Restraint In Singapore

Press, Volume CIV, Issue 30826, 11 August 1965, Page 13

Restraint In Singapore

(N.Z P A -Reuter —Copyright; SINGAPORE, Aug. 10. Singapore people greeted their move to independence with some restraint today. There were the usual lines of office traffic and morning activity but the Chinese shopping areas, usually bustling with activity, were much quieter than usual. It seemed that after the first initial shock—and, in business jubilation—the people were taking sober stock of their position in the world and their chances of survival as an independent nation. In Kuala Lumpur, Malaysians went about their work as normal and there seemed little difference to the capital

which had just lost two. mil lion people from the federation, as well as one of its greatest economic dynamos. Federal Parliament sal again this morning and mem bers were expected to continue debate on Singapore’s withdrawal and its repercus siotis. In both capitals the atmo sphere was calm. However, Singaporeans celebrated last night. Chi nese crackers exploded with the rattle of machine-gun fire throughout the Chinese areas Special dinners were laid on with their apparently endless series of courses. The celebrations were in anticipation of Singapore’s re vived trade in particular. The Chinese were anticipating reopened trade with Indonesia Singapore’s stock markel reflected the optimism of the island’s business community

when it opened very firm. During the first half hour of trading there were gains of up to 14 cents while smaller deals were up two or three cents. The island’s two smelting firms which processed Indonesian tin before confrontation closed the trade, opened with higher values for their shares. There was also some interest in property shares. Later in the morning the Stock Exchange closed for five minutes to clear the deluge of contract' brought on by a very active market. There were over-all gains in industrials reflecting a great surge of confidence in Singapore’s industrial and economic future. This was attributed to Mr Lee’s statement yesterday that Singapore’s attitude would be to trade to the limit with anyone who recognised her.