other big sales are still in the wind.
Another American complaint came hard and fast after Washington learned that Canada has sold wheat to South Korea. But Ottawa dismissed this as being no concern of the Government. Washington was incensed that Canadian traders had succeeded in selling grain to South Korea, to which the United States has sent millions of dollars worth of for- cign aid. Canadian officials said 511,000 bushels of wheat and 1,300,000 bushels of barley were sold to South Korea by a private Canadian dealer.
The Canadian Wheat Board, the Gov- ernment's central wheat marketing agency, The had no knowledge of the sales. Canadian dealer, not named by Ottawa, bought the wheat from the Wheat Board at the day's stated price and sold it at a profit to the South Korean Government. About a week later the firm sold the bar- ley which had been bought from pro- ducers. The Wheat Board does not even handle barley for export.
TIN
Indonesian Decline
From G. E. Pearson Our Mining Correspondent THE TIGHT position in the tin market which has been evident in recent weeks is not being helped by the declining output of Indonesian mines. Although Indonesia retains its position as fourth largest tin producer in the world, surpassed only by Malaysia, Bolivia and China, its output has been steadily falling over the past three years, and the decline is continuing.
In the first half of 1963 production
totalled 6,268 tons, 2,327 tons less than in the corresponding period of 1962 when
the output was 8,595 tons. For the whole
of 1962 tin production totalled 17,585 tons, which compares with 18,574 tons in 1961 and 22,596 tons in 1960, and is the lowest for any year since 1947.
The July figure is believed to have been below the June output of 1,233 tons, and it appears certain that the 1963 total will fall substantially below last year's total.
Indonesia's policy of confrontation against Malaysia, followed by a with- drawal of trade connections with that country, means that Indonesian tin con- centrates no longer go to smelters in Penang for smelting and refining.
An announcement from the Hague discloses that a contract has now been signed between Billiton N.V. and the Indonesian State Tin Mining Company for smelting and processing Indonesian tin of age29034nt in central
Holland. This is another factor which
will contribute, at least temporarily, to a tighter position developing on the market. Nearly a month elapsed between the ces- sation of shipments to Penang and the commencement of exports to Holland, and there is the much longer shipping dis tance compared with the nearby Penang
port.
The time-lag owing to the latter factor may be to some degree offset by the time taken by refined metal from Penang to be delivered in European ports, but the cost of shipping concentrates, being more bulky than refined metal, will be appre- cibly higher, as will also, presumably, be the actual refining costs in Europe com- pared with those in Asia,
An acute shortage of tin has developed in India, which imports from Malaysia about 4,500 tons of tin annually. The import policy of the Indian Government requires all imports of tin to be canalised through a State Trading agency on a quota basis. Traders were hoping that there would be some relaxation for the second half of 1963, in view of the short supply situation in the Bombay and Cal- cutta markets, but these hopes have not materialised. There is to be no change.
The effect of this policy is to produce a scramble for tin which has sent up the price of the metal to around Rs 3,450 a quintal (100 kgs.). The average Singa- pore price c.i.f. Indian ports for Septem-
FAR EASTERN ECONOMIC REVIEW
mined by the compensation tribunal) as been estimated at Rs 17 million. By the end of 1962 the Corporation was supply- ing about 42% of the total internal market and up to September, 1963, it had suppli- ed about 22,000 tons of bunker oil.
Regarding plans for 1964, when the entire internal distribution of oil will be taken over by the Corporation, the Report says that it is intended to have a system of decentralisation and a new pattern of dealer commissions.
Meanwhile, it is understood that the Government is desirous that more oil supplies should be secured from Russia so that the Corporation can meet its addi- tional commitments next year. The bulk of the Corporation's present supplies arc also from Russia, under a 5-year agree- ment signed in 1961.
The two U.S. companies, Caltex and Esso, have been requested to appear be fore the compensation tribunal which meets on November 2. These two com- panies and Shell have informed the Cey- lon Government that they will continue to supply aviation fuel, bunkers, lubri- cants and chemicals even after January 1 when the entire internal distribution passes to the Corporation.
ber was Rs 1,258 per quintal whereas the Brother Branches average price in Bombay and Calcutta was respectively Rs 3,341 and 3,426 re- presenting an average of about £2,537 per long ton, compared with the average London settlement price for September of £935.
OL
A 34% Yield?
From H. E. R. Abayasekara Our Colombo Correspondent
THE CEYLON Petroleum Corporation in its first Annual Report (for the calen- dar year 1962) states that in the eight months of operation, April-December 1962, it had a turnover of Rs 63 million, gross profit of Rs 16 million and a nett surplus of Rs 5,9 million before tax.
It is
It effected a saving of Rs 3.8 million in foreign exchange by importing oil more cheaply than the oil companies. claimed that the nett surplus of Rs 5.9 million was equivalent to a 34% yield per annum on Rs 26 million capital in- vested.
For the purposes of the Corporation's accounts, the cost of the assets taken over from the oil companies (yet to be deter-
From Ken Watanabe Our Japan Business Correspondent
WITH A levelling-off point reached in home and export demand for sewing machines, a number of leading manufac- turers of this item in this country are attempting to diversify their production lines into other consumer and industrial manufactures. Following the rapid ex- pansion in output and export during 1950-60, the Japanese industry has seen only modest increases or slight declines in production and export during the past four years.
Output (export in parentheses) during 1959-62, in thousands of units, was: 1959 -2,670 (1,962), 1960-2,889 (1,784), 1961-3,097 (1,666), and 1962-3,000 (1,738). The Japanese industry has stagnated at an output level of about 3 million per year and export of 1.7 million.
Leading manufacturers are therefore trying to develop higher-priced zigzag sewing units or straight stitching ma- chines equipped with special mechanical features such as button-holers, automatic oiling devices, etc. A number of smaller have either been assembling firms absorbed by larger companies or simply disappeared due to financial difficulties.
October 31, 1963
It was estimated at the time of the 1953-54 peak that there were some 200 firms operating sewing machine sembling plants but now there are only
about 50.
as-
Brother Industrial is producing English type- writers, hand-operated knitting machines, some home electric appliances and electrically-operated adding machines, etc.: this firm, the largest in the Japanese industry, is also reportedly pre- paring to produce some types of machine tools in the near future.
Tokyo Juki has just begun marketing in Japan a vacuum cleaner model and is planning to produce electric refrigerators. The firm is also preparing to enter production of some input-output devices for electronic computers. This firm has also taken steps to raise hand- operated knitting machine output by organising a wholly-owned subsidiary.
Research staff of Janome Sewing Machine are,
or 5 days a week, 7.3% 2 or 3 days a week and 4.0% about once a week. On the other hand, as many as 82.3% of the families owning radios only (not TV) listen to radio programmes every day, 8.1% listen 4 or 5 days a week, 3.2% only 2 or 3 days a week, 1.6% about once a week and 4.8% seldom listen.
Owing to the small sample (because of other tests conducted at the same time, NHK interviewed only 90 households in the Tokyo arca), the value of this survey is limited but it is the first in-depth sur- vey to be conducted in Japan on changing
RUBBER
Page 296
radio listening patterns.
271
A bald conclusion to be drawn is that about half of the families having both TV and radios seldom listen to the radio; and, when they do listen, they tune their sets to news or weather forecasts.
However, the overwhelming majority of families having both video and radio receivers do not want to get rid of their radios. About one-third of them replied they would feel "lonely" without radios. If those who replied that they would feel "a little lonely" are included, the rate goes up as high as 50%.
it is reported, trying to develop new painting Malayan Mission in Moscow
machines in a diversification attempt.
New Hope has already succeeded in diversify- ing into the transistor radio assembling business for export, and is reported to be planning to add an electric coffee pot in the near future. The present ratio of non-sewing machine sales to the firm's total annual sales is about 60% but the firm is apparently planning to reduce the ratio to 50% by expanding output of radios and adding the coffee unit.
Kokka Sewing Machine has recently started marketing electrically-operated cheque writing machines and is planning to increase output of the new addition substantially in the near future.
Sanwa Jitsugyo has started operating a print- ing plant and a company official is quoted as saying the printing business is "more promis- ing" than sewing machine operations,
Maruzen Sewing Machine has also entered electric adding machine production and is sell- ing some of this to overseas markets,
Hitachi Sewing Machine also intends to start producing home knitting machines next spring. In addition to these manufacturing operations, some other firms have been appointed as marketing agents for home electric appliance manufacturers. Utilis- ing their distribution and retailing net- works, such sewing machine companies are said to be successful in operating their new business.
ELECTRONICS
Look or Listen?
From Ken Watanabe Our Japan Business Correspondent WITH TELEVISION receivers practically every household in Tokyo, the pattern of radio listening has undergone a radical change. A recently released survey of the Nippon Hoso Kyokai (Japan Broadcasting Corporation) indicates that more than half the households owning both TV and radio "seldom listen" to radio.
The survey shows that 51.1% of the families replied they seldom listen to radio programmes, 33.3% every day, 4.1% 4
From David Crane, Kuala Lumpur RUSSIA HAS become Malaysia's best customer for rubber. In 1962, Russia bought 190,236 tons, compared with 192,- 880 tons exported to the U.S. and 135,756 tons to the U.K. In the first seven months of 1963, however, sales to Russia totalled 134,030 tons, easily topping the off-take of 96,263 tons by America and 71,440 tons by Britain.
Last year Malaya's rubber sales to other Communist countrics included 18,239 tons to Poland, 7,372 tons to Czechoslo- vakia, and 5,165 tons to Yugoslavia.
Malaysia, faced with growing competi- tion for her natural rubber from synthetic, especially in the U.S. market, is to make a determined effort to cultivate the Rus- sian market further. Hitherto, sales to the Soviet bloc countries have been effect- ed through the London rubber market. Malaysian producers feel that although ful to them, the keen competition now the London dealers have been very help
being experienced from American synthe- tics and other producers of natural rubber renders necessary a change.
The Malayan Rubber Export Registra tion Board has decided that the time has come when the country's rubber industry should cease to rely on the help of others to sell its product, but should start to help itself in marketing.
In view of the growing importance of East European countries as customers for natural rubber, the Government has an- nounced that rubber trade missions will be despatched to those countries.
The first of such "direct sales" missions is to be headed by Mr Gan Teck Yeow, chairman of Malayan Rubber Export Registration Board, who will be accom- panied by six members of the rubber in- dustry, two advisers from the Govern- ment, and a technical officer from the
Rubber Fund Board.
They are arranging to leave at the end of October or in the first week of November, depending on how soon the requisite travel formalities can be com- pleted, as visas have to be obtained through the respective embassies in Lon- don.
Mr Gan has stated that his mission will be purely "business goodwill." Its aim will be to improve the atmosphere for purchasing rubber direct from Malaysia. "No country can isolate itself economical- ly," he opines, stressing the economic im- portance of trading directly with East Europe. The growing consumption of natural rubber in those countries has been a major factor contributing to the maintenance of the market price.
The Malaysian mission will also stop off in Tokyo on their way home from Russia, to investigate the possibility of boosting natural rubber sales to Japan.
POWER
Samchok's Second From Han Nae Bok Our Seoul Correspondent ALTHOUGH SOUTH Korea has re- cently been compelled to scale down its five-year power resources development programme, the country still expects to attain a sizeable surplus generating capacity by the end of 1964.
On October 8, a 30,000-kw thermal power plant was dedicated at Samchok, in the heart of the country's richest coalfield, situated on the East Coast. This was the sixth power generating unit to be put into operation since 1962, when the current Five-Year Plan was started,
and has raiskage 296 044 power
272 Page 297 of 344
LEONOMIE INDICATORS
We present every week on this page a selection of the latest monthly economic indicators for the chief countries of the region. Figures appearing below are all in columns of not more than three digits each, in order to ac- commodate a large number of columns across the page and thus ensure a basis for measurement of the economies in question over a period of two years (month-by- month) or four years (by annual averages).
Money supply*
Curr, issue*
Care should be taken, therefore, in reading the figures, many of which have different numbers of
the noughts to be added: planations and footnotes in each table should be attentively follow- ed.
ex-
Where figures for a given month differ from the last set published, it is because the figure has been revised by the issuing authority. Most of the latest figures are provisional only. A dash (-) means the figure is not available.
·Philippines.
Aug. Sep. Oct. Nov. Dec. 202 204 211 216 222
1962
FAR EASTERN ECONOMIC RE
The most recent set of indicators for other countries published on:
Cambodia October 3 at page 28 Ceylon October 17 at page 158 Hongkong October 24 at page 200 India October 17 at page 158 Japan October 24 at page 200
Malaya October 10 at page 112
was
Pakistan October 17 at page 158 Singapore October 10 at page 112 South Korea October 24 at page
200
South Vietnam October 3 at page
28
Thailand October 10 at page 112
1963
Jan. Feb. Mar. Apr. May June July Aug.
252 256 259 265 266 270 269
Curr. in circ.*
International res,** 152 Imports**
Monthly average 1959 1960 1961 1962
181 181 202 223 82 88 97 104 87 93 102 111 187 152 135 44 42 49 49 42 42 37 46 Timber productiont 253 262 264 290 Electricity prod, .... 125 142 161 185 Shipping clearedtt 638 638 617 646 Ketail price index§ 112 118 120 128
1961
95 99 99 101 105 101 104 106 107 102 139 122
117 123 103 63 48 55 43 61 46 40 42 34 34 236 265 289 236 233 167 163 170 163 173 661 638 684 494 587 121 123 122 122 122
Jan. Feb, Mar. Apr. May Jun. Jul. Aug, Sep, Oct, Nov. Dec.
215 211 215 221 215 220 220 218 226 230 234 251 100 101 102 101 101 101 101 104 106 107 110 117 107 107 108 109 108 107 109 110 112 115 117 126 144 133 117 127 144 142 136 132 132 132 137 140 58 39 52 53 47 50 53 42 49 49 39 56 33 42 45 48 48 54 43 42
55 41 50 246 253 281 276 260 393 253 306 296 305 319 288
175 159 187 171 191 189 187 195 186 204 189 190 606 582 651 627 602 591 699 677 612 663 730 712 122 125 125 125 126 127 129 132 133 132 132 132
647 132
Exports**
5 Manila, 1955100.
†† Tons '000, Port of Manila.
Central Bank of the Philippines.
* Pesos 10 million.
t Board feet million.
US$ million. Source:
Note issue* Bank depositst Bank advancest Exporte
Taiwan
Monthly Average 1959 1960 1961 1962
1961
Money supply"
Jus. Jul. Aug. Sep. Oct. Nov. Dec. 517 570 643 746 645 650 656 672 683 694 733 247 263 285 337 289 283 280 301 291 302 339 93 105 141 182 137 140 145 149 155 198 156 100 111 143 188 137 145 147 155 157 163 169 204 210 270 199 196 146 213 148 226 158 240 134 142 178 276 309 242 265 230 269 275 263 173 195 220 246 197 200 202 192 216 219 270 256 337
437 376 396 404 431 309 489 498 130 147 155 166 154 151 152 157 159 158 162 268 302 340 391 335 354 354 334
372 359 380 164 173 180 171 185 172 159 150 165 167 196
190
187
Importst
Ind. prod. index** Cotton yarn outputs. Cotton cloth output‡‡
Electricity prod.*** Rail transportt Whal. price indexh
407
159 181 187 192 185 184 188 191 191
NT$ ten million ("0,000,000).
§ Taipei 1952 = 100.
† NT$ hundred million ('09,000,000). ‡ US$ hundred thousand (*00,000).
Source: "Industry of Free China".
1962
46
315 116 119 120 122 120 120 122 124 126 128 129 130 179 140 136 138 147 148 154 153 162
44 33 41 48 46 56 54 53 53 44 65 60 349 342 347 273 312 325 322 308 194 179 204 190 214 200 216 221
520 613 675 589 594 132 132 132 133 135 137 137
11 Manila Electric Co. kwh million.
Previous indicators published on
September 26 al
page 824.
1963
Jan. Feb. Mar. Apr. May Jone 854 784 776 784 793 824 422 350 359 349 341 380 191 199 204 207 211 212
205 205 205 206 206 201
221 257 293 268 270 407
202 280 240 270 347 317 291 279 293
Jan. Feb. Mar. Apr. May Jun, Jul, Aug, Sep, Oct. Nov. Dec. 784 717 720 725 744 735 731 731 749 759 766 792 390 320 321 317 328 336 326 331 337 326 339 377 165 171 176 179 182 184 184 185 188 188 188 194 175 173 179 182 185 187 191 193 196 195 199 204 199 170 203 197 263 255 185 181 161 191 143 238 228 205 310 343 416 321 289 264 207 210 264 259 282 221 251 229 241 228 234 238 226 252 246 297 453 321 456 441 448 452 438 434 429 472 442 458 149 133 158 158 168 167 159 146 180 197 192 190 396 324 364 373 407 386 411 405 393 414 401 418 208 149 184 182 188 166 155 148 150 161 159 204
193 171 173 167 189 189 188 188 193 191 189 189 194 199 201 199 201 200 203 204 202 202
** 1953 100.
§ Ten metric tons ('0).
*** Million kwh. Hundred thousand metres (00,000). Previous indicators published on September 26 at page 824.
+ Million ton-kilometres.
Nov. Dec. Jan. Feb, Mar. Apr. May Jun, Jul, Aug, Sep, Oct, Nov, Dec.
175 178 168 195 194 194 193 189 189 190 186 184 179 179 300 300 310 330 330 340 340 340 340 340 350 340 350 340 257 267 268 270 272 277 277 287
G36 594 553 517 554 589
292 296 299 299 300 302
606 621 651 648 644 591
1962
438 425 458 407
188 186 155 201
404 389 435 418 183 184
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. 193 201 200 201 205 204 201 197 193 350 350 360 360 360 370 380 380 390 400 400 306 304 303 305 308 313 329 340 349 349 354 583 574 538 559 621 687 755 808 821 834
93 73 93 79 97 90 93 94 81 83 73 63 116 180 171 137 120 81 107 65 67 57 63 175 312 291 220 185 105 140 89 64 44 135 110 134 129 131 125 128 131 133 151
Burma
Monthly average | 1960
1961
1959 1960 1961
189 188 187
262 30% 337
159 237 286
785 787 651
714 688
8$ 103 85 89 89 86
106 94
76 71 82 87 108 107 80 89 79 80 81 88
36 50
115
150 134 28 45 119 J24 123 105
120
65 61 70 460 491 478 157 17: 217 478 529 561 ጸሃ 100 103
72 80 456 487 166 190 561 560 10) 101
47 60 120 109 124 113 100 93 87 69 65 56 61 80 196 185 215 184 170 146 129 101 95 56 96 121 113 146 121 125 135 120 131 123 124 72 71 83 65 79 80 65 72 67 59 66
66
62 59 65 61
322 340 300 275
Kyats milliontt
Money Supply
Banka demand deposits
Post Office Savings
Foreign exch, reserves
Imports
Exports
Rice exportst
Crude all output**
Cotton yarn outputt
Timber extracted§§
Air passengers***
Agric. price index$55
Ten millions ('0,000,000),
** Gallons 100,000.
***U.B.A. ten passenger miles.
Hundred thousands ('00,000). 11.1.bs. 0.000.
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