• Short Summary

    The worst unemployment since pre-war days has struck a heavy blow at the Federation of Malaya, which only in August entered the second year of its history as an independent nation.

  • Description

    The worst unemployment since pre-war days has struck a heavy blow at the Federation of Malaya, which only in August entered the second year of its history as an independent nation.

    From the federation's capital, Kuala Lumpur. Government labour department officials reported that only the pawnshops were doing good business.

    The world recession has found Malaya particularly vulnerable, because it has few industries of its own and relies almost entirely for its foreign exchange on the export of tin and rubber. Both commodities have slumped recently to their worst prices since World War Two. Production of tin has been almost slashed in half since Russian dumping on the world market forced down the price and the demand.

    The shortage of money has struck hard both at private and government development throughout Malaya, and the government was forced to cut back its first five years plan before it was properly under weigh.

    Most of Malaya's population depend on tin and rubber in one way or another for their living, and events over recent months have forced them in thousand to the unemployment exchanges, to begging on the street, or living at the survival level in slums built by squatters.

    From the government point of view, circumstances have created a vicious circle. Malaya must have her own industries before she can become vulnerable to fluctuations in the tin and rubber markets. Until the present economic picture brightens, she will have no money available to build these industries.

    On latest reports, the position in Malaya is expected to become much worse before it becomes better. With an election due early next year, it is feared that the leftwing parties will gain ground against the ruling Alliance Government.

  • Tags

  • Data

    Film ID:
    VLVA58MJJUE1VV9U34F9R6ZMAW34V
    Media URN:
    VLVA58MJJUE1VV9U34F9R6ZMAW34V
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    30/10/1958
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:05:28:00
    Time in/Out:
    /
    Canister:
    N/A

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