Sir, I have given figures for 1955, 1956, and 1957 of those that were closed down. For 1958 I am afraid I have not had time to get those figures and, therefore. I cannot give the figures. It will be misleading if I just said that there were very few shut downs, because I myself have not got the figures. Sir, the reason for the decline in industrial development is three-fold, as I explained last week in the Assembly. One is that there has been a recession and that also applies to trade - decline in trade; secondly, there has been this political uncertainty as to which political party will win the next elections and that has acted as a big restraining factor to those who wish to go into industry because they would like to know where they stand with the Government in power when the factories are going up. And the third big factor, of course, as I always have said - and I have never hidden this fact - is the Federation tariff. I said that even two years back. Now, the hon. Member asked me about the industrial Promotion Board. The Industrial Promotion Board has approved loans to five industries out of which, I think, two have taken the loans; the other three have not yet complied with certain conditions under which loans can be made. I think one of them is probably waiting for machinery, and when it arrives, they will get the loan. The Industrial Promotion Board has so far not sponsored any new industry, but it will be assisting the Government in the sponsoring of the cigarette factory and other ventures to which I shall come later. There was another big industry which I had hoped we could have set up last year. In fact, I mentioned two or three at last year's Budget sittings. One was a flour mill. Sir, they have still not made up their minus, because what they want is protection from competing flour imports, and, frankly, I am not prepared to give that protection. Flour is a basic commodity which is used for good purposes and I am not prepared to give a monopoly on flour to anyone, because they could then force the price up and your loaf of bread would cost you more. That is what has been holding them back. Then there was the sugar industry which I had hoped would utilise a big capital of five or six million dollars. The sponsors tried their very best to find local capital to go into partnership, but local capital was not forthcoming, and that was the end of the venture. We had even gone as far as finding suitable land for them, giving them all the facilities, and making arrangements for leasing this land at reasonable terms. But because they could not find local capital to participate, they were not willing to come in with their full foreign capital. The third one, Sir, is a big tuna project. That I have been doing my best to promote. I have had preliminary talks on this project two or three times. My Permanent Secretary, on his way to Seattle to attend a Colombo Plan conference, also stopped over in Tokyo and had further discussions, and recently they came here and had further discussions. That would be a $2,000,000 scheme with joint local capital. Now, the question is whether local capital can be found. If local private capital is available, that scheme may materialise, probably next year. They will have to build factories, ice plants, and a canning factory. But the whole project revolves round the availability of local private capital. If that is not forthcoming, probably that scheme may not materialise, because they are not keen to go in entirely by themselves. Coming to the cigarette factory, Sir, the hon. Member asked me what I have done. If the hon. Member had only contained his curiosity for a day longer, he would have seen in tomorrow's Order Paper that I have given notice of a Bill to incorporate the People's Investment Corporation, and it will be introduced tomorrow morning. Therefore, I am afraid since it is going to be the subject of a debate at a later date, I will not be allowed by you, Mr Speaker, Sir, to anticipate the debate at this stage, and therefore I refrain from speaking further on that subject today. Then, Sir, we come to the hon. Member for Changi. He belaboured the point that a Pan-Malayan economic unit is not possible, and that the Federation is not going to accept the concept of a Pan-Malayan economic unit. I, Sir, am in no position to anticipate what the Federation might do or might not do. At the moment, I agree that they have not accepted the concept of a Pan-Malayan economic unit. But that does not rule out the possibility that in a few months' time or in a year's time, they may come round to believing in the concept of a Pan-Malayan economic unit and accepting it. The fact that they have not done so need not necessarily put us in an antagonistic attitude towards Malaya, because that would not serve anybody's purpose. In fact, it would be detrimental to both. We, Sir, believe in extending to the Federation of Malaya co-operation wherever we can and telling them frankly, whenever we cannot, "We cannot do it." The co-operation we gave them on the banning of certain Chinese textiles was on the strict understanding that that was for a temporary period, and I said so in my reply; and I repeated it twice in this Assembly two weeks' back. I am going to review the situation at the end of this month, and I do not think, therefore, that any purpose will be served by belabouring that point any further. Sir, coming to the trade figures. Hon. Members must admit that trade has gone up and up and up and that it is only this year that trade is coming down; and I know the reasons why. I will just quote the figures first. For 1951, which was the boom year due to the Korean War, the total trade was $7,610,000,000. If hon. Members have not read them, the trade figures are: In 1952, $5,393,000,000; 1953 $4,305,000,000; 1954 $4,505,000,000; 1955 $5,647,000,000; 1956 $5,831,000,000; 1957 $6,050,000,000. 1957 was the best trading year in Singapore's history, barring 1951, and 1956 was the second best, barring 1951. In 1958, trade has taken a dip. January/October 1958 figures show $4,676,000,000 as compared to January/October last year at $5,116,000,000. Trade has taken a dip, and the reason for it is because the effects of the recession in the United States, which were felt world-wide, are being felt in Singapore - but at a later stage. We always feel the effects of any recession, or boom, not immediately but always later, because of our peculiar economic situation. Secondly, the dip in trade has been due to the fact that exports of tin have been under restriction by the International Tin Agreement. Tin exports are curtailed now. However, Sir, as I have pointed out to this House on various occasions, what worries me is not that the trade figures have not gone up, but that the export figures have not kept pace. I have drawn the attention of hon. Members many times to this situation, that our deficit is increasing. In 1955 our deficit was $83,000,000; that is, imports were in excess of exports by $83,000,000. In 1956, the deficit was $366,000,000; in 1957 the deficit was $504,000,000. That means that we are consuming more and more. We are importing much more than we are exporting. In 1958, I am sure the deficit will be greater than in 1957. Now that is what I do not like frankly. 3.15 p.m. That is what I have always been trying to show as a danger mark. I know the hon. Member for Telok Ayer has been President of the Indian Chamber of Commerce for several years. He has always belaboured the point in this House that trade must be free. There should be no restrictions on trade. Sir, with due respect to him, that is an old school of thought, a school of thought which I once described as "those who have not seen the writing on the wall". Sir, there must now be a reorientation of ideas. We know for certain that trade will go on at that level possibly, but there is no possibility of increasing trade, unless there are some emergency circumstances, such as the Korean situation in 1951. Therefore, we have to find some other economic factors which will take care of our increasing population. That is why I am trying to encourage industries. What do you see in the newspapers every day? Take today's Straits Times, for instance: