1950-03-10 — Page 5

THE HONGKONG TELEGRAPH, FRIDAY, MARCH 10, 1950.

SIR ARTHUR MORSE REVIEWS SITUATION

(Continued from Paze 1) and other features into which I will not fo. brought about rapid deterioration which forced the Brillth Government to de: value the pound In terms of gold and United States dollars on September 18.

Although proved to be finally unavoidable, proved to be finally unavoidable

Allock

overseas. As

ΟΙ

consequence

the free and black markets of of the world continued to quote sterling at a discount.

on

economic

10

COLL-

Ogure Increased to 11,005 About equivalent to million,

co7 millions, certainly on im pressive gure but parily due to the financial disturbances to On which I shall refer later. the other hand it is fuldeant at the fongkong Stock Ex- clange has been in the doldrums throughout the year and bust

Some strange

speelalise

political

ess transacted in dollar figures elush faw, order and enterprise and currency difficulties have uti į regarding the eventual issue of of living has

a con-

the cause of this rrecasion.

AIR TRAFFIC

Incal

14

our

fron

been

roads to that

13

and

or

and the

As koon

sent conditions are not con-

FREE GRANT Last May the welcome 31- nouncement was made in Par em nt that in view of the 10

which Malayn evened burdens

had to bear cluce 1948 111

Majesty's Government had des

into China erased į able changes in post-war prices Chlan ro lang as there Is cone properly be expected to oldest to rates to £20 milions

As a result the traffic

Import Exports

1047 1948

1549

2077

1949

2700

1217 1503 2313

and great

reat efforta

have

were

were

and standards of living.

could

onct

A very

do

no

cent

en

with

the that

orc

War

ព

|

of her

next

lions and the higher prica of a favourable co the need for

and

been

I

there.

trust that the present year will we have no office in that coun- see some real

we pre doing a con- try but "cadway By way of contrast to the dis-siderable amount of business

pleture in North through appointing

our correspondents Borneo, Brunel State in in

The general economie

ik outlook

satisfactory, the prosperous condition thanks to the all well which are lucing at the rate of about 0.000 foreign trade balance is favour- able and the financial position Is sound but the dispute with metric tons a day. Royalties on oll provide the chief revenue of the Government and enable Indy casts a shadow over the Die State's financer to-be-in-o satisfactory condition.

pro

seene,

Ceylon has been fortunate in being able to pursue the even INDIA'S PROBLEM

lenor of its way throughout A very great deal might be 1949 with hardly a ripple except said about political and econo- perhaps when mic conditions in india as de-

The year 1940 has been one political fret og rapidly on 10s also review its stockpiling pro- velopments of much importance / Wealth Conference met in Dow

(Contd. on Page 8, Col. 1)

confined to Cal- In foreign of you may think

trade which in ono way or another On the other hand the noon-1 considerably increased but pro- Interests are essential | proved to be more intricate than cial position of the Colony of gresa is not likely, to be rapid. culta and Bombay where I am

offices that a speech like finance and provide

are The foreign trade of Maloys glad to say dur this I thould refer so fully to services for which the indigenous would seem likely to the un- Singapore appears to be satis

In 1940 showed an adverso bastendily progressing. India's parochial. comewhat

matters, banka either Inck the resources Initiated. These gave our Staff factory and there has been no

There was disturbance of law and order lance of a little over Malayan main problem is that but I do so deliberately becuase or the ability and experience. a harassing tline.

with Pakistan: I wish shareholders In other is a

the banking the long delayed Sterling Aren there. Both in Singapore and in $162 millions as compared with relations Enst that

$61 millions in 1048. However perhaps is that of producing of the world, and systems in most countrica of the Trade Agreement of November the Federation labour conditions partn

as to cut down East are only in the

in December there was an ex-more food so enrly stages especially in the Untied King

port surplus of some $34 mil-

alt-Imports of foodstuffs, and after Foreign Trade Control Law of ployment has continued. Wages

that I

I would COS dom, to have a better concept development: experience and the Foreign Exchange and have been quiet and full om- of the way in which fengkong ability take many years to no- December 1, and the discussions have been stable

external balance rubber added to the strict con- a continued on to quire, whlie internal thanks developing 16

trol over Imports of hard eurof

eur of payments and the attraction new Banking Licences which downward trend, so far at any best informed circles, the even-

orc Asiatic standards restored the pre-war status of rate on

rency goods should bring about of foreign capital. The first of tual decision by His Majesty's appears to have been been only

half that of 1048. There has combled with the many out rom, ruses hit them had

concerned. The 3% Loan of CO SERVICES NEEDED

an improvement in the balance thene problems is unfortunately Government

foreign banka effective from enme non- been a reneral fall in the quota-qualities of the Chinese pupuin-

of trade in 1950. Malnya is able stilt not on the way to solution millions floated at par for the The services of forelin banks January 1 most people in een

tion but particularly their in- pleasant

to pride herself on the fact that and military expenditures are as Trade Federal Government in London particularly tons of shares, averaging may

The been, and for have therefore

Sterling Arca the Sterling Aren,

dustry in their daily work, around

in 1040 she 250 and an

United the year last May was fortunately timed

a result being maintained at a earned mora statisticlau many years to come will remain Agreement covered because of the magnitude

The Government

States dollars for the Common- j light level. But top priority i the change in the rate. It sequence market prices show a

publishes a retall price index (if

they

for the Government, nre permitted

June 30, 1949 to June 30, 1950

wealth than the United Kingdom being given to the production achieved no permanent cure very generous return of 8 to

¡pperate), of much

value to and the delny in the final signa-afterwards an upward trend In

Interest rates started. The Los did and the same situation of good grains within the coun- In the coal for Britain's financial problems 16% and more on shares of somewhch gives a general guide to

Eastern countries, especially in ture until November 22 means ΠΟΥ stands at a considerabie probably existed in 1049.

try. Steps have also becu taken and being unaccompanied by

of the best compagles in lohy major changes

Connection with the expansion that 12 months' work has to be niving, of the community

discount in the London market.

NORTH BORNEO

the Political kar.

fente

to restrict imports while any relaxation of existing re-

Although some progress has devaluation of the rupee In line strictions on the use of sterling anxietles have of course bren whole. This shows that on the foreigu trade which neces" | squeezed into a seven months' There is an acute need of invest-

basis that the first quarter of rally goes hand in hand with period which has given rise to men

190 10ment capital in falaya as in so

been claimed for the colony with the pound sterling gave 'a 1030 equals 100, the December steps to increase the indus- some dimenlties. Since Novem

to exports. 1940 figure would be 653 but trialisation of

of North Borneo there is so much considerable lip country. eber sterling area foods have many countries in Asia and pre-

development to be done that few can be sails | Satisfactory taking March

of 1017 no 100 the therefore the Eastern countries Hongkong's air traffic relums i tekure would be 112, idesive that trade and Industria-rapid rate than licences have contructed for st a more

more ducive to rapid progress in the

fled with what has been affected | fruda has been effected as a for 1949 were swollen by events

Many development projects STRONG REACTIONS

In the past year. It is true that result of bilateral trade and bar- In mid summer when refugees Wage rates in Hongkong have lination shall develop rapidly been issued to cover purchases of which the country needs.

of cases rises utal efficiently, there will be Japanese

fair amount of legislation has ter agreements with other coun there In the East the teactions at from Shanghai used this means in the majority

been enacted and more is on the tries, in which respect Indla has those informed

of escape from feared political nince 1930 above the compara need for the specialized services have been emplenifona in res

stocks but that is not mensure Towards the end of

of tive level of matters showed,

been particularly active. Several the cost of living of world-wide banks. Vengeance.

ard to the financing arranges I think, ja

that this precept same period.

of achievement in the practical important statements welcoming I glad to my

which

the cept ments, that the year when the two leading mdex in the general tones of dismay

field. The Reconstruction and

the importation of

of foreign capi matters should

Chinere airways companier de consider it is no longer realistic has not hitherto been questioned ather British banks have been have any

fected from the Taiwan Govern that basic salaries and wages in any country in the Enst-that undertaking to an extent, which,

Plan seems to have Development

tat and giving assurances as to such a pres and that the Ster-

hung lire, since, in spite of the

ets treatment have been issued Blog Dollar difficulties should be ment, many of their aircraft should still follow the pre-war why we do not propose to in my view, ces much beyond

need for speedy reconstruction of bath by the Minister of Finance were grounded and at the same scales in view of the "otherwise

offees conskter.withdraw incoluble", a

what commercial banks should Sir

buildings, wharves and public and by Pandit Nehru; as a ro Stafford Crippa put it.

time trame

arities it is afficially stated that at a number of British manu- ellons in the East were stronger and the Hongkong returns fell

kelthoad of their being able to From the British point of view the free grant of £10 millions

about $6 millions have been facturing concerns only CHINA SITUATION thus the head-shaking in the D one quarter of the peak.

are taking business.

the importance is to ensure that already promired for the

1 on public works in the expended West And the financial landing

Nevertheless the annual figures

Bondholders of I said last year that the puli-

the Chinese no sericus anbalance arises as Pausage Compensation Scheme An in- as to provide 15 well

last two years. As regards in-steps to establisit factories in India, Moreover, the Inter- record more than 25.000 theat and economic structure of Government Hallway Loans will was the case with the firz, trade of

undoubtedly w

show n our country

free Joan

up to dustrial activity, forest

copra aircraft in

and out of Khi Tak suffered a loss of prestige. Frickt and a total of over 318-position than it had been since

noted doubl have Chlua was in a more ominous

ngreement.

timber exports

have Improved national Bank has during the year Interest

$160 millions. Both With those responsible for the policy on

new bank licences re- Malayan The

but rubber production decreased: Franted some timely inang to Anapelat present yea of this Bank, the

passengers carried; but the

from Lexis'atures have now passed reports

those obtained foreign traders had established

placing

hopes of

the re-establishment India for railway and agricul

tural development. All things situation in our home

hasebe reduction in these figures as have seen the structure college effectively and in most

will see a consider themselves on Chinese sell. We the railways throughout China SCAP were issued to the foreign the relevant Ordinances but

former of the

ner Japanese hemp tur throughout last

are now once again operating banks by the Japanese Gover-final settlement of claims will year weighed the China trame seems unlikely

not yet een considered there would be good estates have

were it almost as heavily as the pro-

We have wit

cament on the pre-war basis and take a long time.

realised. It is claimed that the grounds for optimism blama consequent on the

In the immediate during the past year, re-open

capacity passenger und in accordance with the Japanese

not for the Pakistan dispute. disintegrate and

aroused Much Interest WOR is seen armies fusion and uncertainty in

Colony may before long be freight traffle although there is Banking Law of 1920. E even the future.

in Malaya We scen

and

PAKISTAN particularly

yet in self-supporting in rice various countries out East, congestion at Kal Tak airfeld Curr

eld currencies dissolve.

equipment and

and Japanese banks have now been in circles concerned with

1040 the value of rice imports The same applies in reverse rolling not revolution in process of develop.hortage of It can be safely maintained will be eased but it will not revol

stock.

It is to be hoped designated as foreign exchange

the

rubber

10- and (in

was higher than in 1948,

to Pakistan, As you are aware The effect of this has that when diplomatic relations banka and these banks will. It that the new Government will Golve the problem of future ment.

lustris when unc of the continue to make every effort to needs and of safety for large been to make our China bran-

have been fully established on

s presumed, eventually be able

ten points which were the sub- ensure that the deficit in the of Slate for the Colonies and they prospered exceedingly.

a normal basis at Peking some to open branches overseas on aject of the official communique the types of aircraft, The Secretary ches a liability whereas

information will be forthcoming reciprocal basis. dollar balance of

Shunghat payments recently that the wheels

having

icrued on September 12 at the reduced during the present year

as to the possiblilty of negotin- Since the beginning of 1950

end of the important Washint tlons with the Central Peoples the transfer of the control of ton Financial discussions, denit and the gold and dollar reserves now going round in connection difficult time and owing to the arrangementa for are maintained at a safe level, with

can lack of press messages it is not

Government about China's the Japanese domestle economy with rubber and tin. It stated At the same time the Burrow struction of the modern airiteki generally realised how server rallway debts and other finnu- from the Occupation authorities that Canada was prepared to najority obtained by the Labour at Teen Bay. I trust that this the position is as a result of cial obligations, t must

hng fathered 11

its re- pressed forward as

recent heavy air raids and the General Election will he party in the

of these commodica will I imagine result in a slow-matter of real urgency.

continued blockade. On humant-cured that the new Govern- momentum particularly in the fake steps to inerente

China accept respon-case of of

commercial precedure. Berv One of the outstanding-events turion-grounds-along the bombibility for the ing down" of the "more" controver"

United and that the United States was international It ·la ̈ clear that the

prepared.““to open to natural sint parts of their economie and of the year from the point of Ing of this crowded and un-

treaty obligations of its pre Stutes Government are anxious

rubber a mibstantial additional financial programmes.

viene of this Colony wid the defended city should receive the

decessors Including of course to cut down the amount of

are 1 uf decision

urgent attention of the Powers those financial abilities which their monetary aid with a view modification of the Government made as a result

of competition, including| HONGKONG'S TRADE the visit in

of the Minister June

Representations have, I under-

are properly authenticated. to allowing Japan to stand on order relating to consumption of Defence,

the Common- to reinforce the

tesland, been made to the United

her own PROGRESS IN JAPAN Hongkong's foreign trade in

financial, if nother

of synthetic rubber" and would garrison owing to the un-Nations na well as to Londoa 1040 has aguin for the third year certain position in China and Washington but speedy

cember. However the Dominion in succession been a record. to His Majesty's Government's

Kramme

with

parilcular re-

are established a rupee 'currency of The figures for these three years responsibility

action is needed. I wish that if marked progress in Japan sible.

MALAYA PICTURE for Hongkong

and as

02- a consequence the

ference to tin and rubber. The absorbing Interest

taking place is that great coun- its own in September equivalent were as follows to the nearest

people." you

say more but I am sure

controls have been Let us now |cupation and the

turn to Malayadevaluation welfare of its

of sterling which tro, but I must leave detalled million dollars:

will support me in ex-eonsiderably relaxed. The arrival of the British troops pressing the deepest sympathy are still come gloomy prophets growing significantly.

There where the Bank's interests are came roon after this an

comment to others. Our direct announce- has naturally been

A veryment brought about a a rise welcomet

In bren with our friends ir Shanghai.

who in General MincArthur's important statement" was made the price of rubber which hatt It is tempting to look to East words) forecast the imminence in Parliament on April 13, touched a low point of 31 and

are being continued. made. lo provide suitable amenities Europe for guidance in red of economic disaster, the re-1949 when the Prime Minister Malayan cents a pound in June.

possible fut

future econo- which

undly to the realise we In 1040 imports Incrense needed in view

of the make-mie developments in China and emergence of politicial reaction 'reulled to a quistion about the At the end of the year the and inevitable social convur-future of Malaya. Mr Alice price was 50% cents. It must nbout 32C% and

are a number of cxporis by shift conditions

which indeed there under

be presumed that the promises I 46% compared with 1948. The

ving clear parallels between the two sons: but there are also those then eald-

are full of starry-eyed

Majesty's Government

will be just quoted ismo of the troops are this increase

have for reason

buth

Primarily who ghai We have every reason to the con-agricultural prior to World War optimism. So the haul-headed have no intention of relinquish- The port of Shangha dent that these forces in con

gradually implemented but the obvious.

banker finds it difficult to steering

their responsibilitis

Eynthetic menace has not been hus bren

closed virtually

course which will guide his Majaya until their task is co-eliminated and much depends on Chad been the Kuomintang blockade function with the help of the 1; many of their raw materials developed with the by

ure, pleted. The purpure of Benit of foreign capital: the one policy safely towards buns policy is simple. We are work-maining below that of synthetic local police and voluntary sc

the price of natural rubber re- since last

and

ali

law and mid

Two contentious problems the other Chinese coastal purtiers will maintain

area was drawn into Germany's

Japan, ing

within the New York

market. spoke orbit and the other into that of hang like a cloud over have been subject to restricted order under any circumstances,

Federa- Sincy last year when

Recently the question of in- After the war, all the First that of the Pene Treaty use for varying periods, al-

to enlarge the Japan about proposis

des moved with though Tientsin did

future status of to proceed too hastite with the considerable way towards which is bound up the tion of Malayo and Singapore, proving the quality of natural SCAP (the to guide them to responsible rubber, Its packing and its business for nine months in the

their raworpentsation

set up by the self-government

the grading has been under seri- year,

We have no material resources, their banks Supreme Commander of the Commonwealth.

consideration as a means As a result cargoes eventunfly the

Yous of Jeopariising the

be in has and their judustries: indeed the Allied Powers). Sreandly that intention Municipal Council Onailsation

whereby destined for Chha luve, to a Council

it would Uafter

the focus

to compete ixcame

of of Japan's relations with China. security, weil-being and liberty stronger position

whom for general in- extent, cone to been published

synthetic considerable

rubber. Be- Hongkong from oll over the formation. Proposals for

the greater aftention than hitherto. } From the political point of view of these ponsibilities, by a search

All these countries introduced the first is of overwhelming in Britain has

is actively proceeding world while zome

of China's enlargement of the Legislative an

reforma and state portance for the whore of the premature withdrawal."

and hopes are high that con- have also export commodities which nor- Council

been sub-

of foreign trode, but Pacific area.

This authoritative statement The second haiges might have by-passed mitted and the members of the control maily

and there is no fiderable progress in producing large extent on the to the all permitted, temporarily fa

speaks for itself and first

Krade of rubber can Hongkong have altered through community have had a chance to at least, some viciment of pri- and, while partly political, is of need to talk about times be made. It is noteworthy that

The Russtat to this

of rubber Colony for shipment express their views. There

purchases a divergence of opinion and avate enterprise and have from Latticular moment in connection for the transfer of power. overseas,

time to time entered into har-with Japan's economie outlook. eventual aim is clearly stated are estimated to have been These enhance Agures have final decision must clearly not

100,000 tons for the ler trade

agreements with the since satisfactory trade relations as "responsible self-government little over meant n greater Johnorte ot be rushed. As Mr Creech Jones democratie countries which

1 the most prominent second year in succession. feimer's foreign trade is 10 Meantime

TIN PRODUCTION stips loading and unloading in naid in Parliament on Decemties proved of mutual beneft. Het With China are essential if the within the Commonwealth." Hongkong waters and the statis-14 "naking constitutions is nut Pro

ever, it has also been apparent devel

develop

and Chinese are well-designed pat- Malays

Tin production In Mulaya ties show that commuerelat cargo too easy or fast a procedure."

that' East Europe looks Fast tern without further and from together with the

Blowed a considerable ges have increased about tonnages

THE 1950-51 BUDGET for inspiration rather than America. In this connection Titives of other Committes to and renched 85,449 tona 24% races in a Com-improvement during the, year 41% over 1948: orens and river,

West. The Financlul Secretary in th

I will not attempt would note that the adverse:

munities Liaison shipping

of Malays increase over whether and for how balance of Japan's trade in 1019 study the problema togethertroducing the Budget Estimate: foretell amounted to nearly 21 million on March

follow sintlar to November

about revealed that for long China will

its constitution. The present un was 89% of tans, bel; 36% more than 1948, the

about and understanding

Malaya 1919-50 there is n plans and policies. Nationalist US$350 milions which is a high fuck

produces while occan

world production fonuare alone surplus of just

$5k ! under

ic influences are strong. China's figure when the small volume of interest in the democratie third of the

Trade privileges available to citizenshi reached nearly 20 million tons. millions bul this surplus leaders will also be swayed by of Japan's

being expressed due to what the foreign ils largely

considerations, is borne ite mind. But has been shown in the fact that and fears are GODOWN CONGESTION

jest the growing excess pro- Financial Secretary described as the need for foreign trade and as

only saki, propres

13,000 persons registered est,

duction over commercial, con- Such factors, but particularly "winfalls" and to economies other desiderato, and it remains was made in 1949 and this will their names an voters in Singa- ducti

sumption may have serious re- will be to Hongkong of undertaken when

o be seen the despatch

which pull

he demonstrated If I mention a nore put of a population

percussions if steps Shanghal cargoes, have brought of reinforcements was foreseen. the strongest, but the Sino- few of the highlights affecting 800,000 people,

taken in advance to meet the about an unprecedented rouges-Government is to be engrat-Soviet Treaty and supplemen-Japan's general economy.

THE EMERGENCY

langer. The re-opening of the tion in our local warehouses late

the tary agreements of February

con- London 15 was welcomed by UNCERTAINTY REMOVED

Metal position but

The state of emergency

Exchange on where millions of pounds worth forcent of ever increasing ex-

cx- 14th supply a significant pointer.

In April a single general ex- tinued throughout the year and of goods are awaiting shipment, penditure cannot but

AN OPEN MIND

change rate was fixed at Yen it is regrettable that the end is both producers and consumers. expanding and we fear that the situation om

nonome cancern. Nevertheless we By recognition of China and 360 to one United States dollar, not yet in sight. We sincerely The importance of

realise that it the

the by the establishment of diplo-This removed

to Malaya's secondary the uncertainty hope that the tide is about blockade of Shanghal and Can-on is to be properly protec-matic relations, we have shown which had prevailed for some turn and that no improvement repeatedly been emphasised ton has been raised and more ten we must play our full park that we have an open mind and time and had a good effect on will be seen this year, In and it is satisfactory to note

conditions

made last sluble

prevail in us paying for such protection, that, even though our systems the export trade There were vigorous broadcast Chino. I may say that the The Financial Secretary's state-of Government differ, there is rumours of devaluation in line. Mr Malcolm MacDonald em- year in the production of vege finance of a considerable part

un no valid reason, so far a can with Sterling in September but phasised

that the terrorists in table oils. Rice production re- ment vens so full that it is of these immense

con- necessary for me to say more. at presint be seen, why Britain an authoritative denin? by SCAP Malayn were hated throughout mal delayed cargoes destined for

We have

of and China should not trade on scen a number

stabilising

The country effect.

needs but the Govern and whether they mains at only 35 of the

sumption nece Chinn has, I belleve, bas bien

the financial satisfactory terms. In fact inst disturbances

In May the United States were Communist or not they ment was nevertheless able to covered by margins or other

of the Colony during March market

the President of the Government

that could make no claim to repre- increase the ration and to re- announced arrangements but

there are

There was the Board of Trade sald in Parlia-

there would bo 110 fur-rent the peoples of Malaya. duce the price during the year. probably substantial apcculatiye bast year.

and

(apment that the British Govern- ther

removals April 14

Is clear that they are bandits Dy means ut improved irrigation reparations purchases as well

uniter issued on

mint "ore guided in their

trade

re- and criminals of the worst type the production of rice can be parently at the lastance of the mi

Wan Japan. This from position needs careful watching

considerations of ecived with mixed

feella and must be eliminated at the loss of business, the international Monetary Fund) relations by

intage and caruột throughout the countries which carliest possible moment with- transactions la, cconcinie advantage and

it a

that rule

trade had hope to beneft but His out sickening of effort. in the situation enused possession of and publishing mi-make

(WILHE communist Majesty's Government supported Fortunately the activity ot by the coastal blockade and the formation about gold, which set agreements

unfounded countries) shall be subject a quite to Chinese and rumour aerious worry to Chi

rub. that the

Hongkong the settlement of politient quen the decision on the ground that the terrorists has not seriously

Japan could not pay her way if affected the production of The

far-reaching im-reparations were continued, devalued in Beat,

tin or any other Industries

C.00, "long 10 be

Kong Calling"--Pro- foreign merchants but it speaks dollar was

In the spring o was plications of this statement are

policy of di- but it has retarded the rehabi-gramme Summary: 302 Children's volumes for the enterprise of terms of sterling: this

and have

and pusterity was Niation of the

country and has italt 31our-Presented by Filmbeth traders and shippers that in casily scotched. In May there obvious spite of all handicaps the 1040 started a serious

Inaugurated with a been carefully weighed resume, | Inflation

Ratio-Given by Milan Lee Way Lan sport

Panic

long of 11 for am deliberately

progressive and Mr S. K. Lee (Studio); 0.50. export figures from Hongkong to tasted throughout the

ately refraining curing a balanced view to en- freud the Government to prune Anne Studio) 010, Cantorials

tire rela-

development. thanks

However it has Three Serenades" — by Geargo fact effected, South, Central and North China dite mainly to fears about the tions between Hongkong and partly to radical cuts in Govern-

from any comment on

waa in

yern- been oficially stated int the Boulanger and its Orchestra: 7.00, World News and News Analysis: taken

were more effect of the political develop China and it would serve no together

in the Fed- London Relay): 7.15, "it Parade"-- standard of living in than double those of 1940 even ments in China. For the

nent subsidies which are now

145, Vocal excluding the greatly increased time in three years the

me good purpose to give any views to be further reduced. Taxation cration will not be permitted to The Volen of Amerles:

by Elvis Yuen (Sopranoi fall and that existing welfare Recital prospects of China's

reforms were

Introduced

with Plann Accompaniment by Betty Brown (Studio): # 00, "From the Fal torials" (London Relay); 0.10, "Ser- Maxine! Ken-

natay

taken

the diversion

cannot be relleved

are

were

were

a briskeridative Council rather than East European countries

until

the

stocks of

the

Stor

Kong

Ordinance

Iated on the

tilist

FIL and the riska in prohibiting

1371 font

civil war in China are thus for

ua

chuse

which summer

on the

policy

or

I

R

02

have

present

piso

i71

the

citizens

operation of the

within

ט!!

cf

better

has

on January that progress

1948 which

above

over

1047. one

Wan

are but

Industries

Radio Hongkong

11.K.T.

shipments to Macao for South chant rate had to blow foreign trade and on the outlook during the year and the Note services will not be reduced.

Imports from China to until it reached the bullam pen for China's Industrialisation.Issue was stabilised so success- A contrary polley would only Hongkong were also constrict of 1/2 13/16. "The furry lasted which some expect to depend fully that the volumes outstand-lead to discontentes obtained for beth Mackenzie (Studio); 8.50, "Bie ably higher but as few ocean until after the devaluation ut | vessels have been able to call sterling in terms of gold

and

more

at the end of 1940

Was

A

10.00. Alo

upon one source and some upon

pun ing

The higher another.

In fact China is almost identical with that at the valuation of sterling has come-Yvonne Charter (Studio 50, "at

rubber and

tin since the de- Lovers Hour-Clecsical and Light Clasical Programme Presented by at Shanghai since the blockade, United States dollars was an anoth

that nounced, after which the market the operations

laserutable as ever. Naturally end of 1848. It is clear commenced

sign banks of foreign

Madding Crowd" Industrial production improved what eased the financial position from the China's total foreign trade must settled down again to

In China have been on. n smail over 90% during 1949 and at of the Federation but the itey Wessex Comedy by Thomas Hardy have been much lower in 1949 normal conditions.

scale and you might well

Hawkins IBACT81: ark the end of the year it was up to to the finances of the Govern Dramatized as Serial 1 Demons than in 1048 even though a

COLONY'S ENTERPRISE what is the future for forelan

ment lies in the special expend! Nows Reel (Lomion Relay); 10.10. I will not attempt today to banks in China, in reply I would about 80% of the 1032/8 future on the emergency which it Weather Reports 10.18, "Composer of larger proportion of the trade

although textile production was

Werk"-Rubinstein: Is feared may reach Mainyan the has come to Hongkong,

10.30. A cover other interesting develop refer you to the last issue still only 20% of that level. Last year I meniloned thements in the Colony such as the the Economic Survey of Asia

$100 millions in the year 1980. Bart Vocal Heelial by Grace Moore (Saprann): 10.45, Lenden Brudio anormous increase in the Hong-expansion of electricity and gus and the Far East which gives. HARASSING TIME

Tho British Goverment's con Meloditton,

Light Concert kong Clearing House figures production, the

There were. olsa, a number of (tribution of £3 millions will, Orch. RASTA) 11.18, Weather Res progress made a fale outline of the importance

bert, World News and Home News during the last few years. In by other utility concerns and of foreign banks in the reston important financial developments is hoped, be supplemented by s

mes! Plod Save the King: 11.30, Close Buch which particularly affected the further grant in the second bait in Londen Heinz Record-

Down to $16 milions: An: 1949: the Industry,

M a

1948. She emount, was equivalent the great acilvity of the building covared by the knowu foreign banks in Japan and of the 70s.

banks,

Fortis

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