded by their early

delivery Foreign Affairs while the at both wholesale and retail parties, longer term basis than banks three hundred thousand spindles have exceeded Expectations.

dates the industry has taken Cabinet Was practically. un level, is aimed at lowering prices

At a further meating between poses ceased and the smelter in Texas was sold to a private normally provide.

while in the United Kingdom

advantage of the world demand changed.

Recent developments but this can only have a limited the Governments of the United concern. for shipping last

particularly tank- unfortunately have not

effect, Morcover, the decision provided

Kingdom and the Federation of ers, and Japan

Tin production in Malaya in

by a Uttle over one The construction of new rall-out 1,740,000 a year turned any evidence that the men that Ali Chinese bom in Viet- Molayı, held in London 'over the

of shipping, of the party have butica nam would henceforth be Viet- and of the year, Hongkong has been fortunate

double the

previous year's total. quarrels and the factional namese nationals and that non- WOOD. ways has also been particularly Output of textiles also increased aufiliations sull scem es, strong Vietnamese nationals would be the teams of the defence agres- 1955, while exports were the atisfactorily concluded on thousand tons compared with in recent years in avoiding any serious internal disurbancts

impressive arti it is claimed that over 2.500 mild have already and exports have been rising ús ever. Although so for the prohibited from participation in menu "under which Her highest since 1950. and for this a great deal of tho

which has not been

Majesty's Government

The rubber replanting scheme, welcomed c heen completed. credit is due to our efficient

damaging effect on the

on the the damaging effect increased by 24% in value will most ambitious of these projects the industries to political instability` bay not had no retail trade has had undertake to assist the Federa- which is so vital for the future police force. Unfortunately

countries, part- country's economy there are de

tion Broлdence of the Chinese who are

Government is the line linking Lanchow with

in the extermal of the industry, is making pro- October

incident,

which started as a comparatively minor showed a greater improvemente Soviet network some 1,700 sularly in the United States of many problems both in the articularly interested In this | delenco of its tervitowy: and in gress although the smallholders

and pro- domestic

international trade. For a long term salution the training and development of are moving slower than the This is understandable than Imports with Indonesia miles away. dispute in one of the rescitic-

estates. the Acids requiring attention which emoving Into Arst place while passed the oil folds of Yumon. Japanera have agreed to a volun- is unlikely to be given as long would seem to be necessary to oder biter fety Govern of Malaya, Annual Report for

to their economic difficulties it its own armed forces areas,

Was

Government will es to quote from the Fedciation exploited by

vo more difficult to get tary limitation er exports to Japan and Thailand may Bangster members

textile ex- of were substantially higher. The there new lines into full opera ports to 235 million square yards

dissensiona press ahead with increasing the

1988 to the smallholder, acic of the Triad Societies to

ment the

the right to maintain aren under rice cultivation and

14 increase in Imports was fairly lion, as there develop into the most serious well spread with

are reports of per annum. An Interesting in-

the Federation, the forces, in- mg mechanical aids, the task of Flots

Japan and breakdowns and a lack of main- | novallon to encourage exports. the Colony has

The Philippines the setting up of secondary including a Commonwealth strate replanting calls for hard and China making the most progress. tenance on existing xullways, has been the floating foir of

dustries; but the most immediate perienced since the worl

necessary for the sustained physical labour and The

gle reserve

Si Covernor in a memorandum to Imports from China at just over but this does not in any way Japanese machinery which te The

problem is to bring down the fulfilment of Commonwealth and considerable publicity year 1950 was, on the

ficient inducements is necessary the Secretary of State for the $1,000 millions were the highest diminish the credli duo for what moving round various ports in whole, a good one for the Philip-

cost of living.

International obligations". the since the war and although the has already been achieved. Colonies, atated that

South-East Asia: This fair is plies. The political altuation "there trend continued for exports to

As a result of this prepara-to encourage the smallholder to evidence

on board The first National Congress of housed

a freighter remained unchanged and Pre- to that country to be lower, the

for the transference of power was slightly below: the high the Chinese Communist Party which will spend a few days in aident Magsaysay personally suggest that, the riots in Kowdrop was not so severe as in since the Yenan Congress in 1945 each city, loon were planned beforehand. 1955.

continued to enjoy the support retain the

Priaco Sihanouk continues to on aist August and the Federt level of 1055 and exporte at was held in Peking in Septem-

of the nation,

confidence of the ton of Malaya will then take its 083,000 tons showed a drop of the contrary, all the 'in-

of the majority Exporta

At this meeting

industry

able influence whether he has be at the Commonwealth. On all members of the adminjatia- spontaneously and he went on prices by 7% and come in the first five-year plan was caused a higher level of im- although this does not extend to people and to wield consider place, as a self-governing mom about 1% f

Singapore wond The pilot i Prisad about a quarter of the discussed and many errors were parts, mainly of row materials, | tion. There was generalStrict neutrality is the der vects look The

crowded Colony's a total - exports. The admitted by the ometal spokes- sice krup 4nd a world demand sumber of the Security Chun-clared policy of the country Allance Governmejority of the futuro constitution for Singa- resettlement blocles, which It United Kingdom continued to be

The conference, to decide the was necessary to build in urban our best customer for local pro- of lighthe severe one suit for her exports, it was ill ch

a and that Governor Miguel and the two-year arces in order to enable the ducts but tolol exports to that

found possible to maintain a Caderno of the Central Bank Invasiment pin is being Igégely population and the economic pore was, held in London In Inhabitants to be housed near country are still only 60% of procis han the production of favourable balance of payments was, electal Chaltman of the nanged by ald from abroad, outlook seems bright, with April but in splice of the wories their work exploits the dry-quy imports from there, a point building materials warranted. As suit this was mainly due to Board of Governors of boil the Rice Caporis, which were ban- cornulag world themand for of negotiation it was found in- ness of the timber witch was which some people in the United the neglect of focusity along the invisible items as payments for International Monetary Fund and anty in the roar are to be the primary products. The possible to reach bigreement

to be Jailed

any Kingdom svom to overlook. The coatt

(it was pointed out exports and imparts were) al- and the International Bank, resumed as this year's harvest, Emergency, continue, sa "a" dark The main laud on which. Arte Agüréd Ulustrate the importance that this pred su produced over frost in balanco at U.S.19,400 Economically there was gone reported to be excellent, por coud of the horizon de The continuing rise in the tom Hongkong of her local ki00% of China consujoer millons, but the foreign ex-eraxosperity and from Buress is being made in the con- though much success has been extent of the power $10 population due

the finge : dururien which continue to play | gooda), and too jasi p wage change surplus was just unter statistics as are valiente at the strucuku në het road, to stood lastloved, the terrorista #remain

to

our

Hongkong Survey

an

ments and

whatsoever

xx-

into

of

industrial development that has

there aro reported to be some- More Railways

thing in the region of twenty- five million spindles in active operation.

Hong Kong Trade

Hongkong's frado in 1056

volume rose by 12%. Exports 18

The

of Hongkong prober.

One of

the

by the

consumer

This has already

America. As a result of

from that

counter

On

dications are tunt they started

to show

that

These covered the

progress

The demands of

crop

may

rates

in

to

no

жа AB tho present

remain,

trade,

Cambodia

cat

and

malia

been in office or out of it, the whole their

Became

"

of

of the

will

while

the

pros

a

stantly

(Continued on rare 9. Cal.