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The Historical Development of British Investment in Malaya Before the Second World War

by Uqbah Iqbal (Author) Nordin Hussin (Author) Ahmad Ali Seman (Author)

Research Paper (undergraduate) 2014 32 Pages

History - Asia

Excerpt

Table of Contents

INTRODUCTION

BRITISH INVESTMENT IN MALAYA 1901-1941

THE IMPACT OF THE BRITISH ADMINISTRATION ON THE MALAYS

CONCLUSION

RUJUKAN

ABSTRACT

This study will examine and analyze the historical development of British investment in Malaya before the Second World War. The research is based on the method of observation of the resources available in the library and the National Archives of Malaysia. This study will examine the factors that contributed to the British investment, as well as the parties involved in making this investment. In addition, this study will also look at the policy of the British government to help control their investments in Malaya. The study will also analyze the impact of economic changes brought by the British on the socio-economic structure of the Malays. This allows for an in-depth investigation to what extent the socio-economic structure of the Malays change as a result of British intervention. All these aspects will be explored in depth by the researcher.

Keywords: British, Economic, Investment, Malay, Malaya

INTRODUCTION

During colonial era, foreign investments are in sectors of rubber1 and tin.2 British were the main contributors of capital investment. Although the distribution of capital by foreign nationals cannot be estimated precisely, arguably British investment are exceeding 70 percent from the total of foreign investment in Malaya. British investment estimated to be worth 33 million pound sterling in 1913 and about 108 million pounds sterling in 1930.3 It focused on the work of the extraction and production of raw materials and primary commodities4 because the economy of Malaya at that time depends on the production of primary commodities and minerals. Malaya was then ruled by two layers of government, metropolitan and local levels.5 The Colonial Office was the main department of the center imperialist government in Britain and has the highest authority to exercise full powers on foreign affairs in the British empire.6

P.J. Drake in Currency, Credit and Commerce: Early Growth in Southeast Asia,7 he said the economic development of Malaya can be divided into three levels. The first is the level of growth and rapid development of the natural resources industry such as rubber and tin which began in the mid 19th century until the year 1914. The second is the level of natural resources development in the period of the First and Second World War. The third is a period of consolidation and standardisation of natural resources industry together with a diversified economy after 1945.8 He also studied about the British occupation impact towards Malaya's economic activities, as well as the social consequences of its community. This study is important because it helps researcher to understand the economic history of Malaya in advance especially during the British colonial era.

About the history of British involvement in rubber cultivation sector in Malaya between 1909-1911, it has touched a glimpse by some authors. Some of the studies seen important are Poroor Radhakrishnan in The Role of Rubber in the West Malaysian Economy,9 Voon Phin Keong in Western Rubber Enterprise in Southeast Asia 1876-192110 and J.H. Drabble in Investment in the Rubber Industry in Malaya c. 1900-1922.11 Each of these sources assist in the production of the study.

Lee Sheng-yi in The Monetary and Banking Development of Singapore and Malaysia12, he discuss the historical development of the financial and banking system in Malaysia and Singapore, the evolution of the currency board system and the impact of this evolution on the trading activities during the British colonial era. British banks are Malayan banking pioneer. Their initial business was mostly in the exchange, at first gold with silver, and then sterling with local dollars. The history of Malayan financial system beginning with Currency Note Ordinance 1899 and Currency Reform 1903-1906,13 which has set up the Currency Board system14 and standard of sterling exchange. The principal activities of Currency Board is to manage the distribution of currency gains, currency reserve percentage, investment policies, facilitate the account activities on the early period, regulations on the coin or liquid, and limited movement of the dollar and sterling exchange rate, as the difference between the buying and selling rate for the British Commissioner.

Research on trade and foreign investment in Malaya at the end of the 19th century and early 20th century shows that the establishment of the Currency Board in 1899 and Currency Reform 1903-1906, together with other factors have encouraged economic, trade and development growth. Other factors are the increasing demand of the world on rubber and tin, British control on the Federated Malay States that produce tin, increased labour conditions, and British land mine policy. After the Currency Reform, the investment of British and other European countries in the rubber and tin sectors has increased considerably. Currency Reform occurred during the expansion of the Malayan rubber industry, and it guarantees foreign investors on the value stability of their capital investment in the rubber sector in terms of pound sterling.

The subsequent legislation such as Currency Ordinance 1938, Malaya and British Borneo Currency Agreement 1950 and 1960 aimed at making amendments to the Currency Board system.15 This study also gives attention to the development of foreign and locally banks in Malaysia and Singapore. In addition, the problems of the financial sector and the foreign exchange rate are also discussed. This study helps researcher to understand in-depth against Malaysia and Singapore financial system that form national economic structure so that foreign investment could be brought in for the country's development.

Yuen Choy Leng in Japanese Rubber and Iron Investments in Malaya, 1900-1941,16 he said the first wave of Japanese investment in Malaya is in the fields of rubber cultivation and iron ore mining. Nanyo Kyokai plays an important role in Japan's economy entry to Malaya during the British administration.17 This study examines the development of Japanese interest against those two industries and sees how this interest contributed to the importance of Malaya against the Japanese industrial activities. The British viewed impose constraints when there is a conflict of interest between them with Japan in the rubber industry, and provide encouragement when no conflict of interest18 as in the iron ore mining industry.19 This British attitude has caused Japan decided to conquer Malaya during the Second World War to capture the source of raw materials in the country. This study was chosen because it discusses about the British government policy in helping their domination over the rubber sector in Malaya before the Second World War.20 Yuen Choy Leng also made this same study in his thesis, Expansion of Japanese Interest in Malaya 1940-41.21

BRITISH INVESTMENT IN MALAYA 1901-1941

The main source of capital for the rubber sector in Malaya came from the British capital market. Changes in Europe's transport revolution has led to the discovery and creation of a car. This is indirectly causing the high demand of tire rubber used as tire-windy for the vehicle.22 During the burst of rubber prices in 1909-11,23 the British rubber company gain big profit that allows them to pay dividend as high as 30 to 40 percent. In 1910 there were some British rubber company in Malaya had already paid dividend as high as 300%.24 Large dividend raises the interest of British investors to invest in the rubber company especially in the British capital market. Rubber plantations however concentrated in the West-Central and South-West of the Malaya, where there are efficient transportation and communication networks already exist, thus facilitating and reducing the prices of rubber export and supply and labour import.25

There is a trade organization that play a role in influencing Malaya’s economic decision making. In 1910, Malayan Information Agency was set up to provide information about business opportunities and resolve the issues relating to trade and investment between British and Malaya.26 The Association of British Malaya established in 1920 for British interests in the Straits Settlements and the Malay States.27 The Association of Rubber Cultivation was established in 1907 to control the Malayan rubber industry. The Association of Rubber Cultivation is made up of Malaya, Sri Lanka, Indonesia, Burma, Nigeria and Ghana, controls 1.75 million hectares of rubber plantation by the 1950s. Other agencies was United Planting Association of Malaya that established in Malaya in 1934.28 In the interest of mining, The Federated Malay States Chamber of Mines was set up to represent the interests of the British and local mining companies.29

The British trading companies play an important role in promoting the rubber industry among British investors. Commercial companies such as Harrison and Crosfield, Bousted Buttery Estate Agency, Guthrie and Company, Barlow and Company, and Sime Darby30 was involved in export and import trade of Malaya for decades before the introduction of rubber. These companies have built a reputation in the financial integrity in British and Malaya. These trading companies already have marketing and financing knowledge and a strong network of relationships in British, and have the experience and agency in shipping and insurance. In addition, they are in a few years was involved with the opening of Malaya to large-scale commercial agriculture. What is most important, their good image in London trade network provides a guarantee for the British community to invest in new rubber companies set up with the help of trading companies.31 In addition, they also have linkages with the European cultivation community, government officials, and experienced in dealing with the economic situation in Malaya.

These trading companies became the mediator between foreign capital sources, British investors, and users of foreign capital which is the plantation industry in Malaya. Agency Houses retained as British company management agent in Malaya. Western investors are willing to finance the expansion of the rubber industry because companies that invites them to invest, gets support from agency houses familiar with the economy of Malaya.32 In addition to British investors, investors from Europe also invest when rubber prices soar, including Western industry company's rubber-based although their involvement less significant. From 1,034 rubber company directors in Malaya in 1914-15, a total of 1,025 persons are British citizens, while nine other directors are Belgium and France citizens.33

The Malayan rubber industry attracted a number of the United States rubber companies to invest. In 1905, Malacca Rubber Company was founded, and by 1911 it became one of the largest manufacturers in Malaya. Two more the United States rubber companies, Pahang Rubber Company Ltd in Pahang and Tanjong Olak Rubber Plantation Company in Johor were established in 1906 and 1907.34 The passion of the United States and Japan capitals as shown in rubber plantations investment in Malaya has led to enforcement of the Rubber Lands (Restriction) Enactment in 1917. This enactment determines all land exceeding 50 acres to be planted rubber only given titles to British citizens, citizens of the Malay rulers, the company registered in the British Empire or residents who have been staying in Malaya at least seven years.35 Through the International Rubber Regulation Plan, the British large plantations in collaboration with European power managed to enter more in the natural rubber market by buying the rights to export from small local producers.36

In addition to the capital in key sector, British also invest in trade37 and transport38 fields to ensure the main goods can be exported, as well as manufacturing goods can be imported from their countries. The main British contribution directly to economic development was to build railways and roads for the administration and linking the mine to the port. The expenses incurred and the British policy after that was to influence the future development of Malaya’s economy. British also wanted to replace the Malay dignitaries tax system that was seen suppressive, not fair and illogical. In 1876, Lord Carnarvon, the Secretary of State for the colonies, ordered the Governor of the Straits Settlements as follows:39

[the resident’s] special efforts should be the maintenance of peace and law, the initiation of a sound system of taxation, with the consequent development of the resources of the country, and the provision of the collection of revenue.40

This is written when the doctrine of 'the white man's burden' took place. This doctrine explain proper responsibility or deemed necessary by whites to control and spread their culture to non-whites, often justified to European colonialism. British are confident of their responsibility for the residents of the colony. British officers like Swettenham, Clifford, Low and Rodger translates this development attitude through the construction of facilities for transport and communications.41 Tin industry location also determines the route railway in 1941. Railways and other facilities have been built by the British administration and financed by tin revenue. The essence of the British tax system is tin duty that produce large income and keeps growing as the result of continuous mining boom.42 Before that, the river was used to transport tin ore to the coast and supplies to the miners. But the big and rapid expansion of the mining industry has led to busy traffic, which in turn gives the burden against the capacity of river system.

British found the railway track is a more efficient transportation. Between 1885 and 1895, four tracks were placed, each connecting port beach with tin mines in the North-West or West-Central Malaya.43 By 1903 the North-South line has connecting mining cities, and by 1910 the line fully funded from the proceeds of the Federated Malay States, was linking Prai and Johor Bahru.44 The construction of the railway line continues to encourage farming and mining by reducing the cost. It provides substantial income to the government in the form of rubber and tin duty as well as their own income.45

During British era, the East Coast states are still far behind in terms of economic and road development. This caused foreign investors not keen to invest into these states.46 In 1888 a lane were built to link Kuala Lumpur and Kuala Lipis, this lane has been used by chariotc and elephant only.47 In 1911 there is one main road connecting Benta to Kuantan were built in Pahang. With the availability of the road, a lot of lands along the way has been undertaken for agriculture purpose.48 Road development is still not carried out in Kelantan and Terengganu until 1911 because due to a number of factors that prevent the development such as the economy of both states are unsatisfactory and both states did not have the main economic resource. The administrative system of both states also seen anarchy and not systematic.49

The development of roads in Kelantan and Terengganu are only available in the urban areas only and can be said both states lack the financial resources to build roads. Although there is a route between Kota Bharu and Kuala Terengganu but only in 1932 the road connecting the two cities is opened for the use of public transport. This is due to a lack of skilled manpower to carry out the construction of the road as been set out in the following annual report:

It is important to view the development of transport surface as a search process when roads ‘feel out’. The economic potential of a political space linkages investment decision base upon poor information or more often to little information has retarding effects on diffussion of development.50

Between 1930 and 1939, road service has been able to match the railway that can be said popular in the 1930s. The decline of its usage has become increasingly worse due to the deterioration of the world economy in the 1930s.51 The opening of forest for agriculture also led to the widespread use of road and this increased road construction. A main road was built on the East Coast, from Kemaman to Kuantan and it go through agricultural area at the edge of the sea.

When the British export activities are increasing, this contributed to the increasing number of British banks and this leads to a pattern of control over trade and investment areas in order to meet the needs of the British, thus the birth of a colonization patterns in terms of foreign investment.52 From eleven foreign banks operating in Malaya at that time, not less seven of them are British-owned or British controlled banks. Historically, the need to be in the same place with their customers is the reason that led financial companies to Malaya in the late 19th century. Their role is to provide foreign exchange service to foreign traders, often those who come from the same country.53

Among foreign banks in Malaya at the time are Chartered Bank of India, Australia and China, Hong Kong and Shanghai Banking Corporation and Mercantile Bank of India. With the rapid development of rubber and tin industries, foreign banks had set up branches and agencies in most cities and towns in Malaya. There is also the Netherlands and the United States banks such as Nederlandsche Handel-Maatschappij N.V. and First National City Bank of New York. Two other British banks are P. & O. Banking Corporation and Eastern Bank. Two Japanese banks that active in Malaya before the Second World War are the Bank of Taiwan and Yokohama Specie Bank. Both closed towards the end of the Second World War.54 Foreign banks were set up for the purpose of financing and promoting trade between Western countries and Malaya, by encouraging the capital flows from Western countries to Malaya. The main purpose of foreign banks establishment is for their national industry service, and participate in the profit of the banking deposit and international banking business.55

British banks was a pioneer of the banking industry in Malaya.56 Their initial business was mostly in the exchange, at first gold with silver, and then sterling with local dollars.57 The history of the Malayan financial system beginning with Currency Ordinance 1899 and Currency Reform 1903-1906,58 which has set up the Currency Board system and standard of sterling exchange. The principal activities of Currency Board is to manage the distribution of currency gains, currency reserve percentage, investment policies, facilitate the account activities on the early period, regulations on the coin or liquid, and limited movement of the dollar and sterling exchange rate, as the difference between the buying and selling rate for the British Commissioner.59

The subsequent legislation such as Currency Ordinance 1938, Malaya and British Borneo Currency Agreement 1950 and 1960 aimed at making amendments to the Currency Board system.60 Singapore become the centre for financial and banking activities in Malaya at that time. The importance of British trade in the region is concentrated in Singapore which is the leading port in the region and one of the world's leading port prior to independence.61 It also serves as an information centre for exploring trade and investment opportunities, the development of plantation, mining and petroleum concession in Malaya.62.

Research on trade and foreign investment in Malaya at the end of the 19th century and early 20th century shows that the establishment of the Currency Board in 1899 and Currency Reform 1903-1906, together with other factors have encouraged economic, trade and development growth. Other factors are the increasing demand of the world on rubber and tin, British control on the Federated Malay States that produce tin, increased labour conditions, and British land mine policy. After the Currency Reform, the investment of British and other European countries in the rubber and tin sectors has increased considerably. Currency Reform occurred during the expansion of the Malayan rubber industry, and it guarantees foreign investors on the value stability of their capital investment in the rubber sector in terms of pound sterling.63

Apart from rubber, British also has interests in tobacco, coconut and oil palm plantation. Generally, oil palm cultivation in Malaya was started as an ornamental in 1875 to 1917. In 1917 to 1957, oil palm have been planted commercially by a French farmer, M. Henri Fouconnier in Selangor.64 A British enterprise, Boystead and Company Ltd., has opened a modern rice mill65 in Tumpat (Kelantan) in 1936. In the foundry industry, two British tin companies namely Straits Trading Company and Eastern Smelting Company have the monopoly right.66 International Tin Regulatory Scheme is an important British instrument for protecting large investment made in this field. The new agreement take effect on January 1, 1937, and working for 5 years. Belgian Congo, Bolivia, French Indochina, Malaya, Thailand, Dutch Indies and Nigeria are the members. Half of these countries located in Southeast Asia. British also has interests in other mineral resources. The most important gold mine in Malaya is owned by Raub Australian Gold Mining Company,67 Coal mined in Batu Arang, Selangor by Malayan Collieries Company.68 Tungsten ore were obtained from a single mine in Pulai, Perak. Its full-scale production resulted in the Federated Malay States emerged as the fourth largest producer of tungsten ore in the world.69

Japanese cheap cotton products are very popular among the locals than produced by British during this period. In the face of Japanese competition in the textile industry,70 British introduced the textile quota system in 1934 that revive the Lanchashire goods import to Malaya.71 In 1938 the British position strengthened, when Japan lost the bulk of trade arrangement through Chinese community act that boycott Japanese goods as a result of the conflict in the Far East. The boycott of Japanese goods by Chinese people occurred after the Tsinan incident (1928) and Mukden incident (1931).72 By 1938, British is a leader among suppliers of Malaya.

However, unlike natural rubber, trade and banking, foreign ownership in the tin mining industry is shared with developed countries, with the majority ownership is British. In Selangor, Negeri Sembilan, Perak and Pahang, there are 40 British companies with a capital between 8 to 9 million pound sterling involved in tin mining activities. Pahang Consolidated Company Ltd is one of the largest tin mining company in the world.73 Tin mining industry attracted the entry of the United States, Australia and France.74 After the mid-19th century, Malaya has become the main source of the world’s tin when canning industry begins during the American Civil War.75

The role of the British government has encouraged British investment in the mining industry. The factors that allow Western companies take over control of this enterprise from Chinese miners not only consists of economic factor, but also politic. In addition to the advantages of having the larger amount of capital and mining method that more efficient than the Chinese miners, Western companies also have advantages in terms of support from the British administration in Malaya, which is their official policy of course the priority of British interests. The British administration has imposed several enactments to reinforce official control against tin mining at all levels and nobody is allowed to open mines without government permission. When the license authorization given to miners, the total capital of a mining firm is the most important factor affecting the result. So when the guideline was introduced, Western companies with large fixed capital investment of course have the advantage from small Chinese miners.76 About 70% of the tin production are from foreign ownership mining.77

THE IMPACT OF THE BRITISH ADMINISTRATION ON THE MALAYS

Due to British non-intervention policies in the Malays affair, then they are not forced to work in the mining or plantation sectors (as has happened to the people of Indonesia under the Dutch). However, the British administration encourage the Malays to develop their agricultural estates. For example, using a better rice seeds, management system and better irrigation as well as dissemination of information about plants and new markets to them. Great help has also been given by the British administration in terms of finance. Funds for agricultural development of the Malays was established in 1908, before small loans were distributed to farmers through the District Officer. Sadka says that these loans does not generate any significant increase in market supply, tax revenue or salaried employment. The contribution of its economic value was generated land clearing for agricultural activities.78

It is not true that the British set the Malays to be bound to the rice fields and deny them opportunities for commercial cultivation.79 There is some evidence of the response of the Malays against the official encouragement to commercial agriculture. From the 1880's several Malays were involved in planting coffee tree.80 During the 1890s there were some among smallholders in Perak have been planting rubber trees.81 But their plants amount is very little considering the amount of rubber acres in Malaya was very limited until after the year 1905. The British state their happiness to see larger participation by the Malays in the rubber industry during its establishment:82

The establishment of joint stock companies controlling agricultural plantations run by paid managers for the benefit of absentee shareholders was not the aim of the Government, whose policy had always been in favour of the growth of a resident community of planters and farmers, both European and Asian.83

Malay farmers react almost immediately to soaring rubber prices between 1910 and 1912. From 1910 onwards, there are efforts to rush by Malay smallholders to plant rubber trees. In some cases, they will be cutting down their fruit trees and planting rubber trees in their paddy fields.84 By 1922, sixteen years after the beginning of the industry, rubber smallholders contributed 918,000 acres, which is 40 percent of the total acres of rubber in Malaya.85 There is also an important role of the immigrant in the rubber industry. Most of the Malay farmers in Johor never plant any paddy in Johor before. Their first crop is rubber. The Malays from Indonesia plays an important role in developing the industry of rubber smallholding at least in Johor and Selangor.86

The available land is one of the factors that encourage the rapid development of rubber production by farmers and immigrant groups. Other factors are simple techniques, small capital and employees can be taken from the farmers' families. Rubber production may be considered in addition to rice cultivation. This is because farmers need other sources of living over the past five or six years pending rubber trees to produce fruit. Rubber cultivation does not necessarily require any major changes in the social system of the Malays community. Rubber can be carried out on the available farmers land and without breaking the family unit. It can also be introduced as a side activity, not seasonal activities that do not affect the production of rice. The fact that the production of rubber can be absorbed so easily into existing social patterns have explain why rubber is a crop that attracting the Malays into market economy.87

In the implementation of their economic and infrastructure development projects, British require the Malays skills to help opened and cleared forests for plantations and made new villages. Here appears the role of the Malays from Sumatra, Java and Kalimantan that are able to open and develop rural areas. They also a skilled farmers who can establish new gardening and new paddy fields around the West Coast of Malaya. Most of them are also involved as the contract labour in cassava, sugarcane, coffee and rubber farms.88

Moreover when European farmers face the problem of Indian and Chinese labours, the Javanese labour was required and until the 1930s, the use of Javanese labour is very important in a number of estates in the Federated Malay States. In addition to the contract labour, there is also the use of Javanese hostage labour in Java plantation. Their role is huge in terms of lands exploration and developing the new settlement area.89 In terms of the settlement location it is indeed their activities are planned for rural areas which are the area that must be maintained by the British for the Malays so they will separate from the economic development in urban areas.90

[...]


1 For information about the development of the Malayan rubber industry, kindly see J.H. Drabble, Rubber in Malaya 1876-1922: The Genesis of the Industry, Kuala Lumpur, Oxford University Press, 1973. See also J.H. Drabble, Malayan Rubber: The Interwar Years, London, Macmillan, 1991. See also P.T. Bauer, The Rubber Industry: A Study in Competition and Monopoly, London, Longman, 1948. See also Voon Phin Keong, Western Rubber Planting Enterprise in Southeast Asia, 1876-1921, Kuala Lumpur, University Malaya Press, 1976.

2 Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 1. See also Sumafiiatiee binti Sulong, Kesan dan Peranan Pelaburan Langsung Asing Ke Atas Pertumbuhan Ekonomi Malaysia, Master’s Thesis in Economics, Universiti Utara Malaysia, 2003, p. 10.

3 V. Kanapathy, Foreign Investment in Malaysia: Experience and Prospects, Singapore, Nanyang University, 1971, p. 2. See also Helmut G. Callis, Foreign Capital In Southeast Asia, New York, Arno Press Inc, 1976, pp. 52,55. See also Sieh Lee Mei Ling, Menangani Cabaran Dunia: Strategi Globalisasi di Malaysia, Kuala Lumpur, Institut Terjemahan Negara Malaysia Berhad, 2007, p. 24. See also Junid Saham, British Industrial Investment in Malaysia, 1963-1971, Kuala Lumpur, Oxford University Press, 1980.

4 V. Kanapathy, Foreign Investment in Malaysia: Experience and Prospects, Singapore, Nanyang University, 1971, p. 2. See also Hla Myint, Export and Economic Development of Less Developed Countries in Carl K. Eicher & John M. Steaz (editors), Agricultural Development in the Third World, Baltimore, The Johns Hopkin University Press, 1984.

5 Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 7. British colonial administration takes various forms in Malaya. For the Straits Settlements, kindly see R. Emerson, Malaysia: A Study in Direct and Indirect Rule, Kuala Lumpur, University of Malaya Press, 1964. For the Residential System, kindly see J.M. Gullick, Malaya, London, Ernest Benn, 1964, p. 41. See also J.M. Gullick, Rulers and Residents: Influence and Power in the Malay States, 1870-1920, Singapore, Oxford University Press, 1992. Fir the Federated Malay States, kindly see E. Chew, Swettenham and British Residential Rule in West Malaya in Journal of the Malaysian Branch of the Royal Asiatic Society 5, 1974, pp. 165-178. For the Unfederated Malay States, kindly see Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, pp. 8, 73. For Singapore administration, kindly see Khoo Kay Kim, The Municipal Government of Singapore, 1887-1940, Academic exercise, Dept. of History, University of Malaya, 1960. For the Federation of Malaya, kindly see C.H. Ding, History of the Straits Settlements Foreign Trade, 1870-1915, Singapore, National Museum, 1978. See also W.G. Huff, The Economic Growth of Singapore: Trade and Development in the Twentieth Century, Cambridge, Cambridge University Press, 1994. See also T.N. Harper, The End of Empire and the Making of Malaya, Cambridge, Cambridge University Press, 1999, p. 376. For communist threat, kindly see K. Ramakrishna, ‘Transmogrifying’ Malaya: the impact of Sir Gerald Templer (1952-54) in Journal of South East Asian Studies 32 (1), 2001, pp. 79-92. See also A.J. Stockwell, British Policy and Malay Politics during the Malayan Union Experiment, 1942-48, Kuala Lumpur, Malayan Branch of Royal Asiatic Society, 1979. See also A.J. Stockwell, “A Widespread and Long-concocted Plot to Overthrow the Government in Malaya”?: The Origins of the Malayan Emergency in Journal of Imperial and Commonwealth History 21 (3), 1993, pp. 66-68.

6 For more information, kindly see E. Thio, British Policy in The Malaya Peninsula, 1880-1910, Singapore, University of Malaya Press, 1969, pp. xii-xv.

7 P. J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004.

8 Ibid., p. 15. See also Kamarudin bin Othman, Rosman bin Mahmood & Mohamad Shukri bin Johari, Hubungan Eksport Terhadap Peningkatan Produktiviti Sektor Pembuatan di Malaysia: Satu Kajian Granger Causality, Research Project, February 2006, Dungun, Universiti Teknologi MARA Cawangan Terengganu, 2006, pp. 10-14.

9 Poroor Radhakrishnan, The Role Of Rubber In The West Malaysian Economy, Doctoral Thesis, Stanford University, 1974.

10 Voon Phin Keong, Western Rubber Planting Enterprise in Southeast Asia, 1876-1921, Kuala Lumpur, University Malaya Press, 1976.

11 J.H. Drabble, Investment in the Rubber Industry in Malaya c. 1900-1922 in Paper presented at the International Conference on Asian History, Kuala Lumpur, August 1968.

12 Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974.

13 Ibid., 1974, pp. 28-29. See also Wong Lin Ken, The Malayan Tin Industry to 1914, Tucson, University of Arizona Press, 1965, pp. 211-239.

14 See Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, p. 29.

15 Ibid., p. 27.

16 Yuen Choy Leng, Japanese Rubber and Iron Investments in Malaya, 1900-1941 in Wolf Mendl (editor), Japan And South East Asia: From the Meiji Restoration to 1945, London, Routledge, 2001.

17 Ibid., p. 126. See also Yoji Akashi, The Nanyo Kyokai and British Malaya and Singapore, 1915-45 in Yoji Akashi & Yoshimura Mako (editors), New Perspectives on the Japanese Occupation in Malaya and Singapore, 1941-1945. Singapore, NUS Press, 2008, pp. 21-32.

18 For more information, kindly see N. George Juris, British Management of the Japanese Problem in Malaya During the Tenure of Governor Shenton Thomas, 1934-1942 in Journal of the South Seas Society 52, 1988, pp. 98-136.

19 Yuen Choy Leng, Japanese Rubber and Iron Investments in Malaya, 1900-1941 in Wolf Mendl (editor), Japan and South East Asia: From the Meiji Restoration to 1945, London, Routledge, 2001, p. 141.

20 See Kee Yeh Siew, The Japanese in Malaya before 1942 dlm. Journal of the South Seas Society 20, 1965/66, pp. 48-88.

21 Yuen Choy Leng, Expansion of Japanese Interest in Malaya 1940-41, Master’s Thesis in History, History Department, Universiti Malaya, 1973.

22 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, pp. 34, 56. See also Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, p. 41. See also K.S. Jomo, Warisan Ekonomi Mahathir, Kuala Lumpur, Utusan Publications & Distributors Sdn Bhd, 2010, p. 184.

23 Yoshimura Mako, Japan’s Economic Policy for Occupied Malaya in Yoji Akashi & Yoshimura Mako (editors), New Perspectives on the Japanese Occupation in Malaya and Singapore, 1941-1945, Singapore, NUS Press, 2008, p. 121. See also Muhamad Ridzuan Amin, Perkembangan Ekonomi di Malaysia, Subang Jaya, Mika Cemerlang Sdn. Bhd, 2009, p. 11.

24 Poroor Radhakrishnan, The Role Of Rubber In The West Malaysian Economy, Ph.D. Thesis, Stanford University, 1974, p. 35. See also D.M. Figart, The Plantation Rubber Industry in the Middle East, Washington, D.C., Government Printing Office, 1925, p. 93. See also Li Dun Jen, British Malaya: An Economic Analysis, Second Edition, Petaling Jaya, Institute of Social Analysis, 1982.

25 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 34. See also Lim Chong Yah, Economic Development of Modern Malaya, Kuala Lumpur, Oxford University Press, 1967, hlm. 108-109. He reviewed separately on primary production, population, financial management and infrastructure.

26 K.M. Stahl, The Metropolitan Organization of British Colonial Trade, London, Faber and Faber, 1951, pp. 71-73.

27 See ibid., pp. 76-78. See also Yeo Kim Wah, The Politics of Decentralisation: Colonial Controversy in Malaya 1920-29, Kuala Lumpur, Oxford University Press, 1982, p. 340.

28 Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 7. See also N.J. White, Business, Government, and the End of Empire: Malaya, 1942-1957, Kuala Lumpur, Oxford University Press, 1996, pp. 30-33.

29 Ibid., pp. 30-33.

30 Poroor Radhakrishnan, The Role Of Rubber In The West Malaysian Economy, Ph.D. Thesis, Stanford University, 1974, p. 35. See also Muhamad Ridzuan Amin, Perkembangan Ekonomi di Malaysia, Subang Jaya, Mika Cemerlang Sdn. Bhd, 2009, p. 12. See also P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, pp. 56-57.

31 Ibid., pp. 56-57.

32 Ibid., p. 35. See also G.C. Allen, & A.G. Donnithorne, Western Enterprise in Indonesia and Malaya: a study in economic development, London, Allen and Unwin, 1962. For more information on the role of the Agency Houses in Malaya, kindly see Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, pp. 46-79. See also K.M. Stahl, The Metropolitan Organization of British Colonial Trade: four regional studies, London, Facer & Faber, 1951.

33 Voon Phin Keong, Western Rubber Enterprise in Southeast Asia 1876-1921, Kuala Lumpur, University of Malaya Press, 1976, p. 150.

34 Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 31. For more information about Malacca Rubber Company, kindly see P. Sodhy, The US-Malaysian Nexus: Themes in Superpower-Small State Relations, Kuala Lumpur, ISIS, 1991, p. 12.

35 J.H. Drable, Rubber in Malaya, 1876 - 1922: The Genesis of the Industry, Kuala Lumpur, Oxford University Press, 1973, pp. 187-188. See also Yuen Choy Leng, Japanese Rubber and Iron Investments in Malaya, 1900-1941 in Wolf Mendl (editor), Japan And South East Asia: From the Meiji Restoration to 1945, London, Routledge, 2001, pp. 126, 128. See also Mohamad Isa Othman, Pendudukan Jepun di Tanah Melayu 1942-1945 (Tumpuan di Negeri Kedah), Kuala Lumpur, Dewan Bahasa dan Pustaka, 1992, p. 78. See also Yoji Akashi, The Nanyo Kyokai and British Malaya and Singapore, 1915-45 in Yoji Akashi & Mako Yoshimura (editors), New Perspectives on the Japanese Occupation in Malaya and Singapore, 1941-1945, Singapore, NUS Press, 2008, p. 26.

36 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, p.52.

37 Sieh Lee Mei Ling, Menangani Cabaran Dunia: Strategi Globalisasi di Malaysia, Kuala Lumpur, Institut Terjemahan Negara Malaysia Berhad, 2007, p. 24.

38 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 41.

39 Ibid., p. 26.

40 Ibid., p. 26. See also Chai Hon Chan, The Development of British Malaya, 1896-1909, Kuala Lumpur, Oxford University Press, 1967, p. 13.

41 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 26. See also Jim Baker, Crossroads: A Popular History of Malaysia & Singapore, Singapore, Times Books International, 1999, p. 180. See also Amarjit Kaur, The Impact of Railroads on the Malayan Economy, 1894-1941 in The Journal of Asian Studies 39 (4), 1980, p. 694.

42 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 27. See also Chai Hon Chan, The Development of British Malaya, 1896-1909, Oxford University Press, Kuala Lumpur, 1967, p. 20.

43 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 27.

44 Ibid., p. 27. See also Chai Hon Chan, The Development of British Malaya, 1896-1909, Kuala Lumpur, Oxford University Press, 1967, p. 71.

45 Paul H. Kratoska, The Japanese Occupation of Malaya: a Social and Economic History, 1941-45, London, C. Hurst and Co. (Publishers) Ltd, 1998, p. 223.

46 Amarjit Kaur, The Impact of Railroads on the Malayan Economy, 1894-1941 in The Journal of Asian Studies 39 (4), 1980, p. 693.

47 Abd Hamid Abd Majid, Analisa Rangkaian Jalan Raya dan Kaitannya Dengan Pembangunan Ekonomi, Diploma Dissertation in Town and Regional Planning, Department of Town and Regional Planning, Universiti Teknologi Mara, 1980, p. 4.

48 Ibid., p. 5.

49 Ibid., p. 7.

50 Ibid., p. 12. See also Unfederated Malay State Kelantan Annual Report 1931, Kuala Lumpur, G.P.O., 1932, p. 37.

51 Abd Hamid Abd Majid, Analisa Rangkaian Jalan Raya dan Kaitannya Dengan Pembangunan Ekonomi, Diploma Dissertation in Town and Regional Planning, Department of Town and Regional Planning, Universiti Teknologi Mara, 1980, p. 12. See also Federated Malay States Railways Annual Report 1930, Kuala Lumpur, G.P.O., no year, p. 11.

52 V. Kanapathy, Foreign Investment in Malaysia: Experience and Prospects, Singapore, Nanyang University, 1971, p. 3. For more information about the difference of international foreign investment in 19th and 20th centuries, kindly see R. Nurkse, The Problem of International Investment Today in the Light of Nineteenth Century Experience in Economic Jurnal 64, 1954, pp. 744-758. See also A.O. Hirschman, How to Divest in Latin America and Why, Essays in International Finance No. 76, New Jersey, Princeton University, 1969. See also Helmut G. Callis, Foreign Capital In Southeast Asia, New York, Arno Press Inc, 1976, p. 51. His opinion is the result from an interview with Prof. Van Gelderen in Geneva, 1939. See also Hla Myint, The Economics of the Developing Countries, London, Hutchingson, 1964. See also J.J. Puthucheary, Ownership and Control in the Malayan Economy, Singapore, Donald Moore, 1960. See also Khor Kok Peng, The Malaysian Economy: Structures and Dependence, Kuala Lumpur, Marican & Sons Sdn. Bhd., 1983.

53 Rubi Ahmad & Sieh Lee Mei Ling, Sektor Kewangan in Sieh Lee Mei Ling (editor), Menangani Cabaran Dunia: Strategi Globalisasi di Malaysia, Kuala Lumpur, Institut Terjemahan Negara Malaysia Berhad, 2007, p. 328.

54 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, p. 52. See also Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, pp. 47-49. For more information, kindly see Iwao Hino & Raja Singam, Straits Settlements Police Journal, no place, no publisher, 1927, p. 180.

55 Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, p. 39. See also V. Kanapathy, Foreign Investment in Malaysia: Experience and Prospects, Singapore, Nanyang University, 1971, p. 6.

56 Rubi Ahmad & Sieh Lee Mei Ling, Sektor Kewangan in Sieh Lee Mei Ling (editor), Menangani Cabaran Dunia: Strategi Globalisasi di Malaysia, Kuala Lumpur, Institut Terjemahan Negara Malaysia Berhad, 2007, p. 317.

57 P.J. Drake, Financial Development in Malaysia and Singapore, Canberra, Australian National University Press, 1969.

58 Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, pp. 28-29. See also Wong Lin Ken, The Malayan Tin Industry to 1914, Tucson, University of Arizona Press, 1965, pp. 211-239.

59 Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, p. 29.

60 Ibid., p. 27.

61 Ibid., p. 6. See also K.S. Jomo, Warisan Ekonomi Mahathir, Kuala Lumpur, Utusan Publications & Distributors Sdn Bhd, 2010, p. 186. See also Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 15. See also K.S. Brock, Indigenous Banking in the Early Period of Development: the Straits Settlements 1914-1940 in. Malayan Economic Review 16 (1), 1971, pp. 57-75.

62 Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 15. See also I. Brown, The British Merchant Community in Singapore and Japanese Commercial Expansion in the 1930s in S. Sugiyama & M.C. Guerrero, (editors), International Commercial Rivalry in Southeast Asia in the Interwar Period, New Haven, CT, Yale Center for International and Area Studies, 1994, pp. 111-132.

63 Lee Sheng-yi, The Monetary and Banking Development of Singapore and Malaysia, Singapore, Singapore University Press, National University of Singapore, 1974, pp. 28-29. See also Wong Lin Ken, The Malayan Tin Industry to 1914, Tucson, University of Arizona Press, 1965, pp. 211-239.

64 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, p. 52. See also Muhamad Ridzuan Amin, Perkembangan Ekonomi di Malaysia, Subang Jaya, Mika Cemerlang Sdn. Bhd., 2009, p. 14.

65 For more information about the history of rice cultivation in Malaya during the British occupation, kindly see Paul H. Kratoska, Rice Cultivation and the Ethnic Division of Labor in British Malaya in Comparative Studies in Society and History 24 (2), 1982, pp. 280-314. See also Ding Eing Tan Soo Hai, The Rice Industry in Malaya 1920-40, Singapore, Malaya Publishing House, 1963, pp. 17-19. See also G. Ness, Bureaucracy and Rural Development in Malaysia, Berkeley, University of California Press, 1967, p. 31. See also Lim Chong-yah, Economic Development of Modern Malaya, Kuala Lumpur, Oxford University Press, 1967, p. 175. See also Lim Teck Gee, Peasants and their Agricultural Economy in Colonial Malaya, 1874-1941, Kuala Lumpur, University Press, 1977, pp. 186-188. See also M. Stenson, Class, Race and Colonialism in West Malaysia, St. Lucia, Queensland, University of Queensland Press, 1980, p. 4. See also D.H. Grist, Malayan Agricultural Statistics, 1940, Kuala Lumpur, Department of Agriculture, Straits Settlements and Federated Malay States, 1941. See also Federated Malay States & Rice Cultivation Committee, Report of the Rice Cultivation Committee, Kuala Lumpur, Federated Malay States Govt. Press, 1931. See also Royal Commonwealth Society, Proceedings of the Royal Colonial Institute, Vol. 23, no place, no publisher, 1892, pp. 28-29. See also E.W. Birch, A Memorandum upon the Subject of Irrigation, Kuala Lumpur, Selangor Government Printing Office, 1898, pp. 11-14. See also R.D. Hill, Rice in Malaya: A Study in Historical Geography, Kuala Lumpur, Oxford University Press, 1977. See also Cheng Siok-hwa, The Rice Industry of Malaya: A Historical Survey in Journal of the Royal Asiatic Society, Malaysian Branch (JMBRAS) 42 (2), 1969, pp. 130-144. See also J.C. Jackson, Rice Cultivation in West Malaysia in Journal of the Royal Asiatic Society, Malaysian Branch (JMBRAS) 42 (2), 1972, pp. 76-96. See also R.H. Goldman, Staple Food Self-Sufficiency and the Distributive Impact of Malaysian Rice Policy in Food Research Institute Studies 14 (3), 1975, pp. 251-293. See also K.S. Jomo, Class Formation in Malaya: Class Formation in Malaya: Capital, the State and Uneven Development, Ph.D. Dissertation, Harvard University, 1977. See also S. Selvadurai, Padi Farming in West Malaysia, Kuala Lumpur, Publications Unit, Ministry of Agriculture and Fisheries, 1972.

66 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, p. 53.

67 Ibid., p. 53.

68 Ibid., p. 54. See also Paul H. Kratoska, The Japanese Occupation of Malaya: A Social and Economic History, 1941-45, C. London, Hurst and Co. (Publishers) Ltd, 1998, p. 20.

69 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, p. 54.

70 Khadijah Md. Khalid & Lee Poh Ping, Whither The Look East Policy, Bangi, Penerbit Universiti Kebangsaan Malaysia, 2003, p. 45. See also Shakila Yacob, The United States and the Malaysian Economy, London, Routledge, 2008, p. 36. See also V. Thompson, Japan Frozen Out of British Malaya in Far Eastern Survey 10 (20), 1941, pp. 238, 239. See also Koh Denis Soo Jin & Tanaka Kyoko, Japanese competition in the trade of Malaya in the 1930s in Southeast Asian Studies 21 (4), 1984, p. 375.

71 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, p. 54. See also V. Thompson, Japan Frozen Out of British Malaya in Far Eastern Survey 10 (20), 1941, p. 239.

72 Mohamad Isa Othman, Pendudukan Jepun di Tanah Melayu 1942-1945 (Tumpuan di Negeri Kedah), Kuala Lumpur, Dewan Bahasa dan Pustaka, 1992 p. 79. See also Yoji Akashi, The Nanyo Kyokai and British Malaya and Singapore, 1915-45 in Yoji Akashi & Mako Yoshimura (editors), New Perspectives on the Japanese Occupation in Malaya and Singapore, 1941-1945, Singapore, NUS Press, 2008, pp. 22, 29. See also Nanyo Kyokai, Nanyo Keizai Kondakai, Tokyo, Nanyo Kyokai, 1940, pp. 46-50. See also V. Thompson, Japan Frozen Out of British Malaya in Far Eastern Survey 10 (20), 1941, p. 239. See also Yoji Akashi, The Nanyang Chinese anti-Japanese boycott movement, 1908-1928: a study of Nanyang Chinese nationalism in Journal of the South Seas Society 23 (1/2), 1968, pp. 69-96. See also S. Leong, The Malayan Overseas Chinese and the Sino-Japanese War, 1937-1941 in Journal of Southeast Asian Studies 10 (2), 1979, pp. 293-320. See also Ching Hwang Yen, The Overseas Chinese and the Second Sino-Japanese War, 1937-1945 in Journal of the South Seas Society 52, 1998, pp. 150-159. See also P. Duus, Ramon H. Meyers & Mark R. Peattie (editoras), The Japanese Informal Empire in China, 1895-1937, Princeton, Princeton University Press, 1989.

73 Helmut G. Callis, Foreign Capital in Southeast Asia, New York, Arno Press Inc, 1976, pp. 52, 53.

74 V. Kanapathy, Foreign Investment in Malaysia: Experience and Prospects, Singapore, Nanyang University, 1971, p. 3.

75 K.S. Jomo, Warisan Ekonomi Mahathir, Kuala Lumpur, Utusan Publications & Distributors Sdn Bhd, 2010, p. 184.

76 Jomo, Pembangunan Ekonomi Dan Kelas Sosial Di Semenanjung Malaysia, Kuala Lumpur, Dewan Bahasa Dan Pustaka, 1988, p. 198. See also Yip Yat Hoong, The Development of the Tin Mining Industry of Malaya, Kuala Lumpur, University of Malaya Press, 1969, pp. 20-21.

77 Paul H. Kratoska, The Japanese Occupation of Malaya: a Social and Economic History, 1941-45, London, C. Hurst and Co. (Publishers) Ltd, 1998, p. 20.

78 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 39. See also Emily Sadka, The Protected Malay States, 1874-1895, Kuala Lumpur, University of Malaya Press, 1968, p. 363.

79 Ibid., pp. 355-356.

80 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 39. See also Ooi Jin Bee, Land, People, and Economy in Malaya, London, Ernest

Benn, 1963, p. 201. See also Emily Sadka, The Protected Malay States, 1874-1895, Kuala Lumpur, University of Malaya Press, 1968, pp. 347, 360. See also Chai Hon Chan, The Development of British Malaya, 1896-1909, Kuala Lumpur, Oxford University Press, 1967, p. 162.

81 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 39. See also G.C. Allen & A.G. Donnithorne, Western Enterprise in Indonesia and Malaya: A Study in Economic Development, London, Allen and Unwin, 1962, p. 115.

82 For more information about the history of the rubber industry during the British era, kindly see Tan Ding Eing, Sejarah Malaysia dan Singapura, Translated by Shahabuddin Shafie, Kuala Lumpur, Penerbit Fajar Bakti Sdn. Bhd., 1979, pp. 215-224. See also Barbara Watson Andaya & Leonard Y. Andaya, A History of Malaysia, London, The Macmillan Press Ltd, 1982, pp. 213-216. See also Jim Baker, Crossroads: A Popular History of Malaysia & Singapore, Singapore, Times Books International, 1999, pp. 176-179.

83 Chai Hon Chan, The Development of British Malaya, 1896-1909, Kuala Lumpur, Oxford University Press, 1967, p. 160.

84 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 40. See also Ooi Jin Bee, Land, People, and Economy in Malaya, London, Ernest Benn, 1963, p. 202.

85 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 40. See also Lim Chong Yah, Economic Development of Modern Malaya, Kuala Lumpur, Oxford University Press, 1967, pp. 105, 110, 328.

86 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, p. 40. See also Lim Chong Yah, Economic Development of Modern Malaya, Kuala Lumpur, Oxford University Press, 1967, p. 184.

87 P.J. Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, Hampshire, Ashgate Publishing Limited, 2004, pp. 40-41.

88 Khazin Mohd. Tamrin, Tradisi Merantau: Perlunya Diberi Perhatian Dalam Kajian dan Penulisan Sejarah Malaysia in Badriyah Haji Salleh & Tan Liok Ee (editors), Alam Pensejarahan: Dari Pelbagai Perspektif, Kuala Lumpur, Dewan Bahasa dan Pustaka, 1996, p. 216. See also Mazlan Nordin, Faktor Mempengaruhi Budaya Melayu in Mingguan Malaysia, 21 June 2009.

89 Khazin Mohd. Tamrin, Tradisi Merantau: Perlunya Diberi Perhatian Dalam Kajian dan Penulisan Sejarah Malaysia in Badriyah Haji Salleh & Tan Liok Ee (editors), Alam Pensejarahan: Dari Pelbagai Perspektif, Kuala Lumpur, Dewan Bahasa dan Pustaka, 1996, p. 216. See also S. Raffles, A History of Java, Volume 2, Kuala Lumpur, Oxford University Press, 1978, p. 191. See also A. Gibson-Hill, The Indonesian Trading Boats Reaching Singapore in JMBRAS 23 (1), 1950, pp. 108-138.

90 Surya Awang, Dasar-Dasar Ekonomi British Di Tanah Melayu Sejak 1819-1957, Bachelor’s Thesis in History, History Department, Universiti Kebangsaan Malaysia, 2002, p. 120.

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2014
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9783656861478
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9783656861485
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English
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National University of Malaysia
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historical development british investment malaya before second world

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Title: The Historical Development of British Investment in Malaya Before the Second World War