1958-03-14 — Page 8

THE CHINA MAIL,

FRIDAY, MARCH 14, 1958.

HK BANK MEETING: CHAIRMAN'S REVIEW

now

measures

ex-

the suggestion In fact a coalition of three other hoping that the ten-year old surprising that

will fare in internal emergency may bo, ending. for n devaluntion of the pezo is partles,

number of politics especially an, with Fleid A Walio Paper was issued fri anding a growing adherents and it is true that by Marshal Sarit Thanarat's de- the early part of the year many standards the currency is parture for medlent treatment setting out the general plan of

Nevertheless it to the USA., the three per capital and development overvalued. does not seem to me that sonalities who have dominated penditure for the period 1950-1 devaluation of self is the ans- Thailand's politics for so long 1900. This envisaged the utilisa- wer to the problem and in fact are for the present at least tien of part of the reservea there is the danger that once absent from the stogė,

which will requiro strict con- tried there will be the tempta-

trol over the ordinary budget Although the Import market to ensure that revenue tion to repeat the experiment,

and monetary polley

a

be used to Ananta

year and although there are of HK$87 millions is estimated. for some time and we are happy use of the deflationary weapon (Continued from page 1)

to see that action has now been lest the eure be worse than the signs of A light contraction The provision for public works prehensions as to the security there seems no end to the num- non-recurrent ді HK$109 | taken. It would, however, beulsense. Toking everything into of investment, difficultles with ber of now buildings that spring millions is the main reason for unwise to expect any great Im-account it seems likely that Japan's economy will continue administrative and financial

up all over the Colony end in this rise, Including as it does mediate boneilt but the visits of procedures and restrictions, and fact the amount spent on private) expenditure on

schools, both the Perliamentary Secretary for some time to be subject to variations unless uncertainties About the In-| building last year wan the hospital, reservoirs and the air to the Board of Trade to Ching considerablo cidence and weight of Laxntion." highest since the war, Visitors port, It is notoriously diet and the Chinese Economic and there is renewed and sustained I hope that this advice, coming continue to be amazed at the to estimate accurately expendi- Technical Malon to the United world economie expansion. as it does from a gathering of speed with which thesc are turo under this heading bui, Kingdom have, I hope, laid the

The politient situation re- mained uneventful during the representatives of the govern constructed and even residents, even if all this money is in fact foundations on which a growing ments concerned, will be given after a short absence, comment spent, the Financial Secretary exchange of goods may be based

very little podive

The immedinte necessity in re has been somewhat overstocked, maintained nt jovels sumelent Foreign careful consideration,

taken in internal en the changes that can be considered it perfectly sound to The present volume of British year and

very action was the past done

affaire oport from the financial | implementation of a strict seat which has resulted in difficult | in proiect the reserves so that capital has In

trading conditions with some they can seen. The supply of flats for finance this capital expenditure trade with China is not

to drain business failures, the year on the mentioned. already rach to assist the industrinilsa- the more well-to-do incumbers of out of reserves and no inererse arge and there would seem to be no rotson why this should not tion of many countries and con- the

probably community has

was made in taxation.

be materially increased, even if Mr Kishi retained the cabinet the inflation out of the economy whole has not been unsatisfac part of the capital budget and

and curb unnecessary expenditory. In spite of the necessity to are not unduly depleted by do to increase tinues today

Hie

reached now

saturation point

ture, Once the Inflationary At the meeting of the Legis slowing down of development he inherited from his predeces-

impose restrictions on the exports Delts on the ordinary budget. those that

are but there is an ever-growing productivity of

the In China should be found necessor until July but, when the new at which

bore tendencles begin to weaken the of rice during the second half of

revenue With

dependent to cabinet most advanced. It is now being demand for smaller futs for the lative Council

was formed, Budget that lower income groups. The re

thecary. presented,

algns of tho usual compromise the time might come to reeen the year the

volume exported such a Sarge extent on

so volatile a com- more generally realised

the announced that

The period of the Arst Ave-

the different factions, rider whether the present value during 1957 at one and a half price of between foreign investment is not nececently completed North Point Governor

was advantageous million for of Stalo

The

aa rubber and with year plan has now ended and it with

personal of the peso their varying

was the highest modity sarily terred with the colonial Estate, one of the largest state- Secretary

relaxed is claimed that industrial output loyalties.

The Prime Minister to the country as a whole but since the war. This is unlikely future colls of the Emergency brush but recent events in In- ale housing projects in Ads, Colonies had further

exceeds the

so difficult to forecast, it la un- this should be decided upen as original was absent from Japan greatly

[or

to be repeated this year, as the donesia have shown the disrupt containing nearly 2,000 flats, the financial control which he

of deliberate policy new crop is below average, and

likely to prove easy to maintain ing effects that extreme nation will help to supply part of this exercised over Hongkong and estimate. This is, I think, most large part

of the year making a matter

the expertable surplus in not a continuing surplus of revenue.. allem can

deficit a nation's need. A great deal mere, how that the annual estimates and likely as considerable strides two tours of Asia and visiting and not as a rescue operation.

expected to exceed one million For the current year & economy,

over, will require to be done supplementary provisions would have been made in the produe

tons. Teak exports were con-

forecast of M5119 millions is and it in good to know that no longer require his approval, tian of steel, coal, electric power "This is a very important and and cement, to take a few exam-

siderably reduced due to com- and although estimated deficits plans for further housing estates

considerable extension of our ples, while the beldge at Wuhan,

petion from Burma. The budget, have tended not to materialise are already under way.

financial independence" as the the first to span the Yangise, is

which was delayed pending the in recent years, the low price The Republic of Vietnam has formation of the new govern- of rubber will make this rare. not only a considerable engineer

in cutline but the now achieved a considerable ment, in expected to be presented difficult this year. A separate the ing achievement but will greatly

degree of poitical stability and shortly.

capital budget is expected to be north and south. There are, how-

introduced shortly and it may a fund in U.S. currency avail-

be tint some of the projects ever, signs that the pace has

able for the supply of industrial the first stage in the task of uneven-too tasi in some been

have on

Hongkong

On the last day of the yeni,

to the

was

П

and Aus- United States tralasia. During these tours he

· for a plan propounded his South-East Asian Development Fund, which was given a mixed reception. This plan was some-

Vietnam

It was announced in Novem- Governor pointed out but I think

what vague one considers of ber that the Royal Naval Dock-that when traditional sound Chinese Arecrackers, Sir Alexan-yard would be closed down pro- i conservative way in which our assial communications between | original intention was to set up what might be described asį

the cluso

littel

the for so long between Hongkong

and the Senior Service.

On the recommendation of Slr Alexander Grantham, a comunit-

a.sted members of the com- munity with a feeling of social nut responsibility, which was always to be found in earlier days, and the numerous charit able organizations in the Colony today owe much to their biterest and encouragement,

of

This

The concentration of such large was opened at the end of the mours of people, in the urban year, it is hoped that in a few

Kowloon, plures

nest technical colleges in this heavy burden on all the publics this will be one of the services und in particular on thepurt of the world.

areas of

re-

The recent police force. inarks of the Governor and the Financial Secretary

Qie on water situation give some idea

of the difficulties that have to be overcome in the provisiori

of

towns.

Hongkong's Trade

FC-

have finances

been managed over the last few years there should be no cause for anxiety.

China

was to

becutrie

a con-

evident

country.

production being slowed down. Action aimed at the elimination of these bottlenecks would seem to deserve high priority in the next five-year plan,

Japan

nesses

A

tons

A survey mission from the

л

settlement of the reparailons assistance has greatly contri- Federation Of Malaya

this traditional trade must

ment Fund.

the

Philippines

be gramme

and can

this may

be only

for

at a

In-

tho

the flotation of a loan or kelling Ucularly unattractive.

of Investments par-

Discussions on the formation.

central bank for the have continued

of

T

during the year and Mr W. H. Wilcock, of the Commonwealth Bank of Australla, has been appointed banking adviser and I do is now in Kuala Lumpur. not think it would be appro- priate to make any comment on this subject un!!! some definite proposals are announced,

In aj in the market price,

with the

other floor

Com- price

tomo maintain

and

restrictions. on,

Both production and exporti

silghtly decreased

compared with 1956.

left gressively over a period of two der and Lady Grantham)

This decision has been Hongkong after a governorship of years.

part of the British By 1047 the inken 05

directions and 100 slow in others equipment from Japan to South- resettlement is almost com- International Bank is at present will be slowed down as present over ten years.

recent defence Colony had repaired the worst Government's

-which has resulted in overali East Asia; when it became clear pleted, Greal credit for rescuing in Thailand to plan a long term high interest rates make either

that U.S. currency was unlikely the country from the disturbed development programme are

conditions which of the damage and neglect left policy which includes the re-

previously loan has been granted by this to be forthcoming a yen over from the occupation and organization of naval forces and

fund existed is due to the President, bank for the first stage of the their hore support throughout

was proposed. Time alone will Ngo Dinh Diem, and his ad- Yarnhee Hydro-electric project. had resume its pre-war role as

tell how valuable these tour! an entrepot for South China but the worid. Other dockyards are

the in

United On looking back over the

were but the signing of the peaceministration, in which far from the development of the local being closed

during the

casy

task American advice and the treaty with Indonesia tod were to pro-Kingdom and we must accept events in China Industries, which vide employment for the row-this decision. It is nevertheless pust year it is clear that a

Consolidation will be a matter for regret, as not only number of stresses have deve-

Issue gave a successful outcome buted, ing number of refugees, still lay

and bolh political has this raised the problem of loped,

to the last of these. Jepan con- the next step and

Malayan These were not easy nhead.

Independence tinues to maintain the most prove more difficult, requiring os

Was years but, amidst the numerous re-employment of the workers economic. Evidence of this is obtain and ព

with the it will the stabiilsution of the proclaimed on August 31 relations which but it must inevitably weaken not difficult to

In our review last year I wae cordial trials and tribulations

States but economic present political structure and colourful ceremony in the new Kuala alid this part of the world, to a certain extent Sir Alexander stood firm and by [connection which has existed study confined to official pro- able to report that Jupan had a United

could only lead to nouncements

would prevent the building up of a viable and Merdeka Stadium in satisfactory year of economic necessity alone

Lumpur in the presence of repre- the same conclusion. Indeed it

expansion despite

sentatives considerable neglect of her large neighbours. Independent economy. leadership

from many nations, would be surprising it all had political difficulties. This year A ̈ trade poet was succesfully Leite people in Hongkong

with Russla in Imports during the year have The Duke of Gloucester, repro- the path to the thriving

gone smoothly, when one con-

The reverse seems to be true, ns, concluded profound siders the

changes

the continued at a high level and senting the Queen, hended over although the inherent weak-December but although motolts we now see today.

specially bound volume con- taken place In the

the the market is heavily overstock- in.

have followed Japanese Japan's political Greatly assisted by his lady, he tee has been formed, composed that have

ed. There is

constitutional no doubt that toining the

Tin. And Rubber + the ten members representing whale Chinese way of life in

structure remain unaltered and Waited Kingdom in their relaxa- time, with the factional differences are still as tion of # short

providing for embargo on trade import licences were granted on strument

protce- Irade and industry, to consider such

of the farm strong as ever, it

is economic with China, progress in the too lavish a scale but the tight withdrawal of British

The test of the effectiveness the udvisability of setting up a collectivisation

thun political negotiations problems rather

with that country money conditions caused by the tion over the Maley States and Federation of Hongkong indus- and the great strides that have

of the International Tin Agreg- thon was organisation, it is been made in industrial deve- tries.

carller ment came has greatly hampered the settlements of Malacca and concern. The industrial expan-off. Arrangements have recent-funds

These counterpart funds Penang. sates.

The Federation of

and expected

judgment must ly been announced for the sale hoped, will assist with industry's lopment. A policy of sth rapid to have given most cause for was slow and trade in fact fell delay in willsing counterpart of the Crown's sovereignty over

the

the problems of management, train- growth must rely on

tenth Malaya Uhus became govern- of steel products to are obtained by

be reserved as to whether thus noteworthy feature of 1950, con by Japan

the ing and overseas trade relations. siderable degree of austerity in alon, which had been such

Commonwealth

experiment will prove success- Technical training is a most the present for the sake of the inued during the first half of China in exchange for coal and ment from the importers of goods nation in

of under the American Aid pro and subsequently, was elected ful. At the meeting of the to modern future, and is bound to raise 1957 with no slackening in in-iron ore and the resumption The pressure of population

Council la important adjunci

of International Tin the eighty-second member continues to be the host serious industrial development an doubts amongst certain sections

The final March, the price range was problem facing the Colony and lengkong's new technical college of the population; the extent of Vesiment demand, but although in the interests of both countries, { u!!lised on approved projects. the United Nations.

exports increased they were un-

for the transfer raised and due to the decline Rearmament still remains far Unfortunately delay in formula-arrangements there doubts

able to keep pace with the when the much publicised speech growing volume of Imports and from popular cad although the ting such projects has resulted were completed swiftly

Council in a large amount of money still spirit of gooiwill on both sides; sympathy Constitution Research Chaleanan Мло Tse-tung, this caused a steady deteriora- has been formed the opposition being lunnobilised with the while the constitution followed miles,

de- Greater indicating that of

Elon in the balance of pay-

of £730 per ton was reached in gree of freedom of expressionments. The raising of the re- of the Socialists makes it un- Banque Nationale du Viet-Nam to a great extent the recommen

that the likely

controversial at a time when its use woulddations of the Reld Report and October. Both the second and touched discount rate by the Bank of be allowed, off a wave of critical comment. Japan, an increase In Import arilele in the Constitution, re- not only improve the country's This period did not inst very urgins and a reduction of pub-Jallug to rearmament, will be future productive capacity but to be a workable com- third contributions were sub-

near future, by putting purchasing power promise which provides an op-quently called for from sub-i- reports ile and private investment pro- revised In

for the development scribers long wi Soon press

portunity Japan's election to the Security back into circulation would have of democratie government. The exports were imposed in Decem- Hongkong's trade in 1957 was from Poking were once

grammes were some of the mea- higher in total than that of the full of confessions by counter-

due revolutionarles while It became sures taken to reverse this trend Council will, however, enable the immediate effect of spectruler of Negri Sembilan State ber and the period extended in was elected by his fellow rulers January. The price at, which Buy basic requirement. It seems previous year but this was

and in October the drain on the her to press more vigorously her ing up the disposal of stocks. that a campaign. against

39 the first Constitutional the manager of the butter stock clear that even if the Shek Pk to a rise in Imports as exports clear

foreign exchange reserves was objections to the holding of

be More decisive action can scheme 011 Lantao Island showed a slight decrease. Total rightists" was netively under halted after having reached the nuclear tests in the Pacific.

found in the rural areas where Sovereign of the Federation and could sell was lowered and the workable, this should prove

trade was around HK$8,000 way. The extent of the eritie-

somewhat alarming total of

farming at the state opening of the Legis- producing countries recommend- specia Now that she is once again at the improvement in

lative embarrass U.S.3000 millions for

Assembly outlined the ed the creation of a wil nut

sufficient be

the first to millions with Imports atism was no doubl

member of international organi- equipment and techniques have policy of the government. Their fund to be put at the disposal the Government, but

nine months .of the year. meet the growing demand of IK0,000 millions and exports at rg to

buffer slock. These no evidence to and K$3,400 millions. industrial development

China re- there is

Fortunately, with

such heavy sations, Japan has been feeling produced higher yields, while erst duty would be to safeguard of the Improved standards of housing.mained the principal source of get that it was more than just

pressure on the balance of pay- her way searching for a polley work is proceeding on clearing The government announced at the Colony's imports followed by that or that it has in any way

ments for the import of indus- which will suit her particular highland areas and bringing the independence of the Federa- measures will in time reduce the tion and to protect the constitu- supply but meanwhile the pipe rice crop geographical position and satisfy more land under cultivation. trial materials. the the end of the year that they Jepan and the United Kingdom, changed the declared policy of as rapi R

turned out to be the zecond her needs for export markets. Rice exports were resumed and on, the initial threat to which line has to be cleared and the came from the Communist terr-Increased exports from Malaya had appointed a firm of con- Exports to Indonesia, Thailand pushing ahead at

possible with the 1

For this reason I do not think totalled about 200,000 tons sulting engineers to survey Japan and South Korea were face as

highest in Japan's history. Tak-

ists. The government would not in January show that this may of the take longer than was originally certain areas in the New Terrl-much reduced and Increases to dustrialisation of the

the aim which ing the year as a whole the net that the last has been heard of the year but it is hoped to im- tories with a view to exploring other ателя, including the This remains

the South-East Asian Develop- prave on this figure during 1958. dissipate the resources deficit was US$533 millions as

Negotiations on reparations con- country in large armed forces or expected. car- convinced, be Kingdom and the will, I am the possibility of building sci-United

compared with a surplus of

tinue with Japan and the gop an elaborate foreign service but

would

ол concentrate This United Sintes, were not sufflelent ried out resolutely and will be US$293 milions in 1950, with contained new

between the two sides is beng limited much more by the re- proposed development will to offset this loss.

harvest than by exports higher by 14% and Im-

narrowed. It seems likely that affairs and alm "to naturally take time but the Exports of Hongkong products sults of the

the building of a hydro-electric confidence in the financial stand- the opinions of disaffected ports by 32%.

system necessity or housing and finding nearly HK$794 millions

on the

The price of rubber declined Danhim rivering of the Federation us a field work for the large number of presented a small increase over groups. It may be that agricul-

161 for Investors at home and over- slowly during the year and the It would seem that the tide

The sudden death of Prest will be included in the

reas." The Anglo-Malayan De average for 1957 was 88% centa Chinese refugees is still a major the figure for 1956. The United ure will not be able to play

has been turned and that the

dent Magsaysay in the early settlement.

fence and Mutual Assistance problem. The General Assembly Kingdom

as compared with 87% cents in continued to be the the part allotted to it as nature

past, deflationary policy has suc-

part of the year wis a severe

Treaty, which was signed in

1950. In spite of the down- of the United Nations recently largest customer but purchases will continue, as in the

blow to the peopic of the

October, permitted the United

ward tendency doubts about nsidered this question and of local products by the United to be a dominant influence. Ifeceded in slowing down the too

prove to be 100 this should

the rapid expansion which threat-

Philippines where he was greatly

Kingdom forces to be stationeel appealed to member countries States increased by almost

arrival of stocks from Indonezin in the Federation to assist in caused a sharp temporary risa to give all possible assistance per cent, a large part of which case the part of the national oned to exhaust the reserves loved and respected. This tragedy,

Fails in cake that is devoted to capital pilowed to continue.

Assembly has extemal defence and to provide in December It would, was due to the efforts of the) to alievisto distress.

The National

and this factor year, made the contest 1 think, be optimistic to expect garment industry. Although the development may require to be the index of production, in coming as it did in election

no creasing stocks of goods in the open but the Nacionalista Party been dissolved and pending the "fer the fulfilment of Common- continues to make its influenco any large response to this up-registration of new

faclories smaller

wealth and international obliga- | tet. Exports were higher than hands of importers and lower

result of the new elrelions in were once again successful

cabinet has beentions,"

the previous year and exceeded peal but it is naturally a matter showed a fall, local industry is doubt that it will still con-

wholesale tinue to be a sizable ice.

prices are evidence the presidency although they provisional

formed. Ол the whole the

one million tons, Tho most. for regret that Hongkong seems becoming more diverse and new

The Prime Minister made enotnie feature was the con likely in the future, as in the lines continue to be actively

The higher targets which were of this; on the other hand ad- lost the vice-presidency

Cambodia con- alterations "In his Cabinet and siderable risc in experts ta past, to be required to tackle developed,

dedded upon after the bumperances by the Bank of Japan Liberal Party. President Carlon political situation remains little

and Vice-President changed and Oils problem from her

Business on own

the Stock Ex-harvest of 1955 proved too great to the bonking system at the P. Garcia

end of December country's times

were four Diosdado Macapagal were duly tinues to adopt a foreign policy the Alliance Government which,

of strict neutrality. hope, however, change showed a similar trend

Trade under his leadership, had done resources. I

what they were a year inaugurated on 30th December

increased over last year with so much to enable the change- that the needs of the refugees to last year and decreased by economy when lust year's crops

and it is doubtful and they have assumed office at previously did not come up to expectation whether consumer demand has will not be forgotten and that about 30 per cent over the your

more in over to be completed smoothly, there will be some relief from Considering the sharp fall in

a critical time in the affairs of ports and exports The icduction in the allocation been seriously reduced,

balance due to a substantial rise continued to guide the destinies This was in security values that have taken for

When the young republic, abroad.

iri exports of rice. Various light of the country.

talks in London last economie construction in place throughout the world, the the budget was one of the signs one looks back on conditions in This is mainly due to tho

industrial projects are under accordance with the wishes of

successfully All the frications are that market on the whole stood up that the authorities appreciated Japan over the last few years,

efforts are the majority of the population, year were.

and the way is now the population will continue to very well. Land values re-

that the pace was too swift, with the rapid swings of the deteriorating economie situation consideration and

being made to develop a deep-as, although ripples of disconcluded and the new administration are

from the clear for the granting of tho which

mained fairly will necessitate Krow

sea fishing industry in the Gulf tent can be deduced steady although while a number of official pro-pendulum from one extreme considerable future industrial prices certain parts of Kownouncements show that it is now the other, it is tempting to feed with a number of very

tom of Siam. Clearing of the Jungle result of some recent elections, new constitution to the

io can grave problems. To quote from There realised that many

make 4 road from the country as a whole is sul of Singapore and the holding development and I sometimes loon continued to rise.

of the speculate whether a way

Afty-one capital to the port strongly behind the present ad- of elections for

Assembly, wondered whether this will be are no longer so many first class targets were too ambitious. The be found to prevent such quick the President's recent State of the

Som Котронд

The only dia- mumber Legislative forthcoming.

proved ministration, been sites avaliable We have

cent shortage of food has been the changes in the economie climate, the Nation Address these com

more dlatcult than had been turbing feature has been found Any doubts which existed con-

tho attitudo fortunate in recent years in the district

of the subject of much comment in This poses a dificult problem, prise "food insufficiency, un-

rising inflow of capital, much of which buyers to turn to smaller pro- the Chinese press and its Decem-faced as Japan is with a

steadily

prices expected but it is hoped that in some Chinese schools where cerning international reserves, this road fus built up new Industries, but perties, many of which are old stay winding int

will be completed the disilke of certain members government of the United King- collections decreasing revenue

The of that community for some dom in this connection should sometime during 1059. altates A oils and cotton cloth Da

a growing increase in her

increasing budgetary

the government's have been allayed by the as-. her industry and

opening of this deep water port aspects of rationed commodity. Speculators, exports to keep

requirements." This is Indeed a In spite of the progress of

will lessen Cambodian depen-aducation policy resulted in out-surance given by Mr Macmillan local industries the adverse the year increased by about judgment are all blamed for the of severe unemployment: No

some casco led to violence. Ition of ellizenship under the enticted ordinancó balance

of trade continues to per cent and reached a total of present state of affaire but the wonder there is pressure to in- in consumption would seem to river through Viet Nam.

would be unreasonable to expect recently grow; granted. In an entrepot nearly 1IK$17,000 millions, to problem of a balanced distribu-ecrease industrial production both essential ingredient for

thin honeymoon period in the which provides automatic cltl- This is not

any medicine that is prescribed. too reliable come close to the record figure ton of food in a country the particularly

has Certain steps to this end have

political arenu to last indefinite-zonship for those born in Bin- Kulde, but

remaius of 1951. Increasing velocity of size of China, particularly sub-bcen the fuct

change

been already

taken.

ly anki some more vigorous form gapore, with residential quall- that the time may come when elteulation has been

Joct

vagaries of the pattern of the export trade with rediscount rate was raised to tuo

to fication for others, has bound of opposition is the invisibles will not be the news recently in the United weather, would seem to be less demand for consumer goods.

are being The general elections which emerge, perhaps before long. cently been completed and the sumcient

make LED the Kingdom. It is interesting to insoluble.; Mistakes in the run- This has resulted in activity In September from 2 per cent to difference. It this should note that in the last two years, ning of collective farms are now markets where there is already 45 per cent and in December were held at the beginning of Following historical precedente, new electoral rolls

a similar being

were importers hoppen,

required admitted. and strong competition from other deposit cash margins-in some events which have somewh

to last year touched off a series of this would seem likely to come prepared. The new constitation enterprise here in Hongkong,

freoly

from the left, but there is will provide for full Internai might not

agricultural development seems suppliers, many be tempted to in- trend has been evident,

tup to 200 per

maintaining cent changed the characters on the hope that this may be multi-self-government with the sole vest to the extent that it has

likely to be concentrated on established connections, which canes

before leliers of credit political scene. Although the racial in character and thus responsibility for

law and order and preventing done in the past and a more

Improving on the existing makes the economy particularly could be opened and these were Seri Manangasila parly won a avold issues being decided on

but the United subversion positive

the approach

model without as yet the In- vulnerable by

to essential com- comfortable majority, the way a purely racial basis.

Kingdom will look after.) ex- govornien might be necer-

The financial position of the troduction of mechanical afda. abroad. The shipbuilding in- restricted

the repeal in which the elections were run

relations and defence Bary to Au the gap. The

In an endeavour to raise the dustry is a case in point, Last modilles. Without

In an effort to bring an endternal economic position

the Colony continues 151

very standards of rural conditions year Japan reached the highest of the "No-Dollar Import Law, left u fecilng of pubile dicsalle- a surplus of the movement Colony has been so favourable tisfactory and

Kovemment peacetime output of any nation which permita barter trade, the faction which, grew more vocal to the emergency the govern- and will have the right to the in recent years, and so much just over HK$1 million for the employees from the towns to the but with the fall in world de- monetary authorities are some as time went on In Septemberment, in September, made a use of bases in the Island. A final offer of an amnesty to the consultative body, the Singa praiso has been expressed current year is now estimated countryside is being vigorously mad for shipping, particularly what handicapped in their efforts a bloodless coup d'etat, led by

with the option of poro Internal Security abroad

tankers, it seems unlikely that to impose austerity on the Im- Field Marthal Sarit Thanarat, terrorials progress that as opposed to the original defleit of HK$54 millions. Even this has been made, that it is easy revision seems to be an under-

this level can continue. Other port programma and it is to be resulted in a caretaker govern- either remaining in the Federal bo (It is against this background Industries

undoubtedly koped WELL

that Congress will meat being established and the tion or returning to China with certain advisory to becomic, complacent. The

estimate

and tho dangers I have hated at may

Financial that the decision of the United suffer also but raw materials follow the President's recom- withdrawal from the country of their, familles. Over one hun-posed of three members cach not be so far away, as people Secretary considers it likely that Kingdom and

othes governare continuing to come forward mendation and re-examine this Field Marshal Plbul Songgram dred terrorists took advantage from Singapore and the United Federation. It is hoped, that Uko to

think and it would the final result will -show ... a | ménta to bring the list of goods | and it is not so easy to turn off | legislation ut an early date. The and General Phao Sriyanon.of this offer by the end of the /Kingdom and, one troni' the which may be exported to the tap. It may be that action measures adopted to far will no Fresh elections were held in year when it was due to ex this body whit from out, any therefore be wise to consider much larger surplus.

For the financial year 1080/50 | China Into line with the Rusalas was, not taken. In time but, with doubt result in a slowing down December and ទ government pire and the period was ex dimculties that may arlic duo

30th April. There some preliminary planning to

revenue is expected to remain at must be viewed In 16, the danger of unemployment of the Immediate drain on the was formed from members of tended to at about the previous year's level sociation with Belush merchants always present, it is not sur- foreign exchango reserves but the National Socialist are signs of definite, cracks into the inter-relation of internal tha ́mònetary'] they are in no way a lasting Party. It remains to bo scen this terrorlata organisation and security and external defence. but, expenditure showo i con- Interested in the China trade, we. Drishy that siderable increase and a deftelt have been urging this relaxation authorities are garing in the cure. For this reason. It is not how this new party, which is thero is now more ground for

In the

and this has

It would be unwise to rdy on and are. long overdue for

This continuing indefinitely. building.

to

private

at the

avofa being taken unawares.

Business Dctivity remained

at a high level throughout the

re-

strain

but there Seems

the on

monu

to the

Cambodia

u

Japan.

Thu

Singapore

the

сод

Stato

The bank clearing Agures for jaxity of officials and errors of running and ayold the dangers formidable 31st and a reduction dence on communications by the breaks of indiscipline which in on his recent visit. Registra-

much in

Finances Of HK

to be

directed.

03

to aby

there

with

the

old

recession

The

in

now

Thailand

1

TC+

Coun-

established with Dowery, com-

(Could," on, pago" D," "kol, 1)