Welcome news was received in Shanghai on August 20 with, refer-fence to the Hunan ried crop. It was announced as being so abundant that, the embargo on the export of the cereal from the province had been as from September 1, and there was indicated a demand for tonnage to transport it from Chansha to Shanghai, announcement should allay! the anxiety prevalent recently of a shortage of rice. The imports of rice from Saigon and Rangoon which have been made this season have, on account of exchange and other factors, been limited to the barest requirements, and at the moment there is actually less than ten days' supply in hand. The locally grown crop is not expected to, be harvested for another three or four weeks, as while it has so far escaped damage—the recent sharp rains having actually been beneficial—it has proved slow in ripening, and of course, until the actual harvesting there is still the prospect of damage from unfavourable weather. In the circumstances the importance of the ymmouncement from Changsha cannot be under-estimated.
While it is hoped that the report of a bumper croy in Hunan will be filly substantiated by the facts of the ease, it should be pointed out that in the past it has been found that the wish was father to the thought in connection with such reports. Too often, unfortunately, has a reported abundant crop turned out to be no more than normal, and accordingly before the certainty of cheap rice is envisaged, further reports will have to be considered. The news to date, however, should have the effect of bringing about some reduction in rates locally, which will be extremely welcome.
While, granted the absence damage, the rice crops here as well as elsewhere in China promise well, this fact will not obviate the import of the foreign commodity in the early part of next year. The for-ign rice which is usually imported here is of a lower quality than Chinese, and for such low qualities a steady market always exists, as a result of which 20 or 30 per cent. of the country's requirements always come from abroad. This has] the further effect of preventing the price of the home grown cereal reaching too high levels.
Text read from the printed page and cleaned; old type leaves the occasional error.