WEDNESDAY, DECEMBER 11, 1974
CONTROLS ON RETAIL PRICE OF RICE LIFTED ******
THE CONTROLS IMPOSED LAST MARCH ON THE RETAIL PRICE OF RICE HAVE BEEN LIFTED, THE COMMERCE AND INDUSTRY DEPARTMENT ANNOUNCED TODAY.
THE DEPARTMENT'S DEPUTY DIRECTOR, MR. JIMMY MCGREGOR, WHO IS ALSO CHAIRMAN OF THE RICE ADVISORY COMMITTEE, EXPLAINED THAT THE DECISION HAD BEEN TAKEN BECAUSE THE SUPPLY AND PRICE SITUATION OF RICE HAD RETURNED TO NORMAL, AND IT WAS NO LONGER NECESSARY TO RETAIN THE CONTROL MECHANISM.
HE ADDED THAT CURRENT MARKET PRICES WERE BEING DETERMINED BY NORMAL SUPPLY AND DEMAND FACTORS.
MR. MCGREGOR WARNED, HOWEVER, THAT CONTROLS WOULD BE RE- IMPOSED IF THE SITUATION DEMANDED IT. THE DEPARTMENT WOULD MAIN- TAIN THE RECORDS NECESSARY FOR RAPID REINTRODUCTION OF THESE CONTROLS.
THE CONTROLS WERE FIRST INTRODUCED IN MARCH THIS YEAR AT A TIME OF RISING PRICES AND SPECULATIVE ACTIVITY IN THE RICE TRADE.
THE VARIOUS MEASURES WHICH THE DC AND I TOOK TO PROTECT THE CONSUMER, AND TO CONTAIN AND STABILISE THE SITUATION, HAD INCLUDED THE FIXING OF MAXIMUM PRICE CEILINGS FOR IMPORTERS AND RETAILERS. THE CEILINGS WERE CALCULATED ON A THREE-MONTH MOVING AVERAGE PRICE FORMULA.
MR. MCGREGOR ALSO ANNOUNCED THE APPOINTMENT OF TWO NEW MEMBERS TO THE RICE ADVISORY COMMITTEE.
THE NEW MEMBERS ARE MR. WONG SHAN-JEN, A PROFESSIONAL ACCOUNTANT, AND MR. STEPHEN CHEONG, A PROMINENT INDUSTRIALIST.
THE ENLARGEMENT OF THE COMMITTEE WAS SUGGESTED BY THE CONSUMER COUNCIL AND ACCEPTED BY THE COMMERCE AND INDUSTRY DEPART- MENT.
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