Hope was expressed yesterday by the Chinese press that authorities of foreign settlements in Shanghai would check the increase in the price of rice which has already reached the limited level of $14 for a picul of first grade rice.
Members of the Shanghai Rice and Bean Merchants' Association were ported to have met yesterday on the question and it was hinted by one report that the merchants might suggest a further increase in price.
The price quoted in the rice market was $14 but in retail shops where the middle class people and the poor obtain their daily quota of rice the officially limited price w surpassed. Many Chinese housewive bought more rice yesterday fearing that there might be a further increase of price.
Although there is no fear of immediate shortage of rice in Shanghai because there are 650,000 bags stored in various godowns here merchants who directly buy ric from farmers in the interior have been reluctant to make purchases and consequently there has been a decrease in supply.
The supply of rice in the interior has been decreased as a result of big purchases made by the Japanese and "puppet" officials, it was reported. Tu Wusih, it was pointed out, a picul of rice is worth $1260 now and plus the transportation fee the price would go up to $14.10 after arriving in Shanghai.
Rice merchants have therefore been reluctant to ship rice to Shanghai because it does not pay At present the daily arrival of rice amounts to only 2000 or sometimes 3,000 piculs. Foreign settlements alone need 7.000 bags or about 9,000 piculs daily At a meeting held yesterday afternoon, executives of the Shanghai Rice and Beah Merchants' Association decided not to increase further the price of rice which has already reached the officially limited level, namely, $14 for a picul of first grade rice.
Text read from the printed page and cleaned; old type leaves the occasional error.