$15,000,000 Worth Goes to Soviet Russia Owing to the heavy shipments of tea to foreign countries, a scarcity of this commodity has been caused in the local market with the result that prices have been soaring, according to a Chinese report, In spite of this, foreign firms engaged in the export business continue to absorb heavy shipments of tea for the United States, Great Britain, France, Holland and other European countries, Meanwhile, a contract for the exportation of $15,000,000 worth of Chinese tea to Soviet Russia is reported in Chinese circles to have been signed, and the cargo will be shipped from Hongkong to Vladiyos stock.
According to reports from various tea-producing areas, about 200,000 cases of red and green tea have been packed and ard being shipped to Hongkong for export. Tea crops in Anhwei, Kiangsi and several other provinces are reported to be good this, year.
The Foo Hwa Trading Ca, an import and export firm organized by the Trade Readjustment Commission of the Chinese Government, has acquired the monopoly in handling all tea exported from China in accordance with the Chinese Government regulations for controlling China's foreign trade.
A price equalization committee of the Trade Readjustment Commis-mission is responsible for fixing the buying and selling. prices, but these are subject to fluctuations according to the fluctuations of domestic and foreign market prices.
Except that they are required to obtain foreign exchange allotments, local tea hongs engaged in the export trade are free to make their Purchases, but their main sources of supply are now Chekiang and Anhwei. n About $30,824,114 worth of tea was exported by China during last year, with the Soviet Union absorbing $1,868,995 worth. In view of the Sino-Soviet tea contract, the value of shipments to the latter country are expected to be even greater this year, the report concludes.
Text read from the printed page and cleaned; old type leaves the occasional error.