THE CHINA - MAIL, FRIDAY, MARCH 15, · 1957.
A SATISFACTORY YEAR
(Continurd from Page-8)
- Assembly,
the
and
а
which
strengthened his
tion.
Building
assisted
a
In
larly
On the whole
took place
with
in activitice are being extended | December, silti continuing and on here, should have their china regarding the line of the
to Borneo.
Pinna
the future of the present gov- emment uncertain.
of
Ceylon
desirabilly of banking legisis- represented, This government | which promote industrial obtained from the international
muffered from the stresses in development in accordance with Bank will assist in the rehabilita tained by the British Govern- The importance of the provi-herent in all coalitions and the the plan', Customs duties wero tion of the port of Rangoon and
rivalries of personalities and also son of low cost housing as
raised.
the the railways. enable them to dia-
To protect ment to
1110 groups they represent charge their responsibilities for deterrent to Communism is as external affairs and defence, great in Malaya as it is clace duminated the political cere external balances severe cuts Burma seems to have overcome in the price of rice since the Mr After his return,
Marshall
where and I am gind to be able in the background, there was were made in Imports, particu- the dimeullies caused by the fall
consumer goods, and
and tho over- to report that the Malaya Borneo the army-another factor to be ceiling was fixed on foreign end of 1953 resigned in June and Mr Lim
Society,
reckoned with which had Yow-hock became Chiet Misio-
formerly
exchange expenditure for the ambitious development projects which were planned in the anti- ter. His lank
next six months. New projects ipation of a high price continu- for Federal and Colonial Building Interposed before and which it seemed
was felt might do so again. It in both the public and private ing. An improvement in Inter- Society Limited, for which, from enviable one as
as there was
is against this background that sectors, which involve mentioned two years ago, we are considerable diappointment over
expendi- providing finance, has made con- the numerous incidents reported ture in foreign exchange, were nal security and a reduction in the failure to reach agreement
nentsiderable progress. Already this
In the press must be viewed,
the cost of living are two im- The position
postponed in London, although an many society
if no commitment had At the .moment hos
portant problems that still re- many quarters there was a feeling of
main. families throughout Malaya to
stems confused with the revolts been made.
These and other started in
measures, rellet that a period of quiet un
Sumatra, which
During the year a number of which there is not space to me discussions The
purchase their own homes and the political sceno seemed likely. In September the Chief
Dr Hatta, effect but it remains to be seen frontier between the two coun- Minister obtained a unanimous
the Vico President, has already whether they will be sufficient trics. This has been a subject of vole of confidence in the
Malayanisation
resigned and the influentlaito halt inftation and reduce the Masjumi Party withdrawn from drain on the foreign exchange dispute for many years as the for the gradual the government. This places a reserves without any major ad exact line of demarcation has take stronger measures to stamp services have been approved insident who is actively considering making loans for a pocn reached although it seems enabled him to Maluyantation of the public great responsiblity on the fre- Justment of the plan. Meanwhile never been settled. A faint state-
The International Bank, is con- dicated
in- ment issued in December
that no decision had out subversive activities, One both territories. There has been in attempting to find a solution, of these was an order dissolving
number of projects and a sur conciderable amount of l- the
likely that the Chinese will Chineso Middle
Schools informed discussion on this mab-
The economic situation has vey of transportation is being withdraw Students Union
from the Wa States as a result carried out by a mission from in return for the For some time
jeet and is satisfactory that naturally suffered
secession of past many
and this instability of the pupils in the achens adopted have avoid-
the that bank while arrangements three
villages in the Kachin these 'schools hud become ed the danger of too much haste reduction of the statutory gold have been made to purchase
States. extremely unruly and neither
U.S.$200 millions from the in- and that the retiring officials and foreign exchange reserves their teachers for their
frein 20% to 15%
lemmational Monetary Fund. paretala have been treated fairly, seemed to have any authority The Malayan trade (Kures
Bounced last month. A similar
Much Progress them and evidence was showed a favourabie balance of reduction was made for three obtalnext which hower the
M.$13
moths in 1050 when assistance millena
against extent of Communist hafitration
M.$335 mililotur in 1955. This was obtained from the Internu- These difficulties, which it is in the under The determined
Fund, considerable
The only proper I should mentiona, Munetary
do not detract in any way from stand taken by the government mainly due to the large increase deteriorating position of govern- unfortunately resulted in serious in imports while the level of niet Bnance can be seen from the considerable progress tint riols but no further disturbances exports
the same, the advances obtained from the hnx already been made or the have
taken
place since and there Th
The total value of
which have magnitude of what is being at- external Bank Indonesia Indication that the trade was higher сусту
million tempted. Recently, for example; 7,000 over than in ansupials, while notes in circuls the Hirakud dam was openvi power of the Communists in the
other year except 1851,
which is claimed to be Faces
tuerely
be the uniors
been
tion have also increased. This which in verely The above are & tow
This doan, longest in the world, weakened, if not entirely
many important develop state of affairs is unlikely to ments that have taken place in improve as long as the present mainly the work of Indian en- Malaya during the last year and
dissension
continues
with the gincers, extends for about three miles with dykes on the flank on the whole, in this part
chMeullly of
of collecting revenue
of thirteen miles, For disturbed
to a the world, we can look back on
a total areas. 1956 with a considerable degree seems, therefore, that a return the future 11 is hoped to increase steel production during the of satisfaction. The end of one to economic health must awali chapter is in sight and we shall
A settlement of the political period of the plan by four mil- ilon tons a year which will mean be turning to
differences Die
and the restoration What this
thle chapter will contain of law and order
doubling the capacity of throughout
of two existing
building plants
and 1ell but the the islands. cannot yet
three new ones. Construction of events which it will record will
heavy machinery is also plan- cover the early developments of
ned and a mission from the these two territories under their
United Kingdom has recently own elected rulers, IL
visited the country to advise on that the transfer will take
what is required! pacefully with little rancour on either Bide and as long
us merdeka is regarded as a chai-
Over
This is an important the
when
суст
ment and particularly Mindfleunt it Is remembered that half
the population is under twenty-one years of age. On the whole the position ip Singapore at the end of the
year seemed more stable than it had been for some time and, with the added authority witch this Improvement gave him, Mr Lim
Hock pul Yew
vist! London to discuss the agenda for the resumption of the con-
tniks
this month. Altho
it is always dangerous to prophesy there seems ground | For hope that this time he wili not come back empty handed.
.
The Estimates
11)
to
The estimates for 1957 showed a deficit of M.$30 millions new tuxation similar
may
was
but The
Noon
we
reduction
was about
Wab
next.
lenge to progress and not as on end in itself the new chapter should make picasant reading.
North Borneo
been
risen.
1
الزنا
the
1n
India
WDS
RN-
It
of
India in recent years has built
for herself a position considerable influence in world affairs and this is particularly so in Asia where many of the
og
far
|
77 Pagërg
BANK CHAIRMAN ON THE EFFECTS OF
OFE THE CREDIT SQUEEZE
At the annual meeting this morning, the Hon. C. Blaker, Chairman of the Board of Directors of the Hongkong and Shanghai Banking Cor- poration, referred to the credit squeeze and said the necessity to turn away business confronted the bank with an unpleasant task, but he hoped share. "that it holders would appreciate the old saying of their schooldays hurts me more than it hurts you."
Mr Blaker also disclosed that the Corporation recently made re- presentations to Government for amendment of the Ordinance which would permit them to do away with the out-moded and now unnecessary Reserve Liability of Members.
Mr J. Hennessy Seth, seconding the adoption of the report and accounts, welcomed this announcement,
Chairman said:
As you will see from the ne- counts before you the profit for the year amounts to $20,035,421, which represents A smail in- crease over last year's figure. In Recordance with our normal 255 practice this profit has been ar rived at after making transfers ¿å to the credit of our Inner re- serves out of which full provi slon has been made for ni realised losses, the depreciation
the enviable Addressing shareholders, the available for local development? corporations in
For the future growth of these position of possessing a Reserve territories on over-investment | Fund over · Ove times greater
abroad than its issued Capital. of government funds
the pace as this deprives the nouncement, Mr Chairman, that must result in a slowing down In this commection your an- banidng system of what is al-applicallen is being made to most its life-blood.
government to rolleve us from UNPLEASANT TASK maintaining the Reserve Liability I am afraid that as a result of of Members is a which, we the Increasing demand for credit welcome. In the
early years of the standing of the borrower the Bank's existence this
pro- and the security offered are not tection for creditors may have the only considerations
which been
been necessary. Today, the posi- have to be taken into account tion is entirely changed; and our managers when op- creditors are fully protected and proached for new facilities. The depositors regard the Bank's to turn away business, name as sumelent guarantee for which at other times would be | the safety of their funds, most suitable, has, i am afraid been forced on baukery in many parts of the world and we could
Chairman's The
statement hardly expect to escape. Never-
makes reference to the restric theless it is not a pleasant task
tion of credit and I think it is and I hope that many of you useful to survey the past and this room will realise to quote learn
happers when
in value of our investiments and all known doubtful debts and contingeneler.
*that
hurts
more
PAST SURVEYED
The general elections held in April resulted in a sweeping victory for the People's United Front und Mr Bandaranaike be- came Prime Minister of a gov- ernment which was pledged to Institute a Ceylonese Republic and adopt a socialist programme including nationalisation of eer- tain industries,
the hag proceeded government slowly
It is proposed that a sum of and no very drastle steps have yet been taken. Discus-
$4 millions should again be alons on the British basea were
written off Bank Premises and, held during the year and in the after allowing for this transfer House of Commons in Decem- and the interim dividend of £2 ber I was announced that "the per share, the directors recom- United Kingdom Government mend the payment of a final will
hand over the bases
of dividend of £3 per share Trincomalee and Kalunayake to leaving a balance of just over
what Ceylon in 1957 on a date to be $11 millions to be carried for- a saying from our schoolday generous facilities are granted, Cay agreed between the two govern- ward to next year,
than and Butts inc x|ments". At the end of the Turning to our balance sheet, it hurts you" In
unforeseen circumstances the in-
in arise. year the People's United Front 1 will be sten that the total of terests of depositors and share- suffered a defeat in the Colombo
In 1925 and previous years, Hablilties has our
remained holders alike it would be most Municipal elections and last
shares could be bought and sold month Mr. Dudley Senanayake, incie
virtually unchanged; a small imprudent not to maintain a forward without
putting up Increase In Current,
Accounts having-suitable degree of liquidity and,
margin. Shortly who has tonsiderable popular and
before the Other following, announced is return been offset by a slight decrease spread as our activities are over June settlement day, a general
These in
strike was called and business to netive political life.
so many territories, this her in the Colony in the total of Acceptances
should, in our opinion, be rued behalf of Customers,
_brought_to a 10 developments can be construed
this than may be considered neces-standsilli, The June settlement as a sign of a swing back to the
arrangements were United National Party although completed during the year for sary by bankers whose interests could not be put through, and
that it is true to say
to mainly confined one share brokers were faced with the establishment of a separate Front havo
administer the Stoff trust to
single country. At December 31, the impossible task of trying to
of the Bank's discharge their liabilities with 1050 the ratio Retirement Scheme and the
being to its out
able to collect which readily realisable funds of this scheme, were previously included total liabilities, was just under amounts due. This situation is among the Current, Deposit 45% and, while your directors unliloely to recur in the share
business market as and Other Accounts, were aro satisfied that this is a rato
a cash basis, transferred to the trust during margin, the drop over the last transacted upon
any tendency towards, un- the year.
low years Is a reminder that realistic share prices was check- our ability to finance the capital ed by restricting credit. I think and current requirements of the general strike of 1928 was our customers and friends must the greatest financial shock the of necessity have some limita- Colony, suffered in peacetime
during the last. 55 years,
These are only a few of the
many interesting developments
that are taking place bul before I leave India there are AR-
invo matters of interest to our offlers People's United 1-
There which I should like 10
Kress * The interest in her pro- be approved by the Reserve importance
to achieve
er
www
WOY
Are
the
English
over-
of
arc
larger QUI
In
to
are
tion.
assets to
and
now
INVESTMENTS FALL On the Assets side at the balance sheet, the main changea Indulonis increases of $144 in Advances to Customers and
STEADY PROGRESS
Before I formally second your Other Accounts and of $39 millions in Trade Bills Dis- The printed statement which Proposal, Mr Chairman, I should counted. As a result of the is in your hands deals as usual like to associate. myself with
fadlitics
with the political and economic your praise of the staff, and to granted
total situation in the Asian countries add that we have been singularly the constituents, of cash,
call
and in which we are represented. We fortunate in our chief managers money
and senior executives to whom have tried in this statement to an government treasury
bills has
we owe the eminent position pick
out the main developments decreased by
this great institution occupies Just over $105 millions. Investments have also which we thought would be art of which Hongkong is so interest to shareholders but with fallen by $68 millions Sue partly the increasing activity
that is justly proud. to the drop in the market value
The report and accounts were taking place in all these terri-
unanimously adopted. a great deal must tles but also as a result of eles necessity be left out.
ales tories,
On the proposition of Mr A. were whole Investments, which
the year was one Sommerfelt, seconded by Mr the steady
with an im- progress
In-Shum Wai-yau, three retiring mainly in connection with transfer the funds of the Staff Retirement Scheme to the dire
Four Directors, Messrs B. T. Flanagan, provement in trade and your directors are very satisfied with H. D. M. Barton and R. J. Shep- have pand
wère re-elected Directors. separate trust to which I have the results, which would
Messrs Peat, Marwick, Mit- already referred.
Of
of
On
of
the
of
analier countries look to her for leadership and watch with xious eyes to see how her dustrial development is proceed ing a development they are all mention. The first is the Reserve led to a great extent for their Trying to emulate to a greater or Bank of India (Amendment) Act support on the rural areas. The
Official Language Bill was pass We now turn to Borneo, a
lesser degree.
In particular | 1080 which gives that bank ed in July, prescribing Sinhala is blessed with her declared polley of neutrality power to vary the cash reserves Federation's reduend this figure country which
as the official lanugage of Cey- to under M.$20 millions. On the considerable
wblch scheduled banks are re lon and natural resources one which many others wish
this has resulted in whole this is not an unsalls but which is lacking
follow and, although the dis- quired to maintain with it. The In both
The considerable dissension Kashmir
among factory state of affales but the capital and labour.
has soured second is the Banking Companies the Tamil community. In his "Here also pule over cails
relations with for capital development are there is the urge to move for-
her near neigh (Amendment) Act 195
1950, which controversy I hope that the re- of inter heavy and are expected to ward in expanding the economy
bour, and may. as a result of
the appoint-cent alia requires the
remarks made by the amount to M$750 millions for and over the last three years 1000
recent
events, lower her own mem of managers of banks to Indian Prime Minister on the tho perlod 1958 to 1962, of M.S milliona have
of the M.$53
is unlikely
hough I under- which
to be much projects totalling M.$570 invested in development,
Bank of India. Although I Half diminished.
not being Janguage are millions are considered
The second Ave-stand essential.
that the powers given | looked, of this WILS obtained To meet this heavy expenditure revenue with the balance from year plan has, in particular, at- under both these measures it is intended to increase
tracted considerable reloans and extemal aid. Labour
attention only intended to be held in re- Trade Balance venue over the next three years hus also shown
with its emphasis on heavy in serve, they are none the less de- welcome industry. In India this to yield at least an additional
is
consider-
change onal crease as a result of inmigrants ed vital to enable
ider-turbing. Circumstances
The favourable balanco her to M.350 millions and la mobilise
im-
and policies with them and a froin
trade has shown a considerable Indonesia, but arrivals vit local capital resources
arrivals prove, or perhaps only to main- vary recent example of this is To the
reduction over the record sur- the under
recent greement fain, the standard introduced im-wit full. A bill
the State Trading Corporation. plus obtained last year but ex- of living of Philippines have been her growing population and alt with the posing a fax at wholesale level Wit
This was set up to carry on trade ternal assets were Little changed on any luxury goods which it disappointing. The importance reports indicate that the govern-
with the Communist
countries
at the end of the year fron: be
at the pre-ment is determined decided to tax in the of communications
where a government organisation 1950,
A further agreement This
proposal has been stat stage of development needs the targets even if this is not future
advantageous, with China to supply rubber in considered severely
no elaboration criticised
ank,
within although found us likely to
possible
of British Government securi- the but the corporation is now com- exchange for rice was signed in endanger Singapore's face
made, the stipulated period. nii! progres has
China, as we fice poil | 2
peting to quite a large extent in December and Ceylon will con- lock of trained status and the Bill has been re-
personnel has have seen, is also moving in the Imports from other countries time to receive a price above ferred to
Committee, resulted, as in so much cise, same direction, although under a Select
which were formerly handled by the average monthly Singapore form of govern- The necessity 19 maintai in the pace being slower than it very different
A
the private sector.
market price, although the pre- sultable climate for investment, | mij
might be. These difeulties ment but with the same cm-
mium is a little lower, In the face of mounting expen- |con in time
be overcome and
The budget presented in July phasis on speed. Whether either Allure for social services, is the there is no doubt that over the will be successful in this rapid
brought only minor changes in difculi problem which
move towards industrialisation.
The investment in an As- In Burma the elections in TRCES
last year there has been a feel-
& Co., and, Messrs Lowe, taxation
rises affect- comprising Singapore's government and
the future alone can show but } April resulted in the expected of greater confidence in the
Bingham & Matthews, were re- sociated Company, which is a ing those in the higher income sullabie balance will not be
the success of one over the other victory future.
the government brackets and for
new item in the balance sheet, a small increase
Since the time of the forma-appointed auditors on the pro- Andl easy to
Track has improved and the would be viewed by many an a party although the size of the
represents our one-third in tion of the Bank the share-position of Mr Lam Choon- In company rates of laxation, It triumph for that form of totals of both imports and ex-
govern
vote opposition
greater
Bowmaker It has always been the prac-ports seem likely to be higher India to retain her parliament-me
(C.A.) holders have been able, in the cheong, seconded by Mr.D. E. ment. The determination of than expected.
The govern- appears that the development (Private) Limited in which we event of the tice in these statements to
Bank being Clark." programme I referred to last than in 1955. Rubber stili con-
ment was faced
aro equal shareholders with dissolved, for the full amount clude
Year has not been found comments
Om | siderable number of problems,
Bowmaker Limited, and Tozer, ments
In the Federation
the elections recently held-G
of which the most important ceptable to the present govern- Malaya and Singapore under the
liable to ment and a National Planning Kemsley and Milbourg, Limited of the notes issued by the Bank: massive piece of organisation W increase in the volume of ex- which it is estimated that
and maintain was to establish same heading but, with the re-
This Company was incorporated and have also been
ted contribute to the Bank's debis Council has been formed to pre- is dis- law and order, and
on May 28, 1956 to trade into the extent of the nominal million people
had an cent constitutional changes, this ports of about 24% and this in-
a new overall plan for pro
Central Africa, economic development.
including
cach share. value of
At that seems no longer suitable
This will dustry is generally on a more portunity to vote at 200,000 poll-appointing that very little and. this
Rhodesias and Nyasaland, but time stable basis.
a liability was it year I have tried as far
The decision
Buch that Ing. booths. Success in คล
in stamping out possible
Labuan should revert to its pre-economie
Insurgency is not so much in the to separate them.
aspirations would Geography
and their
comple-
Economically the misgivings port status war free
became strengthen such institutions not Economics
that the weakness lits as in the mentary economies, are facis effetive
Branding 1st September.only in India but in mayy other expressed last year
Lack of technical personnel to which cannot be ignored, what-For many years Harrisons and countries as well,
the success of the disposal of and these
out the tasks, It was ences Crosfeld ever the politicol
have acted differences
rlee under barter as our aspirations are at the moment
agreements carry
the Auditor He stated in June by were unfortunately proving only General that two thirds of the may be, and it is no more easy agents in Labuan and this has centred round the second five- for us to draw line between
founded: well
and the level disfunkis put up by Commonwealth failure to maintain the two territories in our sum-
tribution of commodities
was countries under the Colombo mary of events than it is for one
WPlan remain
which unused cvidence of the weakness of the territory to ignore the effects on
out this contention, the other of the
policy they
machine, There seems to bear
On the whole the emergence adopt. Before I leave this penin- sula, therefore, I wish to touch on a few mailers of general in terest to the area as a whole.
a
A
aing
i-
on develop tinues to be the mainstay but ary Institutions can be seen from
Central Bank
of
One of the recommendations of the International Bank Mis- sion was the establishment of a central bank and inst year the two Governments requested Mr Watom of the Bank of England and Sir
the timber industry showed
hern
LL
from
Brunei
in
in
year plan.
have
200
Burma
*Wis
with
DB
ac-
terest
th
in
the
te losses.
been even better if it were not series of unfortunate for a which we suffered in Calcutta
1
her fish seems to have been made | inavitably result in delaying for the present it will be main mal condition for the catah
too
been a
A
Satisfactory Year As usual I have tried to give shareholders a brief review of the political and economie cor ditions in the Asian countries
TO
and
notes
ta
a
the
chell
Mail Notices
The latest times of posting shown below are those for un? registered correspondence posted at 0.P.0. Hongkong. The intest posting. Clores, alsewhere witch, in general, ara estiler than the, G.P.O. Umes can be ascertained by enquiry at the local amen,
The latest posting times for firftared article are ““enerally one hour earlier than the times show-below, Parfieniars regarda ing pareri mallu can be afcopi. tained by enquiry at any ́post otice.
FRIDAY, MARCH 15 By Air Formosa, USA 6 pm. Thailand, India, Pakistan, Middle
the end of 1935 that the lesud of under $1 Powered by Eaal, Africa, Great Britain," Europa,
the
matterents and bankers nuke | opportunity of exprtesingtour}
Canada, 6 p.m. Japan, 6 pm,
ly concerned with the granting ishment of a new bank in the of hire-purchase facilities in Colonies in order to afford pro- these territories.
tection to the hokiers of
or The CREDIT SQUEEZE
to the
depositors. These are the main changes
of banks since these sheet but balance in our satisfactory
a protection been
days has made such a arrange
unnecessary
and should like to say a little more ment to our mutual beneßt,
recently in a in Plan Criticised
and number of. Instances view of the change of status of
about the rise in advances
arrainge ments have trado bills which, as you have
been made port, however, your direc-
No
with Buchv tors
scen, has resulted in a drop in considered
sway This plan has been the sub-administrative that the time
of much comment and has been some Improvement of a government with such had come to open our own office Jet
the tour of cash, call money liability. In our case an amend- which commenced business at criticism both In India and since then as rice shipments, on
ment of the Ordinance is neces- and governmost treasury bills. This rise is to a large extent. sary and we have recently made the beginning of this year. Due abroad and fears have been ex-which so much depends, have different views from the previous
due to the growing industrial representations to the govern- to its geographical position pressed that the dangers of in- increased, which combined with one has resulted in a period of so far little
and commerical expansion in ment that this should be
done, Labuan has considerable future tollon have not been sufficiently continued restriction of importy reflection with
**change. Many doubt lus resulted in the foreign ex-
Southeast Asia but that is not In fact, although there is guarded against. possibilities but a great deal re-
the only
reason. It was not vision for a small mains to be done and I do not whether large enough resources change reserves rising by about
nductur have been allocated to, raise the 25%. Unfortunately there has expect a rauld development.
level of production of food and bec disturbing increase in
Is fully the United note lasue cloth to meet the increase in the the cost of living which TOSC
Kingdom began to make itself Certificates of Indebtedness and p supply of money, which the charply by 20% in the first six
felt in the eastern territories in approved accurities
while the defelt financing will Cause, months of the year but has
which we operate, but during depositors are protected by Progress continues to be made while the adequacy of the trans- since come back to about 10%
1950 the shortage of credit to a very substantial reserves. witich Sydney Caine to make in the carrying out of the five-port system and port facilities Higher at the end of the year. in which wo are represented. greater or lesser degree became have been built up. -
The estimate of In an effort to improve the This can of necessity only
сорести of increasing
should like to take this; an examination of the present year development plan and this is questioned. State remains
require
distribution a very happy the foreign exchange
to ods touch on the malis developments of essential goods Tou position and to submit a report
The surplusments of the plan is considered five import corporations, with in these large areas, in many
This on what form that central bank financial position.
our was aggravated in thanks to the Chief Manager, the Branch Managers and all should take. Under their terms for 1057 is estimated to be M.$75 to be unduly optimistic and this capital subscribed jointly by of which considerable changes come by the fact that come con-
which millions, a slight increase over general replication of the neces- were set up towards the end of this has been a satisfactory year
has already resulted in a more the government and the public, are taking place. of reference they were required fast 20
Corris
had previously our staff for their loyalty, and The construction of
obtained a large part of their effelent service to the among other things, to ad viso
the desirability
invest the year. Four of these corpora- and, notwithstanding selbacks flance in London now turned during the year.. of the reath from the capital to the sity to attract foreign
If the spill to the ment, but is the present treat. flens will be issued with import has been marked by general to us, while on the other side,
THE IDEAL MAST allacids separate central banics as
as opposed to ono
territories. way and should be of consider ment of the private sector the licences for general both
consumer political stability with growing depositors took advantago As a member who has had way to achieve this? These are
the This question is inked with that able benefit to the State and the wine of the criticisma levelled goods while the fifth will con- economic expansion.
high rates obtainable in the personal dealings with the Bank Before I close I should like to United Kingdom to transfer for over 80 years, it is with of the currency for the two terri- industry on which so much do at the plan and recent develop entrate on the requirements of
Industry.
• forles, tire Governments of i penda,
Capital expenditure devote a title space to our some of their funds thera, A start has been made ments show that there is a good was considerably reduced during offers ouside these areas and to
pleasure I support, the adoption Sarawak, North Borneo and the In drilling for oil offshore.
Governments also were not deal of substance in them. State of Brunel having decided
Umited
our aubeldiaries.
slow to follow suit and as a re- of the Report and Statement of China, People's Republic, 7 .tf
Formosa, M Accounts as presented, and am Indonesia
During 1986 sterling balances the year and was
Sterling
I still the medium sult the carrying out projects which
banking system in a confident everyone in this room dropped by about £150 millions, were already started and it was for the finance of a large part number of territories was de- will join me in congratulating the wholesale price index rosé asumated that the defelt would of eastern frado and for this prived of substanilai sums at a tinuance of one currency, which Events An Indonesin have
the administration on the propippotes joint
central recently been changing with by 13% while the cost of living be
statement while
placed small plays an important ally expected, Turis is a conclusion with such rapidity that it is extrexate went up by about 10%. These be only half of what was origin- reason our office in London me when the demand for which we agree but the efficiently difficult in a review of this it be limored and “an interimine Ananeled for in the como nues to now and a from a 'purely revenue produe-|
all advances, mainly for productive admirable part in that could surplus
actlylies Business there purposes, was very active, Even before us,
While A a large profit la gratify- working of a joint central bank nature to be entirely
year. A long-term syould only be possible to quote date, The elections held
I wonder whethering to shareholders, a matter of in Jean of US$20 millions was the further enlargement of nt budget was Introduced
ouring 'angle November.. This Imposed a tax cently made by the United premises is becoming necessary, this acilon was wise. Has not greater importance to my mind Rast Africs, Great Britain & Kurope, from the report-", the two the beginning of the year re-n capital gains' ingressed super States of America which will be vis we shall do by taking over the lure of higher intrest rates in the, financial Krangth '02 #7 - p.ka. UMEST Governments co-ordinated their sulter in the formation of a on
Formosa policies in the fiscal, monetary coalidon government under Mr tax on dividends and gave the used in various ways, ranging the second floor of our building caused them to lose sight of the banking inaltation and here we that would have the Ideal, great (financial
KITER and sconende folds". Other re- Sastreamidjojo with ministers government control over the from the establishment of when the present lease expires. increased revenue commendations cover the roter- | mainly
have accrued to them through strength and satisfying profile drawn from three reserve funds of companies to medical centre to the expansion
taxation had the funda... been [1 venture to stále there are sow! Aticab, & pra. tion of the string link and the parties but with others being Insure that they "ore put to uses of the local air line and funds (Conte, on Back Page, Col, 4)
an
for
to adopt a currency of their own,
and the report favours the
year.
up to
were
clangor
for signals
a
On the whole
of
Bank
By Surface Malaya, Indonesia, 4 pm, Australia, New Zealand, & p.m. Mateo, 6 p.m.
·HATURDAY, MARCH 18
BY ALU Peking, Shanghai, Hankow. Kun ming, Holbow am
Thailand, Malaya, North Borneo, Indonesia Australia, New Zealand
Plippines, 1 pit,
Thaland,
India, Middle Africa, Great Britain, Europe, 8 pm.
.Korea, & päin, akko
Melaya, Indonesia, Australia, New Zealand. 6 p.mp
Crylon, 10 a.mo
Hiwal 1.S... Canada, 8 p.m. Indo-China, France, & Din, Formosa, Japan, Okinawa, d.p.m.
By
Thailand, 10 ELBASA
Macao,fim,
Irma, India, a p.m. Indo-Chin. 3 p.m. China. People's Republic, a p
··Maono, £ p.m.
SA HUNDAY, MARCH 11,
Maa By Air Philopters Pakistan Middle Burine, Irista,
Japan, p.m.
·FsWall
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