20
Wednesday, March 27, 1974
NO DIFFICULTY OVER OBTAINING RICE SUPPLIES
Market Forecasts Good For 1974
The Director of Commerce and Industry, Mr. David Jordan, assured
the Legislative Council today that he did not foresee any difficulty in
obtaining adequate supplies of rice to meet Hong Kong's needs.
Imports are coming in at a satisfactory rate, he said, and market
forecasts for 1974 "were good and they remain good."
Mr. Jordan stressed that the prime function of the rice control
scheme, which had worked remarkably well during the 19 years it has been
in operation, was to ensure an adequate supply of rice.
"Despite fluctuating harvests in Asia and famine Trom time to time in many areas during this period, Hong Kong has never had to resort to rice rationing nor has there been, to my knowledge, any time at which our stockholding was materially below the basic reserve figure," he said,
Mr. Jordan pointed out that the rice control scheme was not
devised to control prices, but only to provide a cushion against violent
fluctuations.
world
"The rice control scheme cannot insulate the consumer from the
retail prices of rice must reflect the price movement in the
international market for rice," Mr. Jordan said.
"At the same time, the public is understandably concerned about the
possibility of deliberate manipulation of stocks, supplies and prices by
importers, wholesalers or retailers within the rice trade, using the Rice
Control Scheme in order to squeeze unreasonably high profits from the consumer.
"They have