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Wednesday, March 14, 1973
NO RICE SHORTAGE IN HONG KONG
Rice Control Scheme Helps Keep Prices Down
There is no shortage of rice in Hong Kong nor grounds for consumer fears on that account, the Director of Commerce and Industry, the Hon. David Jordan, said today.
Mr. Jordan was replying to a question by the Hon. Wilfred Wong whether the Government had any plans to stabilise the price of rice which had risen sharply during recent weeks.
He said that the Government could not stabilise the price of rice
in the face of rising world prices.
But he added that the Rice Control Scheme, administered by his
Department, could damp down the impact of higher prices and ensure
adequate local supplies at times of international short-term supply difficulties.
"Provided adequate supplies are available and are offered for sale, normal market forces will usually determine what the consumer actually has
to pay,
if he said.
Mr. Jordan recalled that shortly after the Lunar New Year, rising prices and reported shortages on overseas markets, and fears regarding the adequacy of local supplies, caused some speculative stockpiling by wholesalers, retailers and consumers.
The Commerce.