1958-03-14 — Page 9

followed

THE CHINA: MAIL, FRIDAY, MARCH 14, 1958.

ANOTHER GOOD YEAR

|

Burma

adverse balanco

control of imports will be neces

al- sary. The recent floods,

though not qulle so devastating

the

# had been reported in

to Increase press, are bound government expenditure for re- lief work and repairs, a defeit had already been estimated In this year's budget which seems likely to be increased.

Pare 07

HONGKONG BANK CHAIRMAN SAYS:

ECONOMIC CONDITIONS IN

MANY EASTERN

NATIONS UNSATISFACTORY

the Annual General Meeting this morning, Mr C. Blaker, Chairman of the Hongkong and Shanghai Banking Corporation, said that on the whole economic conditions in many Eastern territories had been un- favourable but that on the whole the year had been a satisfactory one.

The profit for the year was a record, amounting to $21,035,548 which was

$400,000 over the previous year.

(Continued from page 8)

gramme has gathered momen- | Parly, although they suffered aj savings, without myings there Ceylon is fortunate in having tum and projects completed number of setbacks, particularly) con bo ́na investment and with.

H comfortable cushion of ex- In view of this impending during the year include the new in Kerula where a Communist out domestle Investment no seck-ternal assets but the terms of change in the form of the ad- market, new government offices adruinistration took office. This ing of coplial abroad," the ministration, it is not surpris- end an up-to-date hospital. In has necessitated certain problema delegation declare in their report trade moved against her in 1957 ing that disturbances in Chinese Tawau, development of the of adjustment the centre but ared these are words which could and the reserves tell by Ra230 schools and strikes in the docks Quoin Hill ared should in time the Congress supremacy over with advantage be seriously con- millions, the first year in which and

among the telephone decrease the dependence of the the country as a whole has not aldered not only by India but by they have declined sines 1053, workers have attracted consider- port on the bârter tråde while in been seriously challenged; Re- many other countries in the The ten crop was a record and able attention abroad. Many Sandakan tho construction of } lations with Pakistan un- world today.

in spite of the delays In the port shareholders aro no doubt won-{new buildings and ronds is fortunately show no signa of dering what the future course being pushed ühepd. In Labuan improvement, with-the Kashmir. In conclusion, fi is clear that of Colombo, exporta of tea for of events will be but although there la Hitle sign, as yet, of problem still outstanding and) the

month in- country faces a dimcult the first eloven do not propose to attempt to expansion but the now Shell the dispute over the irrigation time in the Immediate future creased both

ani in value give any forecast, there are a fostallation has been completed | rights in the Indus valley no with the probability that things volume, as did exports of rub- At, Low significant pointers which I which will be the main disirību-nearer solution. Trouble still

whole was will mention.

August ation depot for North Borneo. continues on the border of Gon will get worse before they get ber. Trude as n White Paper was issued showing Trade continued at about the but a settlement has been reach better. The outlook is, however, greater but as imports showed a there was an the extent of Communist act same level as in 1956, and for ed in respect of the Naga areas.} not entirely black

and if it is Intger Increase

of 11.05 mil- vity and penetration in unions the first time Umber and copra On the whole, the political scene possible to surmount the troubles lons. number of measures and political parties which was exporta combined exceeded shows little change.

of the next few years the in- have already been taken to re- becoming a serious threat to rubber in value.

investment strict withdrawal of capital and the maintenance of law and

The most conspicuous feature creasing Lindustrial order, At the same time,

make its in-import duties on luxury goods Both the Governor of North of the economic scene has been should begin to

have increased but it remains to series of arrests of active sub- Borneo and the Governor of

Bluence felt.

be seen whether or not stricter versionists was made which was Sarawak have recently broadcast the steady deterioration in the exchange reserves. few weeks Inter by n suggestion that their

two foreign

the the detention of a number of territories together with Brunci When

Second Five-year students,

These strong mea- should consider some form of Plan was drawn up it was anti- sures had their effect, and con- closer association. No concreto

eto cipated that there would be a ditions in the schools and re- proposals have been put for foreign exchange gap which Iations with labour have greatly ward and for the present all would develop towards the mid- Irnprovod. The City Council that is being attempted is to

dle of the period and it was elections were held in Decem- ascertain whether there exist hoped to meet this by borrow ber, at which only a third of "bodies of opinion in favour of ing abroad. Due to a large those

eligible recorded their federation sufliciently substan-extent to the rise in world In- vote, and reulted in a sharp tlal to make it workable." It dustrial prices the drawing down swing to the left. The behaviour will be interesting to see how of the sterling balances occurred of the supporters of some of the the people of these territories, eärler than was expected and delegates in the early sessions react to the proposed federalion in fact the rapid decrease dur- certainly hardly augured, well

ing the summer was one of the for the smooth working of

strains which resulted in the democratic government, but res

weakness of stering. In spite cent meetings have been quieter

of loan In US currency from and there are signs that the

the International Monetary Council are now getting down to business. 11 is not difcoll

Fund of the equivalent of £45 to find

millions, the sterling balances for misgiving cause from

thest recent

dropped from £400 millions at of some events, but it would, I think, be

at the end of 1967, the end of 1956 to £220 millions which by premature to look only on the

and Legislative Coundl},

Un any standards is a sizable fall dark side, and dangerous to

oftelal members of the Legisla-In October it was in fact found excggerate the fears for the

Live Council will be nominated, necessary to reduce the foreign future, The responsibility office

but the majority of these will sols which were required by has usually

be elected by the District

statute to be held by the Reserve Chunelis. This proposed con

Kanic of India.

It was India's sutulion seems to have received misfortune that this deteriora- general support but it is strong tion in the balance, payments

of ly opposed by the Peoples Party. should occur at a time

when capital

was in short supply and that it soon became otivious obtain. assistance would be dimcult le

wish The amount required seems likely to be considerable

1

of

made politicians in other parts of the world view things in different light, and there is no reason to suppose that this will not happen in Singapore. Neverthe- Jess, it is not surprising that there is a feeling of uneasiness

Brunci

Draft constitutional proposals were announced by the Sultan providing for the replacement Privy Council, Executive Council of the State Council by the

The State continues to be in n very happy financial position

as the reonomy of an entrepot The surplus for 1958 is expected is so vulnerable to outside in- to be M3.68 millions and in- fluences that any lack of convestmente tolal M$.450 millions. ndence

abroad would have disastrous consequences.

A considerable amount

23, even after paring down the plan to its bare essentials

of discarding all the

and

and order

4

A

arc

Mr F. A. Nixon, seconding the adoption of the report and accounts, con- gratulated the bank's administration on the "very satisfactory state Burme also recently celebrated

of affairs." of the the tenth anniversary

Addressing shareholders, the the arrangements for the with the substantial reserves attainment of independence and

Chaimman Bald;

abolition of the contingent the Bank has built up, this has this evincided with a growing

As you will see from the de- liability of shareholders were long been outmoded. improvement in the internal

before

during you the profit for satisfactorily concluded

It is many year since I first The future economic outlook the year amounts to $21,085,043, the year. Due to the fact that started my connection with the union. It had been clear for some time that the restoration is somewhat uncertain as is which is an increase of $400,000 the Bank in incorporated under Bank, and I have very pleasant

over last year's figure. must take always the case with this coun-

In ac- of law

special Hongkong ordinance recollections of my dealings

for with responsible

that well-known figure, precedence over economic deve-try when the price of her ex-cordance with our normal prac-and we lopment and in June the Prime, port commodities is low. While tice this profit has been arriving such a large part of the Mr E. G. Hillier, in Pekitig, In,

I think, 1905. fers to Colony's currency the necessary ed at after making transfers to Minister, U Nu, promised that external events dietato the in future this would be his gave level of these prices, the other the credit of our inner reserves steps to abolish the contingent good deal more slowly in those out of which full provision has lability required authorisation days and a visit at that time to ernment's policy. The increased unsatisfactory feature

of the

and the Secretary of State for more of a social call than it can expenditure in the budget on the economy, namely, the disturbed been made for the depreciation by the Hongkong Government the Bank in Felding was much

problem in value of our investments and police and defence was practical labour relations, is

the Colonies. I should like to ever be in tackled be

the very different all known doubtful debis and netion along these lines while which

thank the various Meluls who | circumstances of today. Bull I of several regional temnally. I hope that action contingencles. surrender

concerned in those am glad to say that do not commanders of the terrorists will not be too long delayed,

were

for the ready seem to have lost the personal negotiations, with their followers was evid-

touch. response they gave

Despite the great vigorous

application which resulted in changes which have occurred in ence that the more measures adopted were having

of the world since then the Bank the satisfactory conclusion Little progress, their effect,

was made in the bunker dispute with China over territories in the Kachin State,

however,

mus

Conclusion

in-

the Once again I come to ond of my survey of the The general financial outlook eastern scene and I am afraid promising. The this year It has not been possi- is far from foreign exchange reserves fell be to paint quite such a rosy fram £40 millions to £30

It may be that picture. millions notwithstanding a loan post-war boom is ending and from India; while the fallure

that a period of recession the rice erop in certain areas setting in. On the other will result in the exportable this may be merely a

the

13

hand

pause

building is in progress and the still expected that 105, it / surplus being only a life over before the advent of a further

In what seems likely to be trunk

ever

from

rond connecting

peeled to be completed September of this year.

Indonesia

the

by

there will be

half of the two- million tons

mic expansion. a shortfall on external account shipped last year-admittedly upward surge of world econo- of over £500 millions. Recent a post-war record. Teak output

ent which was running at about time alone will tell but mean- the 'US Government has an-

50 per cent over the previous nounced u loan of approximate- ly £80 millions and has promis year's figures is expected to while I think it would be wise continue to improve and exports not to count on any rapid in- ed to provide surplus agricul- increased by about one-fifth provement in the conditions of tural products, while other coun. The fall in the world price of the countries which I have been tries will grant credit on a

Commodity prices non-ferrous metals will, how discussing. smaller scale. As a result, the ever, result in lower earnings are still very weak and the ro

outlook 48 more from this source.

adverse In view of sulting

reaction has It the problem of the deteriorating state of the been accentuated by the large

sufficient

food foreign exchange reserves it is development plans most of them interrial

undertaken. consumption not surprising, that action, has have

Their gives

for couse

been taken It had been

Indonesia has passed through immac

cou-

to

Dit

Life moved

It is proposed that a sum of $4,000,000 should again be writ- ten off Bank premises and, after allowing for this transfer and the interio dividend of

the operation, entailing as it did has continued to prosper, which per share, the directors recoma cortain degree of delicate soys much for the skill with which its affairs have been con- timing.

ducted, and the Balance Sheet now before you gives evidence of the growing strength.

New Office

Anal mend the payment of a dividend of £1.12.04. per share, leaving a balance of just over The Balance Sheet of our $2,000,000 to be carried forward Califomian subsidiary, which to next year. As approved by la included in the accounts be-

the shareholders at

Extra fore you, shows signs of steady ordinary General Meeting held growth and the new office in in August, the capital of the Los Angeles got off to a good Bank was increased from $25,- start. 000,000 Lo $30,000,000 by the distribution to shareholders 200,000 Dow share of #125 each, credited as fully paid up. This final dividend is, of course, payable on the increased capital and the actual amount which it is proposed to distribute by way of dividend is increased by $800,000 over the previous year. The reduction in the carry for- ward is due to the transfer dur- ing the year of $9,000,000 to the Reserve Fund as part of tho operation to capitalise part of the Reserve Fund in connection with

by the excbange | 1749 are on the whole ar rob the new issue of capital.

Д

Capital Account

either chances of any political settic-bone and all types of expendi- success us although same price only my world demand. But nolca In

change which would normally have accrued to them. As A result the

economic situation

under

wxy

ملا ورقط

codination and the government change reserves. These tenden- steadily upwarde since 1951. Thinuing but a great deal stil found that the avaliable Koreign counts show a rise of

the

show

one

I understand, Sir, that you will be leaving Hongkong very shortly, and I should like to you, on behalf of the shareholders, a long and happy retirement.

-Your connection with the Bank has been a long as you have served OFL the Board for a period over During the year we opened ten years, with the last five in. new office in Seria, in Brunei, the position of Chairman, I am and arrangementa being sure that your experience will made

to open an office Kuching, in Sarawak In view longues,

in bo greatly missed by your col- of the disturbed conditions in Mr Blaker, in reply, onid:

udonesia we have decided to Thank you, Mr Nixon. I close our office in Surabaja. greatly appreciate your kind Although this office was opened words. My association with the

дро

vious to the last war, a valu- one.

1600 and for a time, pre- Bank has been a long and happy able connection, business contly has been falling off.

was

accounts

The Report and were unanimously adapled

On the proposition of Mr R. B. Bell, seconded by Dr T. T. Mok, three retiring Directors, Mosta J. F. Macgregor, L. Kadoorie and C. Blaker, were. t-elected Directors.

Merus Peat, Marwick, Mitchell and Co., and Messrs Lowe, Bing- ham and Matthews, were re- appointed auditors on the pro- position of Mr U Sa-wing, Reconded by Mr D. Brittan

MAIL Notices

his last budget address, the capital with the oilfielda Is Ox- Financial Secretary, Mr T. M. Hart, looked back on what has been achieved in Singapore since tho wor. During this period M$800 millions have been expended on development by the government and the City Council and recurrent expendi- troubled times since my Last ture is now

providing more than four report and, whatever the cut- times what it was in 1947. Acome, it is difficult to so much for large part of this

The changes in the Board of increase is hope of improved trading con- still

Directors during Que

the year are to tho

growing ditions in the immediate future. cern.

large hoped control and import censing growing populations,

shown in the Report which is demands of education, public The lack of agreement between that food imports were a thing authorities to bring about a part of which have a compara

in your hands and I will malce health and social welfare but fraluential political figures In of the past but the harvests reduction lo importa,

tively low standard of living.

the Turning to with their economien dependent

balance no further comment on them. the organisation of the police the capital steadily weakened have not come up to expectation

Account the Capital force to its present high state the control of the central gov- | nor has production increased

to a large extent on agricultural sheet, The semi-governmental or- to a

shows the increase which I Tár G. Reper-Caldbeck of efficiency has not been ernment over the outer islands fast enough to meet the kicreas-ganisations which I mentioned

subject to severe

have just mentioned but the joined the London Committee ochloved without cost, in wite of where many of the local com- | ed demand and it has been last year now handle a large ductuations in price. It is not

Reserve Fund remains un- during the year and Mr S.W.P. all that has been done, develop manders to a large extent acted found necessary at times to use part of the import trade and surprising that there is the urge changed at $128,000,000 due to Ferry-Aldworth, Senior Leadon ment must still go on and it will independently, merchanting local valuable foreign exchange for the were set up with the Intention to expand Jocal industry in

the transfer of $9,000,000 from Manager, was appointed Deputy not be es cosy in the future as produce to pay and supply their import of food. Imports of other of reducing the cost of living onder not to raise the standard

the Proft and Loss Account and | Chairman. to the past to obtain the re-troops. This hot only made the commodities have been cut to the In this they have had a limited of living but also to make the $15,000,000 from Inner Re I should like to take this Evans. quired caplial

less susceptible to the

corves, Hongkong currency opportunity of congratulating surplus revenue or institu- ment more difficult but deprived lure requiring the use of foreign have fallen they have run into

circulation, show on the Chief Manager, Mr Michael tional investors. Already the the central government of the exchange are being rigorously difficulties over distribution and

industrialisation

increase of $16,000,000 duo to W. Turner, 00 the honour government are relying 10 revenue and the foreign ex- curtalled.

Π

have not always arranged their

own problems, the most difficult

a rise in the Excess Note Issue which Her Majesty The Queen large extent on loans from the

orders to meet the market of which is

is to keep inflation and this increase is reflected recently conferred on him. 1 am Central Provident Fund Board,

demand. In fact faulty procure- under control. As the projects the other side of the Balance sure you will all agree that this which are naturally limited hi

It will be seen that active steps ment has resulted in the arrival

employment Sheet by a similar increase in award was richly deserved and amount, and for this reason the deteriorated rapidly with on in- have been taken to reduce the of Imports being uneven and

Government Certi rises and with it demand, parti- Hongkong

of the crease in the note issue, steadily foreign exchange drain but this this has at times caused delays cularly for food and basic cloth- pace of future development is

some recognition of ficates of Indebtedness. Cur kely to be increasingly governed rising

borrowing has resulted in the index of at the port of Rangoon, Re-ing. Prices go up

bard work he has put in, not government

nd it is rent Deposit and Other Ac- production by financial considerations. This from the Bank Indonesia and a Industrial

for the Bank but in the caly for starting construction of the port is con

$131, general interests of the Colony. will necessitate a degree of co- dwindling of the foreign ex-to deeling,

moved having

exchange is earmarked for 000,000 mainly due to higher Our thanks are also due to the remeina to be done.

Importa of ranchinary Fixid Deposits. Acceptances branch managers and the staff have set up Planning Com- cles, which had been evident is probably due to a certain ex-

Industrial row materi- on behalf of Customers and mittee to integrate development to a greater or lesser

of industrial degree tent to a shortage

Although it has not been

Bis Imports of plane of the various authorities during the

and I am glad found possible to push gathered raw materials year,

ahend

consumer un increase and the total has for their continued loyalty and would to see that it has recently been with industrialisation with to the extent of the funds avall momentum in December when

a good which

restore now excooded the figure of two efficient service to the Bank.

Before I close there are two the announced that the import wi

the level of prices have to be years ago. rapid I speed ∙ay wag able. The current position is not it was decided to expel capital goods will not be made hoped, quite a large number of limited due to payment difficul-i When we turn to the Assets matters of local interest to us

whose hands 50

Hongkong which I ties but the internal demand side of the Balance Sheet, we here in at the expense of raw materials.

In taxation this year were confined much of the country's trade I hope that this policy will be projects have been completed

to mention, find to the raising of the petrol duty remained

really should like The disruption 'of

the Airst

I should place realisable the joint venture arrange- striking the to the same level as that of the coastal shipping which followed strictly adhered to as necessary ments between foreign concerns among the conflicting claims on

assets to the total

like

how

pleased say liabilities has risen. by 4 per Fedoration and a few minor

though new industrial Invest-

we all are that Bir Robert Туля adjustments but a rise in taxe- this move

a particularly

cent

en lo just under 49 per cent. Many leading ment is, there will be no overall and the government are working the resources available is by serious matter. tion must be looked for in the surdi

Until it is clear that the

Black has returned to the Colony Both

Hand no means easy and to point out benefit to the economy If existing

and Cash in

Sir Robert Is Governor nt

and Short future. In fact, it seems likely personalities in Indonesin ex-

Call that some new forms of taxation pressed doubts about the wis industrica are forced to curtail terorists organisation has been what is wrong is easier than to broken the pace of future show the way of putting things

are higher than last well known to most of us in this room and I am sure you may be introduced shortly and dom of this action, which was production.

development may be slow but a right. No doubt development

but the main changes wil although this is no doubt inevit- in fact less strictly enforced in

favourable rice crop

this year can

will join with me in wishing slowed down brat

to be observed in the W Last year I pointed out how would alter the economic

обра

him

successful able, I hope that these will not the outer Islands, and relations

out this takes time, as it is

long and British

Other Govern include any measures which will between Java and the rest of important it was for the future look very rapidly.

viously

stop uneconomic to

period as governor, Treantry Billa and damage the free port status. Indonesia continued to deterior- of parliamentary institutions in

enterprises already half com- ato, Although political differ- Asia that India should

must pleted Raw materials in. her Malayan total external trade ences played a large part in the succeed

efforts

continuo to be imported to keep showed a rise of 27% over 1950 growing dissension, the main towards increased industrialisa-

existing industries running and this is an important But there was an adverse balance cause has been economie. Java tlon and

the failure of a harvest or a of M$200 millions compared with with its large population has al- now as it was then In spite of the difficulties I mentioned above

During the year the govem-rise in prices abroad may com a surplus of M$13 millions in

the most ways required more of the coun- 1856. This was caused by an try's

than she has a great deal has already been ment were able to implement a pletely upset resources

of their election conservative of calculations. I increase in inports of over 6% been able to contribute and al-done and the available capital number

The British bases am not suggesting that errors with exports at about the same though this is to a certain ex- has on the whole been wisely promises

have not been made nor that back, were hanted

B com level as the previous year,

administration has not at times the construction of the three new promise

was reached must of course be rememberedt inevitable, the outer islands sprat. Progress is being made in

have felt that they

fallen down due to inexperience that there are a number of getting their fair share, What expansion of the two that are

no government steel plants and the language issue and

or

blameworthy even more visible. Items much no British ever

set committee the outcome

of recent

Nevertheless any erf causes. tho question many examine military expenditure not included events may be it seems clear privately owned, while

ticisms of the fallings of these in these figures which make the

other projects are completed or revising the constitution.

be tempered countries should that the previous method by nearly so. The industrial delega-Nationalisation

on the other position not as bad ng it looks.

which

the

tho with

realisation of foreign exchange retion, led by Mr G. D. Birla, hand is

being rushed

immense difficulties they have sourced were allocated in un-which recently visited North although

bus transport to face and if at times they may likely to be resumed. Moan-America and Europe found system camo under public have almed too high, surely while barter trade of various genuine sympathy for India's ownership

On 1st January, this is an accusution that could

the whole we can look types enables necessary Supplies aspirations and willingness to 1958, and It seems likely

that to be obtained but the terms of help as far as possible. The the port of Colombo will follow successful examples of human

be levelled at many of the most back ou a satisfactory year but great deal of this trade are delegation, however, was cult. The tenth anniversary of endeavour. far from favourable and do not prozed by the serious misgivings the attainment Independence, beneft Islanda ne a whole,

unsatisfactory and increases in Dutch

North Borneo

It

The racial problem across the sea is not without.Its influence on North Borneo, where the ad ministration are moving slowly in the admission of the Chinese labour which could be so hene, acial to future development. in his annual The Governor,

tho report to

Legislative Council, mado It clean that

in

were

still

and

well.

Ceylon

not

tho

011

ΟΣ

once

on the

D

select up

10 of

the economG" of the which were felt about some of however, Ands the political the country's soal and connale tuntian oneasy with comidor policies and those criticisms are

rivalry between able sintiler to many that have been various groups

India

:

.

the

made from time to time by in-

dustrialists both in India and UP

tha

Front.

which matte

United People's

has This

mitigated

stt grows. It can be seen that

proper

balance

من

ewen

Mr Blaker Resigns

In particular, the | 540 cloewhere. slow growth of domestic savings, against resolute action being In August, "there is no intention of sacri

India completed which has resulted in a shortage taken to deal with some of the Being the future to our present the first decade sa an indepen- of local capital, could have an outstanding problems, the most

country during nood." Under existing condi- dent

which unfortunate influence abroad. Important of which is the con-

Mr C. Blaker ceased to be parti. tions I should hesitate to critlelce period she has developed a con- High taxation is blamed for this tinuing labour unrest

degree of political shortage and she recent widens cularly in the port of Colombo. Member of the Logistative such a decision but it will aiderable. inevitably result progress maturity and now exercises lug of the laxation net by the The movement of exports has Counell as from March 7, con being slow, which is naturally profound influence on neigh- | inclusion of the wealth and the naturally been hampered and sequent upon the acceptance of disappointing to all interested in bouring Asian countries. The expenditure tax is unlikely 10 | the delays in the port have his - resignation... by "HE the trading conditices in this ares, elections resulted in tha

ax-make the position any noster" caused a number of ships to Governor, today's « Government In Jesselton the building pro»' period victory of the Congreso] "Wilbouă prođite there can be no | typam Colombo,

Caseite announced,

201

Money Notice

year

aro

ment

the rallo

and

0.5

to

Barracks area of 'the military

The latest time of posting shown below are thous für Mag registered correspondence posted at G.P.D., Hongkang, Tha Utam posting, times nimewhere, which, In reneral, are earlier than the G.P.G. Limes can be ascertainad by enquiry at the local ofles,

The latest posting times for registered articles are generally one hour earlier than the times shown below. Particulara regard- Ing parcel mails can DE RUCHS- tained by anquiry" st. any · port other.

FRIDAY, MARCH 14 By Air Formosa, y,in,_ Thailand, India, Pakistan, Middia

GA, & Canada, u p.m. lawall, p.m.

by Kurface Japan, Iswall, U.S.A, C. & S. America, 3 p.m.

The second Trade Bills Discounted, the matter I wish to mention is the welcome news that the Murray former increasing by $204,- de- 000,000 while the latter creased by $110,000,000. lands is at long last to be sure, Africa, Great Britain & scope, rendered to the government, Advances also show a slight This is a matter which has been decrease and it

can be seen discussed as long as I have been large part of our

In Hongkong and in fact turn- that a increased deposita have been

Mace. p.m. ing over the old Minutes of our utilized in Treasury Bills

BATURDAY, MARCH 15 Annual Meetings, I notice that

By Ale opposed to the financing of

in 1928, when the land values

Pexing. Shangfal, • Hankow, Edi- trade. This is unfortunately

were described as being at un-how, Huuming. 250 a.m.

Jopan, A.TH. a sign of the generally lower dreamt of heights, the value of commodilly

and prices

in slackening of trade areas in which we operate,

Satisfactory

Was

Thaliand. Malaya. N. Borneo, in- this aron to the businiem codonsin, Australia, New Zekund, 19. the munity

the li.m. urged on

Philippines, Nood, government as a reason for its

India · Middle Thland,

East, Thirty-Ave | Añtice, Great Britain, de murope, 6: speedy surrender,

long time but IL P.. yours is a

Indo China, Malawa, Indonesia: looks as if the development of Australia & New Zealand, Cambodia, this 'aten will now become an Lam, 6 DD.

Formons, Japan, Okisawa, 8 p.m.

By Burface Chine, People's Republic, 9 a.m. Formosa, & A.m.

accomplished fact,

Secondod

as shareholders will "ace trom the printed Stalement, economic -conditions' in many of theso eastern territories "have been

Mr F. A. Nixon, in acconding unfavourable and the immediate the adoption of the report and outlook. can only be regarded

accountă, said:

Maseo, 1 p.m.

Thailand, Leon, India, Pakietan, Fenq (Karwal TEA - EREMA, Parents

direct, P. India, via Khenchi),.

P

Malaya, Indonaris, 3.9.11.

Japan, Canada, s ́p.m.

Chine, People's. Repabile,

"MUNDAY, MARCH N By: Alz Philippines, uma Dueroa, India, Pakistan, - MASSALE this year the protistics Great Belain de teppe,

Rawall, UB.A., Chad, 4 p.m.

ns uncertain. It remains to be

Macro, & P. It gives me great pleasure to seen whether the coming year rise and support the adoption of will prove as profitable as the the Report and Statement of last but it would be reasonablo | Accommits particularly as I under- to hope that we may not find stand thi It песенкигу to allocate any the highest in the Bank's history, a further suma for the purpose | I sin sure shareholders will join of willing down our British me in congratulating the ad- Japan, 4 pm, Government securities, which ministration on the very satin- disturbing factory state of Dual which has been rucha feature of the last few years, these accounts show and it is Before I leave the Balance | particularly gratifying that the Bheet I should like to say how Reserve · Liability of Share pleased your Directors are that holders is now abolished as,

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MONDAY, MARCH ST

China, Paroles Tripukusį,9) 430) Maono,

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