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Tuesday, February 27, 1973
RICE DEALERS UNGED TC RESTRAIN THEIR PRICES
Prices Dropping Today
The Director of Commerce and Industry, Mr. D.H. Jordan,
has called on rice dealers to exercise their influence to restrain
their prices and remove supply uncertainties.
He made the appeal yesterday (Monday) in a meeting with
rice importers and representatives of wholesalers.
The meeting followed recent increases in the price of
rice and some public uncertainty regarding the adequacy of supplies.
Mr. Jordan reviewed the supply and stock position and
indicated that there did not seem to him to be an economic basis for
the present level of prices.
There was also no substance to any suggestion that rice
was in short supply on the local market.
A spokesman for the Commerce and Industry Department said
today that current stocks in Hong Kong exceeded two months supply.
He stressed that the stocks were, in fact, higher than at
this time last year.
"It is gratifying to note that auction prices this morning
were substantially lower than yesterday's.
"Thai rice 100 per cent whole dropped from 136 per picul
to $109, and South China Jien from #131 to $121.
"It is expected that prices will ease further within the
next few days."
Release Time: 6.30 P..
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