Sterling Area

Hongkong May Leave

THE authoritative “Far Eastern Review,” which often speaks for large bank ing interests, has broached the pos sibility that Hongkong might quit the sterling area.

Reporting this, United Press corre spondent says the discussion “is the re sult of drastic restrictions in July and August by London on the Colony’s trade with hard and semi-hard currency areas.”

The restrictions, the “Review” said, bring to the fore “A necessary and long delayed discussion on the mutual advan tages or disadvantages of Hongkong re maining in the sterling area.

“By leaving the sterling area, Hongkong may stand to benefit both immediately and in the long run. It appears to many economic observers that Hongkong, being in fact only a great entrepot (commercial centre) and harbour, should never have been included in the sterling area, and that at the present moment, when a trade recession has set in, it is vital for the continued prosperity of the com munity that no restrictive measures be imposed here.”

The publication said the stability of Hongkong’s currency is guaranteed, as the note issue is fully backed by a ster ling reserve.

Miss H. M. Maddocks of Port Moresby returned from sick leave in Australia in August.

Mr. A. C. Jones, a Legal Officer with the Crown Law Office, was recently ad mitted to practise as a barrister and solicitor of the Papua-New Guinea Sup reme Court. Mr. Jones is a Victorian.

He was a prisoner of war at Changi for U years during the recent war.

Mr. G. O’Donnell, formerly Assistant District Officer at Manus, New Guinea, has been transferred to Lae as ADO.

Prices Commission investigators were m Lae, New Guinea, at the end of August inquiring into the high cost of living in the area.