FRIDAY, OCTOBER 7, 1977
RESERVED COMMODITIES BILL 1977
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THE GOVERNMENT HAS PROPOSED THE INTRODUCTION OF A NEW LEGISLATION TO CLARIFY AND UP-DATE THE EXISTING LAW GOVERNING THE IMPORT, EXPORT, STORAGE AND DISTRIBUTION OF RESERVED COMMODITIES.
THE RESERVED COMMODITIES BILL 1977, WHICH WAS PUBLISHED IN TODAY'S GAZETTE, SEEKS TO REMOVE THE LEGAL CONTROL ON RESERVED COMMODITIES FROM THE IMPORT AND EXPORT ORDINANCE AND THE IMPORT AND EXPORT (RESERVED COMMODITIES) REGULATIONS.
COMMENTING ON THE BILL, A GOVERNMENT SPOKESMAN EXPLAINED NO NEW CONTROL MEASURES ON RESERVED COMMODITIES WILL BE IMPLEMENTED EXCEPT THAT, UNDER THE NEW LEGISLATION, WHOLESALERS OF RICE MUST BE REGISTERED WITH THE DIRECTOR OF TRADE. INDUSTRY AND CUSTOMS. THEY WILL BE REQUIRED TO MAINTAIN RECORDS OF TRADING INCLUDING THE AMOUNTS AND PRICES OF RICE THEY BUY AND SELL, AND THE NAMES OF ITS SUPPLIERS AND CUSTOMERS.
-THE SPOKESMAN STRESSED THAT THIS REQUIREMENT WOULD NOT HAVE ANY ADVERSE EFFECTS ON THE TRADE OR CUSTOMERS BUT WOULD SEEK TO PROVIDE THE BASIC DATA FOR GOVERNMENT TO DETERMINE, IF NECESSARY, WHETHER CONTROL SHOULD BE INSTITUTED.
THE BILL SEEKS TO CONFER ADDITIONAL POWERS ON THE DIRECTOR OF TRADE, INDUSTRY AND CUSTOMS TO, IF THERE WERE CLEAR EVIDENCE OF SPECULATION, HOARDING AND PROFITEERING, FIX THE PRICE AND TO CONTROL THE SALE OF RICE BY IMPORTERS AND WHOLESALERS.
THE SPOKESMAN EMPHASISED THAT THE WORLD-WIDE SUPPLY AND PRICE SITUATIONS WERE STABLE AND NO DIFFICULTY WAS BEING ENVISAGED.
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