XN000022-1973-06-18 — Page 4

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Monday, June 18, 1973

PUBLIC URGED TO STOP PANIC BUYING OF RICE

The Commerce and Industry Department today urged the public to

cease "panic buying" of rice at inflated prices.

Action taken by the department has already resulted in lower

prices at many retail stores.

"But our efforts to bring about a return to normal prices will

be severely hampered if the public continues to buy rice at unreasonable

prices, and in unnecessarily large quantities," a spokesman for the

department said.

"As we have already stated, we are confident that supplies can

be maintained at a satisfactory level, and there is no cause for public alarm."

The spokesman said that auctions taking place today would put

even more Thai rice on to the market, and pressure would be maintained through the rice control scheme to keep prices at a reasonable level.

"We have already warned wholesalers that increases in their

'mark-up' to retailers will not be tolerated," he added.

The spokesman said that Hong Kong's reserve stocks were sufficient

to last for well over two months, and there was no fear that these would

run out as imports from China, Australia and the United States continue to

come in.

Note to Editors:

Pictures of the rice auctions will be boxed this

evening.

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